2025-04-15T14:35:25+00:00 2024-05-31 350921680 CROWE LLP 231 S Bemiston Ave Suite 800 Clayton MO 63105 990 2023-06-01 362170136 Illinois Institute of Technology ILLI 3125673332 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 Stephanie Carr Associate Controller 3125673332 2025-04-15 true true STEVE LENIVY P01635350 3148022000 2025-04-15 2023 2025-03-06 01:10:19Z Raj Echambadi SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 651551108 false X WWW.IIT.EDU X 1940 IL TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. 66 61 3840 110 82550 0 64715384 95375804 296928727 347523315 2084727 65596 754227 1047468 364483065 444012183 139862832 158523565 0 157462334 156082410 386647 204680 10303395 121976899 127641220 419688712 442451875 -55205647 1560308 706468476 724517274 303549283 293568354 402919193 430948920 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 269209099 158523565 261841559 INSTRUCTION SUPPORT:- Illinois Institute of Technology's (IIT) seven colleges allow students to discover new frontiers in engineering, science, architecture, business, design, human sciences, applied technology, and law. The school's nationally ranked undergraduate and graduate programs offer exceptional preparation for professions that require technological sophistication, an innovative mindset, and an entrepreneurial spirit. 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. The University's 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. We are contributing to advances in computation and data, energy and sustainability, deep science and engineering, health and wellness, social justice, and urban futures. Throughout our colleges, and research institutes and centers, IIT's researchers are conducting research that matters in our everyday lives. Illinois Tech is one of 14 centers collaborating on a new nationwide nutrition study that will help advance the development of personalized nutrition plans. Another research project is aimed at finding ways to reduce wasted food nationally. 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 net-zero community, 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 college emphasizes applied studio work under the instruction of practicing architects; the study of architectural theory; interdisciplinary learning; digital technologies; sustainability; design/build; and international study. Instruction supports over 50 plus academic majors and special degree programs and more than 70 minors and is made up of almost 8,600 students, including 3,316 undergraduates, 4,272 graduate, 710 law, and 267 students in certificate/non-degree or continuing education programs. The University offered and awarded 597 bachelor, 1,730 master, 235 J.D., and 77 Ph.D. degrees during the 2024 academic year. 55715108 49269896 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 2024 were $50.2 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 22 awards totaling $2.3 million and the Computer Science Department also received 36 awards for $4.1 million. The Biomedical Engineering Department received 16 awards for $1.7 million, Mechanical Material and Aerospace Engineering 45 awards totaling $7.2 million, Physics Department 35 awards totaling $3.8 million and the Department of Psychology 11 awards for $2.4 million. In addition, the National Center for Food Safety and Technology received 14 awards totaling $3.3 million and the Biology Department was granted 14 awards for $3.1 million. 20153366 6597848 STUDENT SERVICES:- This program provides health, academic, career services, transitional assistance, student orientation, and other student services including the student finance center, admissions, and registration. 19295178 18789213 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. 9880584 11024799 ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Academic Resource Center office offers several programs that provide peer tutoring, exam reviews, advising, and counseling. 29175762 29814012 374253335 true true false true false false false false true true false false true true true false true true true true false false true true false false false true true true false false false false false true false false false true true true false false false true true true false false true X 6851 0 true 3840 true true true true IN false false false true true false false false false false false X 66 61 true false true false false false false true true false false true true true true true true true true false MD SC X Stephanie Carr 3125673332 3424 SOUTH STATE STREET TC-4TH FL CHICAGO IL 60616 Ellen M Jordan Vice Chair 1.0 0.0 X X 0 0 0 Michael P Galvin Chairman of the Board 1.0 0.0 X X 0 0 0 Raj Echambadi President 38.8 1.0 X X 805255 0 50576 Thomas E Lanctot Vice Chair 1.0 0.0 X X 0 0 0 Adrian Nemcek Trustee 1.0 0.0 X 0 0 0 Alan W Wendorf Trustee 1.0 0.0 X 0 0 0 Amanda Lannert Trustee 1.0 0.0 X 0 0 0 Andrea L Berry Trustee 1.0 0.0 X 0 0 0 Anita M Nagler Trustee 1.0 0.0 X 0 0 0 Brian C Walker Trustee 1.0 0.0 X 0 0 0 Bruce C Liimatainen Trustee 1.0 0.0 X 0 0 0 Bryan R Dunn Partial Year Trustee 1.0 0.0 X 0 0 0 Carl S Spetzler Trustee 1.0 0.0 X 0 0 0 Carole Browe Segal Trustee 1.0 0.0 X 0 0 0 Carson Block Trustee 1.0 0.0 X 0 0 0 Carter H Eckert Partial Year Trustee 1.0 0.0 X 0 0 0 Cheryl Hyman Trustee 1.0 0.0 X 0 0 0 Craig J Duchossois Trustee 1.0 0.0 X 0 0 0 Daniel R Ephraim Trustee 1.0 0.0 X 0 0 0 David L Crowell Trustee 1.0 0.0 X 0 0 0 Douglas M Monieson Trustee 1.0 0.0 X 0 0 0 Edward L Kaplan Trustee 1.0 0.0 X 0 0 0 Efthimios J Stojka Trustee 1.0 0.0 X 0 0 0 Eric C Larson Partial Year Trustee 1.0 0.0 X 0 0 0 Eric G Vassilatos Partial Year Trustee 1.0 0.0 X 0 0 0 Frank Clark III Trustee 1.0 0.0 X 0 0 0 Harold Singleton III Trustee 1.0 0.0 X 0 0 0 Hazem Dawani Trustee 1.0 0.0 X 0 0 0 James Dugan Trustee 1.0 0.0 X 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Trustee 1.0 0.0 X 0 0 0 Patrick J Kelly Trustee 1.0 0.0 X 0 0 0 Peter M Kelly III Trustee 1.0 0.0 X 0 0 0 Ralph Wanger Trustee 1.0 0.0 X 0 0 0 Richard Neil Levy Trustee 1.0 0.0 X 0 0 0 Robert A Cornog Trustee 1.0 0.0 X 0 0 0 Robert D Hoel Trustee 1.0 0.0 X 0 0 0 Robert J Potter Trustee 1.0 0.0 X 0 0 0 Robert J Washlow Trustee 1.0 0.0 X 0 0 0 Robert Surrette Trustee 1.0 0.0 X 0 0 0 Rohit Prasad Trustee 1.0 0.0 X 0 0 0 Rosemarie Mitchell Partial Year Trustee 1.0 0.0 X 0 0 0 S Christopher Gladwin Trustee 1.0 0.0 X 0 0 0 Stacey M Kacek Trustee 1.0 0.0 X 0 0 0 Stephen C Urrutia Partial Year Trustee 1.0 0.0 X 0 0 0 Stephen p Keogh Partial Year Trustee 1.0 0.0 X 0 0 0 Ted Koenig Trustee 1.0 0.0 X 0 0 0 Thomas Roszak Trustee 1.0 0.0 X 0 0 0 Victor A Morgenstern Trustee 1.0 0.0 X 0 0 0 Victor Tsao Trustee 1.0 0.0 X 0 0 0 Victoria L Noonan Trustee 1.0 0.0 X 0 0 0 Angela Manning-Hardimon VP Finance /CFO 38.8 1.0 X 305669 0 26095 Beth Campbell Interim VP of Advancement 38.8 0.0 X 262938 0 15418 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2505554 SOS Security LLC 8750 W Bryn Mawr Ave Chicago IL 60631 Security services 2466880 Collegis Education 1415 W 22nd Street Oak Brook IL 60523 Technology services 1183291 98 9050 49427322 45939432 12815440 95375804 Tuition and Fees 611310 311513097 311513097 Sales/Services of Auxiliary Enterprises 722320 18797318 18554121 243197 Student Services 611710 15951990 15951990 Equity interest on IITRI 541700 1260910 1260910 0 0 0 0 347523315 2015772 -160647 2176419 1077817 33068 1044749 0 1044749 1044749 205537000 207487176 -1950176 0 -1950176 -1950176 21400 9050 18681 2719 2719 0 0 0 0 0 444012183 347280118 82550 1273711 158523565 158523565 7021847 2808739 2106554 2106554 1251702 500681 375510 375511 126506390 105211100 16113388 5181902 406483 265872 111376 29235 13102660 8570170 3590129 942361 7793328 5097449 2135372 560507 812159 106160 705999 416481 416481 117074 117074 204680 204680 930035 930035 22786515 15580950 7205565 0 2366439 1355709 1010730 30729928 30635827 70196 23905 3078594 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II, Line 10 Other Income DESCRIPTION - GROSS INCOME FROM FUNDRAISING EVENTS, COLUMN A - 32000.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 25988.0, COLUMN E - 21400.0, COLUMN F - 79388.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 117074 false false 117074 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY THOMSON COBURN WAS RETAINED TO HELP WITH FEDERAL LOBBY REGISTRATION AND DISCLOSURE REQUIREMENTS. IIT WAS REPRESENTED BY FAEGRE DRINKER & BIDDLE FOR DEVELOPMENT OF LEGISLATIVE STRATEGY FOR CONGRESS AND RELEVANT FEDERAL AGENCIES, AS DIRECTED BY IIT. IN ADDITION, IIT'S VICE PRESIDENT AND ASSOCIATE VICE PRESIDENT FOR EXTERNAL AFFAIRS INTERACT WITH FEDERAL, STATE, AND LOCAL OFFICIALS REGARDING SUCH MATTERS. 258798501 16195000 27038000 15681355 12465645 273884501 293977501 3786000 -4343000 15150136 19471864 258798501 304324501 9252000 -7375000 6702851 5521149 293977501 255962501 7573000 62334000 6550000 14995000 304324501 242994501 18590000 6574000 6212900 5983100 255962501 0.23 0.77 0.0 false false 19270939 19270939 543332178 294066450 249265728 6040620 5586565 454055 96910270 62116068 34794202 8863312 8863312 312648236 Beneficial interest on perpetual trust 25254800 Other receivables 25363298 Affiliated organizations 50618098 Advances from U.S. Government for student loans 1588792 Obligation under split interest 573229 Deposits by students & others 3094039 Postretirement benefit obligation 727011 Asset retirement obligation 451987 Lease liability 33956 Bond Premium Payable 8478335 Cost of Issuance -1464748 Deferred revenue from Cogen agreement 17071834 30554435 X Schedule D, Part V, Line 4 Intended uses of endowment funds The purpose of the endowment funds is to facilitate donors' desires to make substantial long-term gifts to the University and to develop a new and significant source of revenue for the University. In doing so, the endowment fund will provide a secure, long-term source of funds to: (a) fund special programs; (b) ensure long-term growth; (c) enhance the University's ability to meet changing community needs; and (d) support the administrative expenses of the University as deemed appropriate. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The University has received a determination letter from the Internal Revenue Service (IRS) stating that they are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code except for tax on unrelated business income. It is management's belief that none of its activities have produced material unrelated business income, and that the University has operated in a manner that qualifies it for tax-exempt status. U.S. generally accepted accounting principles require University management to evaluate tax positions taken by the University and recognize a tax liability (or asset) if the University has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed tax positions taken by the University and has concluded that as of May 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The University is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The University management believes it is no longer subject to income tax examinations for years prior to 2021. true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY POLICY PUBLISHED YEARLY IN VARIOUS STUDENT BULLETINS. IT ALSO APPEARS ON APPLICATIONS AND OTHER FORMS, AND IT IS POSTED ON THE UNIVERSITY'S WEBSITE. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT Department of Education:- Federal Supplemental Education Opportunity Grants Federal Direct Loans Federal Work Study Program Federal Pell Grant Program Federal Higher Education Emergency Relief Funds Illinois Student Assistance Commission:- Illinois Monetary Award Program Grants Grant Program for Descendants of Police, Fire, or Correctional Officers Europe (Including Iceland and Greenland) 0 2 Program Services STUDENT RECRUITING. 850376 South Asia 3 3 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 263988 East Asia and the Pacific 0 3 Program Services STUDENT RECRUITING AND ON-LINE MAS DEGREE PROGRAM. 165081 South America 0 1 Program Services STUDENT RECRUITING. 47552 Central America and the Caribbean 0 0 Investments 94256000 3 9 0 0 3 9 95582997 0 95582997 true false true true false true Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual X X X X X X true ORR Group 3000 K Steet E280 Washington DC 20007 Reviewing fundraising procedures and providing recommendations. false 0 366685 -366685 0 366685 -366685 CT FL MD OR SC MIES BIRTHDAY SOIREE 30450 9050 21400 15035 2250 1396 0 0 30450 9050 21400 15035 2250 1396 18681 2719 Schedule G, Part I, Line 2b(v) Amounts paid to fundraiser ORR Group was engaged to review the University's current fundraising procedures and to make recommendations for areas of improvement. ORR Group did not at any time solicit, control, or have custody of any fund donations. Payments for services are based on a monthly retainer and a per diem rate. Expenses are billed separately as expended and at cost, for travel, overnight accommodations, meals, and out-of-pocket expenses. Schedule G, Part I, Line 2b(ii) Describe the custody or control arrangement. ORR GROUP-ORR GROUP WAS ENGAGED TO REVIEW THE UNIVERSITY'S CURRENT FUNDRAISING PROCEDURES AND TO MAKE RECOMMENDATIONS FOR AREAS OF IMPROVEMENT. ORR GROUP DID NOT AT ANY TIME SOLICIT, CONTROL, OR HAVE CUSTODY OF ANY FUND DONATIONS. PAYMENTS FOR SERVICES ARE BASED ON A MONTHLY RETAINER AND A PER DIEM RATE. EXPENSES ARE BILLED SEPARATELY AS EXPENDED AND AT COST, FOR TRAVEL, OVERNIGHT ACCOMMODATIONS, MEALS, AND OUT-OF-POCKET EXPENSES.; Schedule G, Part I, Line 2b(v) payment of fees or payment of expenses ORR GROUP-PAYMENT OF FEES.; true SCHOLARSHIPS 9108 158523565 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. THE USE OF GRANT FUNDS IS MONITORED THROUGH A GRANT MANAGEMENT SYSTEM. ALL SPENDING IS REVIEWED BY GRANT AND CONTRACT ACCOUNTING TO ENSURE COMPLIANCE WITH THE PURPOSE OF THE GRANT. X true true X X X true false false false false false false false false Raj Echambadi President 780433 0 0 0 24822 0 24480 0 26096 0 855831 0 0 0 Alan Cramb Distinguished Professor/FORMER KEY EMPLOYEE 278878 0 3528 0 27925 0 9317 0 26096 0 345744 0 0 0 Ernest Iseminger Vice President 329805 0 0 0 197768 0 12387 0 12724 0 552684 0 0 0 Ophir Trigalo Vice Provost, CIO 249453 0 0 0 235173 0 9646 0 12428 0 506700 0 0 0 Kenneth Christensen Provost, SVP Academic Affairs 415567 0 0 0 15242 0 12750 0 26096 0 469655 0 0 0 Mallik Sundharam VP Enroll Mgmt Stud Affrs 363865 0 0 0 23040 0 12462 0 23924 0 423291 0 0 0 Michael Gosz Vice President for Data Analytics 304427 0 1811 0 2322 0 9419 0 16491 0 334470 0 0 0 Angela Manning-Hardimon VP Finance /CFO 304427 0 0 0 1242 0 0 0 26095 0 331764 0 0 0 Edwin Watts VP of Administration 301438 0 0 0 6858 0 9574 0 9300 0 327170 0 0 0 Beth Campbell Interim VP of Advancement 260720 0 0 0 2218 0 7358 0 8060 0 278356 0 0 0 Hilary Hudson Hosek VP & Chief People Officer 258087 0 0 0 1187 0 7477 0 1771 0 268522 0 0 0 Jess Goode Vice President, Extn'l Affairs 242865 0 0 0 787 0 7558 0 0 0 251210 0 0 0 Walter Hazlitt General Counsel 225540 0 0 0 1181 0 7433 0 26095 0 260249 0 0 0 Natacha DePaola Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE 309769 0 1657 0 3564 0 8611 0 25868 0 349469 0 0 0 Harold Krent Professor of Law/FORMER KEY EMPLOYEE 287238 0 3873 0 12788 0 9144 0 16875 0 329918 0 0 0 Michelangelo Sabatino Professor/FORMER KEY EMPLOYEE 283240 0 8229 0 1242 0 8522 0 16491 0 317724 0 0 0 Liad Wagman Dean, Endow Chair, Prof of Econ. 369350 0 62334 0 540 0 11398 0 22152 0 465774 0 0 0 Lance Fortnow Professor and Dean COS 381159 0 0 0 3564 0 11867 0 23696 0 420286 0 0 0 Anita Krug Dean and Professor of Law 359242 0 2140 0 1242 0 11132 0 16073 0 389829 0 0 0 M Krishna Erramilli Interim Dean 304903 0 46995 0 7490 0 8120 0 25224 0 392732 0 0 0 Jennifer deWinter Dean/Prof Lewis College Science 354856 0 2066 0 810 0 10692 0 1544 0 369968 0 0 0 Reed Kroloff Dean-Architecture, Rowe Chair 302730 0 1911 0 26064 0 9955 0 8060 0 348720 0 0 0 Anijo Mathew Dean, Institute of Design 275935 0 15000 0 810 0 8250 0 24324 0 324319 0 0 0 Mohammad Shahidehpour Distinguished Bodine Professor 415501 0 2200 0 6789 0 11388 0 8714 0 444592 0 0 0 Hamid Arastoopour Director, WISER/Professor 335034 0 1950 0 28804 0 10138 0 17545 0 393471 0 0 0 Jai Prakash Professor 0 0 0 0 358000 0 0 0 0 0 358000 0 0 0 Brian Schaneberg Executive Director, IFSH 336237 0 0 0 1242 0 0 0 8796 0 346275 0 0 0 Xian-He Sun Distinguished Professor 321074 0 2811 0 4176 0 7467 0 24793 0 360321 0 0 0 Schedule J, Part I, Line 1a Health or social club dues or initiation fees The University provided membership dues for Raj Echambadi President, and Ken Christensen Provost, to one business and one civic organization. These memberships are working condition fringe benefits that satisfied a business purpose under the accountable plan rule. A ILLINOIS FINANCE AUTHORITY 861091967 000000000 2019-01-31 22278000 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 7/22/2009 AND FOR FACILITY RENOVATION AND EQUIPMENT. false false false B ILLINOIS FINANCE AUTHORITY 861091967 000000000 2018-06-28 17972000 REIMBURSEMENT FOR THE ACQUISITION OF STUDENT RESIDENT FACILITIES. false false false C ILLINOIS FINANCE AUTHORITY 861091967 45204E7F9 2019-12-20 138525900 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 3/23/2006 AND TO REIMBURSE ISSUANCE AND REFUNDINGS COSTS. false false false A 4815450 0 22278000 0 0 0 300999 0 0 321404 21655597 0 2019 true false true true B 3884550 0 17972000 0 0 0 92573 0 0 17879427 0 0 2018 false false true true C 11785000 0 138525900 0 0 0 1519760 0 0 0 137006140 0 2020 true false true true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true C false false false false 0.0 0.0 0.0 false false true A false false false true true false false false true B false false false true true false false false true C false false false true false false false false true A true B true C true Schedule K, Part II, Line 3 All listed bonds on Schedule K. If the total proceeds of the issue exceeds the issue price of the respective bond, the difference is due to investment earnings. Earnings are included in the total proceeds of each issue. Schedule K, Part IV, Line 2c COLUMN A Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/25/2019 Schedule K, Part IV, Line 2c COLUMN B Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/25/2019 Schedule K, Part IV, Line 2c COLUMN C Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/02/2021 Craig J Duchossois Trustee To support the academic mission of the University. X 10000000 10000000 false true true Michael P Galvin Board Chair To support the academic mission of the University. X 10000000 10000000 false true true 20000000 Collegis Education Trustee James Cowie has an equity interest in Collegis Education 2147249 Developer of on-line courses false Airgas Trustee Michael Graff is chariman and CEO of American Air Liquid Holdings owner of Airgas 103027 Supply industrial gases false Schedule L, Part II LOANS TO AND/OR FROM INTERESTED PERSONS IN DECEMBER 2022, THE UNIVERSITY ENTERED INTO TWO SUBORDINATED PROMISSORY NOTE AGREEMENTS TOTALING $20,000,000 WITH TWO TRUSTEE AFFILIATED ORGANIZATIONS. THE NOTES ACCRUE INTEREST AT THE SHORT-TERM APPLICABLE FEDERAL RATE LESS ONE HUNDRED BASIS POINTS AND REPAYMENT OF THE PRINCIPAL AMOUNT AND UNPAID INTEREST IS DUE ON OR BEFORE THE FIRST ANNIVERSARY DATE. HOWEVER, THE UNIVERSITY HAS EXTENSIONS OF TIME FOR PAYMENT, RENEWALS OF THE NOTES AND ACCEPTANCE OF PARTIAL PAYMENTS, WHETHER BEFORE, AT, OR AFTER MATURITY, ALL OR ANY OF WHICH MAY BE MADE WITHOUT NOTICE AND WITHOUT AFFECTING THE UNIVERSITY'S LIABILITY TO THE TRUSTEE AFFILIATED ORGANIZATION. X 14 77100 Market value X 215 12533148 Market value X Supplies, equipment, and services for school and office 9 70368 Market value X Travel and entertainment costs for donors and board meetings 37 134825 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Art - Works of art - number of contributions Other - Supplies, equipment, and services for school and office - number of contributions Other - Travel and entertainment costs for donors and board meetings - number of contributions Form 990, Part III, Line 4d Description of other program services (Expenses $ 19,295,178 including grants of $)(Revenue $ 18,789,213) 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. Form 990, Part III, Line 4d Description of other program services (Expenses $ 9,880,584 including grants of $)(Revenue $ 11,024,799) ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Academic Resource Center office offers several programs that provide peer tutoring, exam reviews, advising, and counseling. Form 990, Part VI, Line 1a Delegate broad authority to a committee As stated in Article 5, Section 5 of the organizations By-Laws, there shall be an Executive Committee of the Board of Trustees. With the caveat that the Board of Trustees may override the Executive Committee and except as otherwise provided in Article 5, Section 6, the Board of Trustees delegates to the Executive Committee all the powers vested in the Board of Trustees by law or by these Bylaws in the management of the property, business and affairs of the corporation. The Executive Committee shall include, as ex officio members, the Chair of the Board, any Vice Chairs, the Chairs of all committees listed in Article 5, Sections 3 and 4, and the President. If the Chair of the Board of the IIT Alumni Association is a regularly elected or life trustee, then that individual shall be an ex officio member of the Executive Committee for the term of his or her office as Chair of the Board of the IIT Alumni Association. Up to eight additional members of the Executive Committee may be elected by the Board of Trustees from the regularly elected members of the Board. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons S. Christopher Gladwin and James Dugan - Business relationship, Patrick J. Kelly and Craig J. Duchossois - Business relationship, Eric C. Larson and Craig J. Duchossois - Business relationship, James Gagnard and Efthimos J. Stojka - Business relationship, Stacey M. Kacek and Douglas M. Monieson - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents The changes were as follows: (i) reduced the minimum number of regularly elected and life trustees from 68 to 60, while leaving the maximum umber unchanged at 73; and (ii) renamed the "External and Community Affairs Committee" to the "Government Affairs Committee." Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY CFO & TREASURER, DEPUTY CONTROLLER, ASSOCIATE CONTROLLER, AND BY THE VP & GENERAL COUNSEL ONCE THE FORM 990 IS APPROVED BY MANAGEMENT, THE FORM IS PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE (ACTING FOR THE FULL BOARD OF TRUSTEES) FOR REVIEW. WHEN THIS REVEIW IS COMPLETED, IT IS PUT ON A TRUSTEE WEBSITE GIVING ALL THE TRUSTEES THE OPPORTUNITY TO REVIEW. ONCE ALL REVIEWS ARE COMPLETED, MANAGEMENT SIGNS THE FORM 990. Form 990, Part VI, Line 12c Conflict of interest policy ON AN ANNUAL BASIS, IIT EMPLOYEES AND BOARD OF TRUSTEE MEMBERS MUST REVIEW THE CONFLICT OF INTEREST POLICY. ALL EMPLOYEES AND TRUSTEES ARE REQUIRED TO SIGN AND DATE A CONFLICT OF INTEREST ATTESTATION DOCUMENT WHETHER A CONFLICT IS PRESENT OR NOT. GENERAL COUNSEL MONITORS THE EMPLOYEES AND TRUSTEES THAT HAVE REVIEWED THE POLICY AND DOCUMENTS THE CONFLICT OF INTEREST INSTANCES. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE BOARD OF TRUSTEES HAS ESTABLISHED AN INDEPENDENT COMPENSATION COMMITTEE THAT IS RESPONSIBLE FOR RECOMMENDING THE PRESIDENT'S (CEO) SALARY. THE COMMITTEE WILL BASE THE SALARY ON A HUMAN RESOURCE BENCHMARK STUDY COMPARING SELECTED UNIVERSITIES HAVING SIMILAR STUDENT ENROLLMENTS AND PROGRAMS. ON AN ANNUAL BASIS, HUMAN RESOURCES WILL PROVIDE THE COMMITTEE AN UPDATED BENCHMARK SURVEY FOR THEIR REVIEW. BASED ON THE ANNUAL SURVEY, THE COMMITTEE MAY RECOMMEND AN ADJUSTMENT TO THE PRESIDENT'S SALARY. AFTER THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION COMMITTEE RECOMMENDATIONS, IT VOTES TO APPROVE THE COMPENSATION. THIS PROCESS WAS LAST UNDERTAKEN IN FISCAL YEAR 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees The authority to recommend the annual salaries of the Vice Presidents and other senior officers is delegated to an independent Compensation Committee by the Board of Trustees. The Committee, with input from the President, obtains comparative analyses and studies from the Human Resource department with respect to compensation of similar organizations to ensure that the University's compensation is comparable. After the Executive Committee reviews the compensation committee recommendations, it votes to approve the compensation. Form 990, Part VI, Line 19 Required documents available to the public FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE LOCATED ON THE ILLINOIS INSTITUTE OF TECHNOLOGY'S WEBSITE. Form 990, Part XI, Line 9 Other changes in net assets or fund balances UNREAL. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST - 2749658; OTHER - -3542878; IIT RESEARCH INSTITUTE 10 WEST 35TH STREET 4th FL CHICAGO IL 60616 362169122 RESEARCH IL 501(c)(3) 11 ILLINOIS INSTITUTE OF TECHNOLOGY true PERPETUAL TRUST (9) BENEFICIAL INTEREST IN DONOR TRUSTS C/O IIT 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 DISTRIBUTION OF TRUST ASSETS TO BENEFICIARIES IL NA Trust false ILLINOIS INSTITUTE OF TECHNOLOGY (INDIA) PRIVATE LTD Office No 2205 22nd Floor Haware Infotech Park Sector 30A Vashi Navi Mumbai IN 400703 FACILITATES EDUCATIONAL PROGRAMS IN ILLINOIS INSTITUTE OF TECHNOLOGY C Corporation 41412 269135 1 true true false false false false false false false false true false true false true false true true false false IIT(INDIA) PRIVATE LTD P 263988 FMV IIT RESEARCH INSTITUTE A 235771 FMV IIT RESEARCH INSTITUTE L 7800 FMV IIT RESEARCH INSTITUTE Q 1750217 FMV