Illinois Institute Of Technology

Organization Overview

Illinois Institute Of Technology is located in Chicago, IL. The organization was established in 1941. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2022, Illinois Institute Of Technology employed 3,297 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Institute Of Technology is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 05/2021, Illinois Institute Of Technology generated $396.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $378.6m during the year ending 05/2021. While expenses have increased by 0.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INSTRUCTION SUPPORT:- ILLINOIS INSTITUTE OF TECHNOLOGY'S (IIT) SEVEN COLLEGES ALLOW STUDENTS TO DISCOVER NEW FRONTIERS IN ENGINEERING, COMPUTING, ARCHITECTURE, BUSINESS, LAW, DESIGN, AND SCIENCE AND HUMAN SCIENCES. THE SCHOOL'S NATIONALLY RANKED UNDERGRADUATE AND GRADUATE PROGRAMS OFFER EXCEPTIONAL TEACHING THAT COMBINES HANDS-ON LEARNING WITH TRAINING IN ENTREPRENEURSHIP, DESIGN THINKING, AND TECHNOLOGY. THE UNIVERSITY'S EMPHASIS ON COLLABORATION AND INTERDISCIPLINARY STUDY AND RESEARCH WILL PREPARE STUDENTS TO WORK ACROSS TRADITIONAL BOUNDARIES AND TO EXPERIENCE A PROFESSIONAL FUTURE WHERE SUCCESS KNOWS NO LIMITS. SINCE 1995, THE UNIVERSITY'S SIGNATURE INTERPROFESSIONAL PROJECTS PROGRAM (IPRO) JOINS TOGETHER STUDENTS FROM VARIOUS ACADEMIC DISCIPLINES TO WORK AS A TEAM TO TACKLE REAL-WORLD PROBLEMS, OFTEN ON BEHALF OF COMPANIES AND NONPROFITS THAT SPONSOR THE PROJECTS, USING DESIGN-CENTERED METHODOLOGY AND INNOVATIVE THINKING. A REQUIRED ACADEMIC PROGRAM, IPRO TEACHES LEADERSHIP, CREATIVITY, TEAMWORK, DESIGN THINKING, AND PROJECT MANAGEMENT TO PREPARE STUDENTS TO SUCCEED IN A PROFESSIONAL WORK ENVIRONMENT. IPRO STUDENT TEAMS HAVE EXPLORED A RANGE OF AMBITIOUS TOPICS. THESE INCLUDE DEVELOPING A PLATFORM FOR SAFE DRUG DISPOSAL, DESIGNING A FUNCTIONAL RETAIL BUILDING THAT PRODUCES AS MUCH ENERGY AS IT USES OVER THE COURSE OF A YEAR: NET-ZERO ENERGY, HARVESTING CONDENSATE FROM HVAC SYSTEMS TO CREATE DRINKING WATER FOR HUMANS, AND HUNDREDS MORE. EVERY IDEA NEEDS FUEL TO BE SUCCESSFUL. IIT'S IDEA SHOP HELPS TO IGNITE IDEAS WITH CUTTING-EDGE TOOLS TO ENABLE STUDENTS TO TRANSFORM THEIR DESIGNS, PRODUCTS, AND INVENTIONS INTO REALITY. IN THIS STATE-OF-THE-ART, RAPID-PROTOTYPING LAB, FULL-TIME STAFF AND A DIVERSE GROUP OF STUDENT WORKERS ADVISE USERS ON EQUIPMENT USE, MECHANICAL AND ELECTRICAL DESIGN, EMBEDDED SYSTEMS PROGRAMMING, AND MUCH MORE. AS A CAMPUS WIDE RESOURCE, STUDENTS CAN USE THE IDEA SHOP FOR A CLASS, RESEARCH PROJECT, OR THEIR OWN PERSONAL ENDEAVOR. UNDER THE COLLEGE OF ARCHITECTURE IS THE UNIVERSITY'S AWARD-WINNING DESIGN/BUILD STUDIOS THAT ALLOW STUDENTS TO DESIGN AND CONSTRUCT FULL-SCALE BUILDINGS, FULFILLING THE NOTION OF A "HANDS-ON" EDUCATION. THE PROJECTS ARE ENTIRELY DESIGNED AND BUILT BY ARCHITECTURE STUDENTS AT THE ILLINOIS INSTITUTE OF TECHNOLOGY'S COLLEGE OF ARCHITECTURE. THESE PROJECTS ARE LOCATED ALL OVER THE WORLD. FROM CHICAGO, TO GERMANY, TO GHANA, TO INDONESIA, TO CHILE, AND PUERTO RICO, STUDENTS HAVE TRAVELED NEAR AND FAR TO PERFORM THEIR DESIGNS. INSTRUCTION SUPPORTS OVER 40 ACADEMIC MAJORS, MORE THAN 70 MINORS, AND A VARIETY OF SPECIALIZATIONS AND IS MADE UP OF OVER 6,900 STUDENTS, INCLUDING 3,129 UNDERGRADUATE, 2,990 GRADUATE, 838 LAW STUDENTS, AND 4 STUDENTS IN CONTINUING EDUCATION PROGRAMS. THE UNIVERSITY OFFERED AND AWARDED 627 BACHELOR, 922 MASTER, 231 J.D., 86 PH.D., AND 2 J.S.D. DEGREES DURING THE 2022 ACADEMIC YEAR.


RESEARCH:- RESEARCH IS THE HALLMARK OF OUR CULTURE OF EXCELLENCE. OUR FACULTY, STUDENTS, AND STAFF ARE LEADING BOLD RESEARCH AND DISCOVERY IN FIELDS WHERE TECHNOLOGY AND INNOVATION ARE CREATING SIGNIFICANT, MEANINGFUL CHANGE. OUR RESEARCHERS ARE CONDUCTING RESEARCH THAT MATTERS IN OUR EVERYDAY LIVES. WE ARE CONTRIBUTING TO ADVANCES IN COMPUTATION AND DATA, HEALTH AND WELLNESS, AND URBAN FUTURES. THROUGHOUT OUR COLLEGES AND RESEARCH CENTERS, AND IN TOPICS AS VARIED AS ENERGY, THEORETICAL PHYSICS, AND SOCIAL JUSTICE, OUR RESEARCH REFLECTS OUR COMMITMENT TO SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. RESEARCH AWARDS RECEIVED IN FISCAL YEAR 2022 WERE $37.2 MILLION. THE UNIVERSITY RECEIVED AWARDS IN THE AREAS OF SCIENCE, ENGINEERING, TECHNOLOGY, MATHEMATICS, AND FOOD SAFETY ALL OF WHICH ARE SYNERGISTIC WITH THE STRATEGIC PLAN. NOTABLY, THE ELECTRICAL AND COMPUTER ENGINEERING DEPARTMENT RECEIVED 30 AWARDS TOTALING $3.2 MILLION AND THE COMPUTER SCIENCE DEPARTMENT ALSO RECEIVED 23 AWARDS FOR $2.5 MILLION. THE BIOMEDICAL ENGINEERING DEPARTMENT RECEIVED 27 AWARDS FOR $3.2 MILLION, MECHANICAL MATERIAL AND AEROSPACE ENGINEERING 47 AWARDS TOTALING $3 MILLION, PHYSICS DEPARTMENT 32 AWARDS TOTALING $3.2 MILLION AND THE DEPARTMENT OF PSYCHOLOGY 20 AWARDS FOR $1.8 MILLION. IN ADDITION, THE NATIONAL CENTER FOR FOOD SAFETY AND TECHNOLOGY RECEIVED 17 AWARDS TOTALING $4.5 MILLION AND THE GALVIN CENTER WAS GRANTED 1 AWARD FOR $5 MILLION.


AUXILIARY SERVICES:- THIS PROVIDES FOR CAMPUS HOUSING AND DINING FOR THE STUDENTS AND INCLUDES RESIDENCE HALLS AND A DINING ROOM, APARTMENT-STYLE BUILDINGS, EIGHT FRATERNITY HOUSES, AND TWO SORORITY HOUSES.


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Board, Officers & Key Employees

Name (title)Compensation
Name Not Listed
Trustee
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Gilbane Building Company
Construction
$12,389,731
Chartwells Dining
Food Service Provider
$4,476,902
Gca Services Group
Janitorial Services
$3,709,336
Ventas Inc
Real Estate Rental Service
$2,261,620
Sos Security Llc
Security Service
$2,156,503
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$46,018
Related organizations$0
Government grants $51,184,196
All other contributions, gifts, grants, and similar amounts not included above$25,364,109
Noncash contributions included in lines 1a–1f $2,473,256
Total Revenue from Contributions, Gifts, Grants & Similar$76,594,323
Total Program Service Revenue$278,867,403
Investment income $2,411,462
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $841,111
Net Gain/Loss on Asset Sales $37,869,198
Net Income from Fundraising Events -$18,312
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $396,565,185

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Illinois Institute Of Technology has recieved totaling $40,000.

Awarding OrganizationAmount
Laborers International Union Of North America

Burr Ridge, IL

PURPOSE: GENERAL SUPPORT

$40,000
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$304,324,501
Earnings-$7,375,000
Net Contributions$9,252,000
Other Expense$5,521,149
Grants$6,702,851
Ending Balance$293,977,501

Peer Organizations

Organization NameAssets
Depaul University
Chicago, IL
$903,291,560
Loyola University Of Chicago
Chicago, IL
$813,555,821
Marquette University
Milwaukee, WI
$679,500,550
Illinois Institute Of Technology
Chicago, IL
$396,565,185
Butler University
Indianapolis, IN
$355,703,084
Drake University
Des Moines, IA
$252,974,293
Bradley University
Peoria, IL
$238,646,085
The Lutheran University Association Inc
Valparaiso, IN
$192,641,554
University Of Indianapolis
Indianapolis, IN
$207,052,087
Webster University
St Louis, MO
$161,315,329
Maryville University Of St Louis
St Louis, MO
$183,271,161
Roosevelt University
Chicago, IL
$160,424,797

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