2020-03-09T18:00:08-05:00 2019-05-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2018-06-01 362170136 Illinois Institute of Technology ILLI 3125673825 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 MICHAEL HORAN VP FINANCE, CFO, & TREASURER 2020-03-09 true NICOLE BENCIK P00756195 3128997000 2018 2020-09-23 17:36:50Z Alan W Cramb SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 450838887 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. 68 66 4006 107 204608 0 63052564 84788322 276015596 279548821 11251710 14372887 1515852 1339078 351835722 380049108 113217063 122331391 0 151169166 150501802 38569 99334 8934317 94215421 97232693 358640219 370165220 -6804497 9883888 635766786 632900141 238451045 245678268 397315741 387221873 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 222104426 122331391 196693382 INSTRUCTION SUPPORT:- This past fiscal year witnessed the largest class of incoming first-year students in three decades. The university has continued to expand its academic offerings, which included the development of the first undergraduate degree in artificial intelligence in the Midwest. A new academic building was opened during the year and was designed to enhance and expand the activities of the university's longstanding Interprofessional Projects (IPRO), its Entrepreneurship Academy, and the Idea Shop. Through eight different schools and colleges, instruction supports over 50 academic majors, more than 75 minors, and a variety of specializations and is made up of over 6,500 students, including 3,144 undergraduate, 2,509 graduate, 862 law students, and 51 students in continuing education programs. The University offered and awarded 600 bachelor, 1,437 master, 229 J.D., and 104 Ph.D. degrees during the 2019 academic year. 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. All undergraduate students are required to take six credit hours of IPRO courses. Developed in 1995, IPRO consists of student teams from the junior through graduate levels, representing the breadth of the university's disciplines and professional programs. Each IPRO course is a unique project with teams that include the faculty and enrolled students. The courses encourage intellectual inquiry with research on the project subject, analysis, design, and development. Such experiential learning reinforces traditional education methods, providing students a richer academic experience allowing them to gain knowledge that goes beyond the regular classroom experience. When they graduate, students have learned to "speak the language" of other professions and have learned that problems can be "framed" from many different perspectives. Recently, IPRO project teams collaborated on developing a platform for safe prescription drug disposal, harvested condensate from HVAC systems to create drinking water for humans, worked with a developer to design a zero-net-energy community, created an educational web-based platform for guests at a local museum, and studied the relationship between wastewater injection and earthquakes. The University's Idea Shop helps to ignite ideas with cutting-edge tools to help students transform their new products and inventions into reality. This state-of-the-art, rapid-prototyping lab houses 3-D printers and scanners, multiple CNC milling machines, a vacuum cutter, and laser former. Full-time staff advise students on everything from equipment use to product marketability. This is where University students from all fields of study generate breakthrough ideas and guide them from concept to launch. It is an inviting place for returning alumni, students, and prospective students to interact and participate in workshops. The Idea Shop also serves the Chicago-area entrepreneurial community and facilitates the process by transforming student and faculty generated ideas into actual businesses, products, and patents. Within the College of Architecture is the university's Design/Build Studio where students can experience firsthand the entire life cycle of a small-building project. Students conceptualize, draft, design, and build a structure from the ground up, and they construct their projects around the world. The program has taken students to Indonesia, Ghana, Japan, New Orleans, Chile, Germany, and in the summer of 2018 to Puerto Rico, where students built a community building that allowed local citizens to cook for themselves and others. 33387438 40014460 RESEARCH:- In correspondence with the growth of our academic programs and the development of our new facility, our university's research portfolio saw expansion over the last year as well. 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. A cancer imager team helped to usher in a new era in cancer detection. The university also joined the Discovery Partners Institute, a purpose-driven, collaborative research and education center led by the University of Illinois System to bring together hundreds of top researchers and thousands of students to work with industry and government to solve real-world challenges and drive progress and economic growth. 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 2019 were $34.4 million. The University received awards primarily in the areas of science, engineering, technology, and mathematics all of which are synergistic with the strategic plan. Notably, the Electrical and Computer Engineering Department received 25 awards totaling $3.3 million and the Computer Science Department received 20 awards for $4.2 million. Also, the Biomedical Engineering Department received 25 awards for $4.8 million, the Biological Science Department 11 awards for $1.8 million, Mechanical Material and Aerospace Engineering 34 awards totaling $5.9 million, Physics Department 31 awards totaling $2 million and the Department of Psychology 10 awards for $1.6 million. In addition, the National Center for Food Safety and Technology received 31 awards totaling $7.2 million. 24073319 16685844 AUXILIARY SERVICES:- This provides for campus housing and dining for the students and includes residence halls and a dining room, apartment-style buildings, seven fraternity houses, and two sorority houses. 22826342 18451889 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. 19372900 7703246 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. 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IIT WAS REPRESENTED BY ALL CIRCO INC. FOR DEVELOPMENT OF LEGISLATIVE STRATEGY AND AS LIAISON WITH THE OFFICE OF THE GOVERNOR AND OTHER STATE 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. 251798501 1349000 2074000 6065360 6161640 242994501 243746501 5825000 14727000 5671397 6828603 251798501 226847501 2246000 27253000 5903690 6696310 243746501 240752501 4929000 -6234000 5407125 7192875 226847501 239982501 1394000 11076000 4891780 6808220 240752501 0.22 0.78 0.0 false false 19749367 19749367 469457669 224202299 245255370 4416097 4416097 0 92357916 63045650 29312266 8599460 253850 8345610 302662613 6650888 Obligation under split interest 751408 Deposits by students & others 1595345 Postretirement benefit obligation 1809882 Asset retirement obligation 1456502 Lease liability 1869940 14133965 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, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated 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 2016. 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 Perkins Loan Program Federal Pell Grant Program Illinois Student Assistance Commission:- Illinois Monetary Award Program Grants Grant Program for Descendants of Police, Fire, or Correctional Officers Golden Apple Foundation awards to minority students pursuing teaching careers. Europe (Including Iceland and Greenland) 0 1 Program Services STUDENT RECRUITING. 155225 South Asia 6 6 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 263399 East Asia and the Pacific 0 2 Program Services STUDENT RECRUITING. 279981 South America 0 1 Program Services STUDENT RECRUITING. 66525 6 10 0 0 6 10 765130 0 765130 true false true true false false Schedule F, Part I, Line 3 DESCRIPTION OF ACTIVITY OUTSIDE UNITED STATES EUROPE/SOUTH AMERICA: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF EUROPEAN AND LATIN AMERICAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. SOUTH ASIA: TO FACILITATE IIT'S ABILITY TO DELIVER LONG DISTANCE INTERNET-BASED EDUCATIONAL PROGRAMS TO RESIDENTS OF VARIOUS CITIES IN INDIA AND THE RECRUITMENT OF INDIAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. EAST ASIA AND PACIFIC: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF STUDENTS FROM EAST ASIA AND THE PACIFIC TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. X X X X X X X true Ruffalo Noel Levitz LLC 1025 Kirkwood Pkwy SW Cedar Rapids IA 52404 PHONE SOLICITING false 36949 24611 12338 WASHBURN & MCGOLDRICK LLC 24 N Bryn Mawr Avenue Suite 252 Bryn Mawr PA 19010 CONSULT ON RAISING FUNDS false 29217 -29217 Ruffalo Noel Levitz 1025 Kirkwood Pkwy SW Cedar Rapids IA 52404 FUND RAISING SOFTWARE false 45506 -45506 36949 99334 -62385 CT FL MD OR SC Harold J Krent Tribute 305650 278150 27500 37832 10799 Tech-X Award 138500 130625 7875 44500 3 80854 59789 21065 902 41318 4000 36996 525004 468564 56440 902 79150 4000 92295 176347 -119907 Schedule G, Part I, Line 2b(v) Amounts paid to fundraiser Washburn & McGoldrick LLC was engaged to increase private philanthropic support for IIT's operating budget, endowment and facilities. All of these resources are intended to enhance the educational purposes of the institution. Washburn & McGoldrick LLC do not at any time have custody or control of contributions. IIT exercises control and approval over the content and volume of any solicitation as Washburn & McGoldrick LLC never conducts solicitations on IIT's behalf. 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. Ruffalo Noel Levitz LLC conducted telephone fundraising campaigns for IIT and provided services to secure pledges and donations to support the educational mission of IIT. Their services related to the concept, design and strategies of the campaign and telephone solicitations to individuals identified on lists supplied by IIT. All funds raised were controlled by IIT. Ruffalo Noel Levitz LLC was paid fees for services provided in conducting the telephone fundraising campaigns. In addition, Ruffalo Noel Levitz LLC's proprietary, white-labeled crowdfunding software and Giving Day Module allowed IIT to showcase institutional initiatives through a custom-branded website and thematic framework. Schedule G, Part I, Line 2b(ii) Describe the custody or control arrangement. RUFFALO NOEL LEVITZ, LLC-RUFFALO NOEL LEVITZ LLC CONDUCTED TELEPHONE FUNDRAISING CAMPAIGNS FOR IIT AND PROVIDED SERVICES TO SECURE PLEDGES AND DONATIONS TO SUPPORT THE EDUCATIONAL MISSION OF IIT. THEIR SERVICES RELATED TO THE CONCEPT, DESIGN AND STRATEGIES OF THE CAMPAIGN AND TELEPHONE SOLICITATIONS TO INDIVIDUALS IDENTIFIED ON LISTS SUPPLIED BY IIT. ALL FUNDS RAISED WERE CONTROLLED BY IIT. RUFFALO NOEL LEVITZ LLC WAS PAID FEES FOR SERVICES PROVIDED IN CONDUCTING THE TELEPHONE FUNDRAISING CAMPAIGNS.;WASHBURN & MCGOLDRICK LLC-WASHBURN & MCGOLDRICK LLC WAS ENGAGED TO INCREASE PRIVATE PHILANTHROPIC SUPPORT FOR IIT'S OPERATING BUDGET, ENDOWMENT AND FACILITIES. ALL OF THESE RESOURCES ARE INTENDED TO ENHANCE THE EDUCATIONAL PURPOSES OF THE INSTITUTION. WASHBURN & MCGOLDRICK LLC DO NOT AT ANY TIME HAVE CUSTODY OR CONTROL OF CONTRIBUTIONS. IIT EXERCISES CONTROL AND APPROVAL OVER THE CONTENT AND VOLUME OF ANY SOLICITATION AS WASHBURN & MCGOLDRICK LLC NEVER CONDUCTS SOLICITATIONS ON IIT'S BEHALF. 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.;RUFFALO NOEL LEVITZ-RUFFALO NOEL LEVITZ ALSO PROVIDED SUBSCRIPTION SERVICES FOR WHITE-LABELED CROWDFUNDING SOFTWARE AND GIVING DAY MODULE TO SHOWCASE INSTITUTIONAL INITIATIVES THROUGH A CUSTOM-BRANDED WEBSITE AND THEMATIC FRAMEWORK.; Schedule G, Part I, Line 2b(v) payment of fees or payment of expenses RUFFALO NOEL LEVITZ, LLC-PAYMENT OF FEES.;WASHBURN & MCGOLDRICK LLC-PAYMENT OF FEES.;RUFFALO NOEL LEVITZ-PAYMENT ONLY FOR SOFTWARE.; true SCHOLARSHIPS 6508 122331391 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. X true true X X X false false false false false false false false false Alan Cramb President 654802 0 170000 0 22064 0 24750 0 22390 0 894006 0 0 0 Russell Betts Interim Provost/Distinguished Professor/Termed 7/31/18 327497 0 35000 0 21442 0 24750 0 0 0 408689 0 0 0 Betsy Hughes Vice Pres, Inst Advancement 321335 0 26892 0 2322 0 24750 0 22391 0 397690 0 0 0 Michael Gosz VP, Enrlmt/Vice Prov/AssocProf 257208 0 50000 0 1242 0 23967 0 20751 0 353168 0 0 0 Darsh Wasan Distinguised Professor,ChBE 298831 0 0 0 2942 0 24750 0 14681 0 341204 0 0 0 Ophir Trigalo Vice Provost, CIO 273605 0 0 0 2322 0 24750 0 22391 0 323068 0 0 0 Edwin Watts VP Admnstrn/Facilities/Pub Saf 279135 0 0 0 3461 0 24750 0 973 0 308319 0 0 0 Michael Horan VP Finance, CFO, Treasurer 276678 0 0 0 3564 0 24750 0 6648 0 311640 0 0 0 Anthony D'Amato Vice Pres, Genrl Cnsl & Sec 258358 0 0 0 810 0 23659 0 7177 0 290004 0 0 0 Peter Kilpatrick Provost, SVP Academic Affairs 232391 0 0 0 19985 0 17759 0 5522 0 275657 0 0 0 Jess Goode Vice President 223751 0 0 0 477 0 1563 0 0 0 225791 0 0 0 Natacha DePaola Kaplan Dean of Engineering 390764 0 0 0 20822 0 24750 0 22204 0 458540 0 0 0 Harold Krent Dean & Professor of Law 339533 0 0 0 40564 0 24750 0 21267 0 426114 0 0 0 Robert Brackett Vice President/Professor 316095 0 0 0 5603 0 24750 0 7358 0 353806 0 0 0 John Bilson Dean 300637 0 0 0 5661 0 24750 0 14681 0 345729 0 0 0 Heather Harper Associate Clinical Professor 170490 0 216215 0 335 0 16200 0 22204 0 425444 0 0 0 Mohammad Shahidehpour Distinguished Bodine Professor 378175 0 0 0 3564 0 24750 0 22204 0 428693 0 0 0 Hamid Arastoopour Director, WISER/Professor 312116 0 0 0 23920 0 24750 0 14808 0 375594 0 0 0 Eunice Santos Chair/Hochsprung Chair 296212 0 0 0 690 0 24750 0 6580 0 328232 0 0 0 Sumanta Acharya Professor & Department Chair 272913 0 0 0 22064 0 24127 0 187 0 319291 0 0 0 Wiel Arets Professor/Former key employee 213604 0 0 0 3002 0 19287 0 0 0 235893 0 0 0 Schedule J, Part I, Line 1a Health or social club dues or initiation fees The University provided membership dues for Alan Cramb, President, and Peter Kilpatrick, Provost to one business and one civic organization. These memberships served a business purpose that helped to support the mission of the University. A ILLINOIS FINANCE AUTHORITY 861091967 45200BYH5 2006-03-23 156502991 REFINANCE & FACILITY RENOVATION false false false B 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 C ILLINOIS FINANCE AUTHORITY 861091967 000000000 2018-06-28 17972000 REIMBURSEMENT FOR THE ACQUISITION OF STUDENT RESIDENT FACILITIES. false false false A 19895000 0 156502991 0 0 0 1418858 0 0 51378575 103705558 0 2008 true true true true B 0 0 22278000 0 0 0 300999 0 0 321404 21655597 0 2019 true false true true C 0 0 17972000 0 0 0 92573 0 0 17879427 0 0 2018 false 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 false false false false true B false false false true true false false false true C false false false true true 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 01/27/2011 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 02/25/2019 POWER UJAMAA 3 LLC Trustee James A. Akintonde is an executive of Power Ujamaa 3 LLC's parent company. 7529492 INDEPENDENT CONTRACTOR false Schedule L, Part IV BUSINESS TRANSACTIONS WITH INTERESTED PERSONS BUSINESS TRANSACTIONS WITH INTERESTED PERSONS SCHEDULE L, PART IV THE TRANSACTIONS LISTED IN SCHEDULE L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS, WERE CONSISTENT WITH THE CONFLICT OF INTEREST POLICY DESCRIBED IN SCHEDULE O. ILLINOIS INSTITUTE OF TECHNOLOGY REQUIRES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY FOR ALL BUSINESS TRANSACTIONS WITH INTERESTED PERSONS. IN FY 2019, TRUSTEE JAMES A. AKINTONDE WAS AN EXECUTIVE FOR THE PARENT COMPANY WHICH HAD A JOINT VENTURE, POWER UJAMAA 3 LLC. POWER UJAMAA 3 LLC WAS AWARDED A CONTRACT, PURSUANT TO AN RFP, TO CONSTRUCT A CAMPUS INNOVATION CENTER. PAYMENTS FOR THIS CONSTRUCTION WERE MADE FROM TEMPORARILY RESTRICTED GIFTS THAT WERE RECEIVED AS A RESULT OF AN INTERNAL CAPITAL CAMPAIGN. X 51 5604583 Market value X Engineering equipment 1 128000 Market value X WBBM News radio Chicago Media Package 1 67500 Market value X Flat Panel Smartboard 7000 Series 1 7198 Market value X 65" Mondopad Ultra, anti-glare touchscreen collaboration system. 1 6100 Market value X Instruction material including drawings, programs, and memorabilia for school of architecture 1 4050 Market value X IBM 5110 portable computer with data tapes and manuals 1 1000 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Other - Engineering equipment number of contributions Other - WBBM News radio Chicago Media Package number of contributions Other - Flat Panel Smartboard 7000 Series number of contributions Other - 65" Mondopad Ultra, anti-glare touchscreen collaboration system. number of contributions Other - Instruction material including drawings, programs, and memorabilia for school of architecture number of contributions Other - IBM 5110 portable computer with data tapes and manuals number of contributions Form 990, Part III, Line 4d Description of other program services (Expenses $ 22,826,342 including grants of $)(Revenue $ 18,451,889) 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. Form 990, Part III, Line 4d Description of other program services (Expenses $ 19,372,900 including grants of $)(Revenue $ 7,703,246) 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, the immediate past Chair, 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 shall be annually elected for three-year terms 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 A. Steven Crown, Richard N. Levy, Craig J. Duchossois, and Kevin Willer - Business relationship, John Rowe and Efthimios S. Stojka - Business relationship, Patrick J. Kelly, James E. Cowie, Craig J. Duchossois - Business relationship, Victor A. Morgenstern and Anita M. Nagler - Business relationship, James Cowie and Jim Dugan - Business relationship, Eric C. Larson and Craig J. Duchossois - Business relationship, A. Stephen Crown and Brian C. Walker - Business relationship, S. Christopher Gladwin and Michael Seedman - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE VP FINANCE, CFO & TREASURER, AVP FINANCE & CONTROLLER, ASSOCIATE CONTROLLER, AND BY THE VP GENERAL COUNSEL & SECRETARY. ONCE THE FORM 990 IS APPROVED BY MANAGEMENT, THE FORM IS PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE AND THE EXECUTIVE 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, THE VP FINANCE, CFO & TREASURER 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. 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 CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS - -56674; CHANGE IN ASSET RETIREMENT OBLIGATION, NET - 515477; OTHER, NET - -1041236; EXTINGUISHMENT OF DEBT - -771626; RESTRUCTURING EXPENSES - -5996192; IIT RESEARCH INSTITUTE 10 WEST 35TH STREET CHICAGO IL 60616 362169122 RESEARCH IL 501(c)(3) 11 ILLINOIS INSTITUTE OF TECHNOLOGY true PERPETUAL TRUST (7) BENEFICIAL INTEREST IN DONOR TRUSTS C/O IIT 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 DISTRIBUTION OF TRUST ASSETS TO BENEFICIARIES N/A Trust ILLINOIS INSTITUTE OF TECHNOLOGY (INDIA) PRIVATE LTD 677 16th Main 6th Cross 3rd Block Koramangala Behind BDA complex BENGALORE IN 560034 FACILITATES EDUCATIONAL PROGRAMS IN ILLINOIS INSTITUTE OF TECHNOLOGY C Corporation 310279 147535 1 true true false false false false false false false false true false true false true false true true false false IIT India P 292636 FMV IIT Research Institute A 266500 FMV IIT Research Institute L 382238 FMV IIT Research Institute Q 1631846 FMV