Morrison Institute Of Technology
- Assets
- $3.3m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 21
- Location
- Morrison, IL
- Founding
- 04/1978
- Data as of
- 05/2022
- EIN
- 36-2919340
Organization Overview
Morrison Institute Of Technology is located in Morrison, IL. The organization was established in 1978. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Morrison Institute Of Technology employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morrison 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 05/2022, Morrison Institute Of Technology generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $2.4m during the year ending 05/2022. While expenses have increased by 3.6% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN EDUCATION AND RELATED SERVICES TO ALL ENROLLED STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COLLEGE LEVEL ACADEMIC PROGRAMS WITH CORRESPONDING STUDENT SERVICES AND ACTIVITIES.
PROVIDE STUDENT HOUSING TO ALL ON-CAMPUS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Scott School Presi | 40 | $120,000 | |
Ken Gooley Director | Trustee | 0.5 | $0 |
Mike Gunderson Director | Trustee | 0.5 | $0 |
Dave Weber Director | Trustee | 0.5 | $0 |
Craig Gray Chairman | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $748,999 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $748,999 |
| Total Program Service Revenue | $1,403,688 |
| Investment income | $1,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,698 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $9,455 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,173,933 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $189,912 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $254,029 |
| Compensation of current officers, directors, key employees. | $254,029 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $730,330 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $82,042 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $108,260 |
| Travel | $8,659 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $53,615 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $186,000 |
| Insurance | $143,693 |
| All other expenses | $158,205 |
| Total functional expenses | $2,351,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $699,878 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,388 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,675 |
| Prepaid expenses and deferred charges | $20,540 |
| Net Land, buildings, and equipment | $2,564,483 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,310,964 |
| Accounts payable and accrued expenses | $16,243 |
| Grants payable | $0 |
| Deferred revenue | $11,973 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,053,518 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,500 |
| Total liabilities | $1,083,234 |
| Net assets without donor restrictions | $2,227,730 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,310,964 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Morrison Institute Of Technology has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
William & Beverly Burkardt Family Foundation Nfp Polo, IL PURPOSE: EDUCATION | $500 |
William & Beverly Burkardt Family Foundation Nfp Polo, IL PURPOSE: EDUCATION | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Augustine College Chicago, IL | $15,853,961 | $18,146,895 |
Ancilla Domini College Plymouth, IN | $0 | $14,414,276 |
Pierce Mortuary Colleges Inc Broadview, IL | $14,603,316 | $16,634,477 |
College Of The Menominee Nation Keshena, WI | $15,783,806 | $11,637,458 |
Lac Courte Oreilles Ojibwe College Hayward, WI | $16,000,980 | $10,229,989 |
The Metropolitan Community College Foundation Kansas City, MO | $16,663,239 | $3,405,477 |
Kirkwood Community College Foundation Cedar Rapids, IA | $43,540,342 | $11,748,704 |
Southeastern Community College Foundation West Burlington, IA | $16,375,654 | $3,936,639 |
Indian Hills Community College Foundation Ottumwa, IA | $33,459,627 | $8,575,991 |
Morrison Institute Of Technology Morrison, IL | $3,310,964 | $2,173,933 |
Oakton Community College Educational Foundation Des Plaines, IL | $17,956,754 | $4,276,971 |
Missouri Community College Association Jefferson City, MO | $590,069 | $1,604,920 |