2018-03-26T11:00:09-05:00 2017-05-31 350921680 CROWE HORWATH LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2016-06-01 362170136 Illinois Institute of Technology ILLI 3125673825 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 MICHAEL HORAN VP FINANCE, CFO, & TREASURER 2018-03-26 true NICOLE BENCIK P00756195 3128997000 2016 2021-01-29 14:40:06Z Alan W Cramb SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 398597404 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. 65 61 4370 105 187398 -15917 70771692 58277789 284723693 286238062 18092893 6681794 408824 773065 373997102 351970710 104865742 106662830 0 159968763 151259827 60956 48839 9432834 103136901 102895629 368032362 360867125 5964740 -8896415 566604624 583297526 247608564 248671425 318996060 334626101 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 195292749 106662830 204472419 INSTRUCTION SUPPORT:- Instruction supports 40 academic majors, more than 70 minors, and a variety of specializations and is made up of nearly 7,300 students, including 2,724 undergraduate, 2,816 graduate, 731 law students, and 615 Ph.D. candidates. The University offered and awarded 691 bachelor, 1,771 master, 224 J.D., and 89 Ph.D. degrees during the 2017 academic year. The University's signature Interprofessional Projects Program (IPRO) joins together students from various academic disciplines to work as a team to tackle a real-world problem using design-centered methodology and innovative thinking. 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. Students from architecture, engineering, and humanities may create low-cost shelter solutions, or chemistry, business, and law students may develop best practices in CO2-reducing technologies. Such experiential learning reinforces traditional education methods, providing students a richer academic experience. When they graduate, they have learned to "speak the language" of other professions and have learned that problems can be "framed" from many different perspectives. Sustainability IPRO projects aim to preserve our environmental heritage through exploration of technologies, behaviors, and practices that change our way of thinking, working, and living. Recently, IPRO project teams collaborated on developing a prototype desalination device for the Sahara, built sustainable water distribution systems in Haiti, developed renovations for a historic neighborhood theater, developed an assistive device to help visually impaired people swim, and devised a mobile operating room for disaster relief in third-world countries. The University's Idea Shop is where ideas are transformed into reality. The Idea Shop is a 13,000-square-foot innovation hub that features computer visualization tools, a rapid-prototyping lab featuring 3-D printers and 3-D scanners, multiple CNC milling machines, a vacuum former, and laser cutter. This is where University students from all fields of study generate breakthrough ideas and guide them from concept to launch. The Idea Shop is one-part entrepreneurial center and one-part gathering place, with full-time staff dedicated to helping students test the limits of their imagination. 35814056 39811240 RESEARCH:- Research awards received in fiscal year 2017 were $34.7 million. IIT received awards 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 37 awards totaling $4.7 million and the Computer Science Department received 34 awards for $2.2 million. Also, the Biomedical Engineering Department received 22 awards for $5.2 million, the Biological Science Department 10 awards for $1.7 million, Mechanical Material and Aerospace Engineering 30 awards totaling $3.5 million, Physics Department 45 awards totaling $4.4 million and the Department of Psychology 13 awards for $1.2 million. In addition, the National Center for Food Safety and Technology received 37 awards totaling $6 million. 20599183 13635361 AUXILIARY SERVICES:- This provides for campus housing and dining for the students and includes residence halls and a dining room, apartment-style buildings, five fraternity houses, and two sorority houses. 19359601 19855932 STUDENT SERVICES:- This program provides health, academic, transitional assistance, student orientation and other student services including the student finance center, admissions, and registration. In addition, these services also include the dean of students and student activities and minority programs. 16051071 8277017 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. Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY HOLLAND & KNIGHT REPRESENTED THE ILLINOIS INSTITUTE OF TECHNOLOGY (IIT) BEFORE THE FEDERAL GOVERNMENT ON ISSUES RELATED TO FUNDING VARIOUS RESEARCH PROGRAMS. 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. 226847501 2246000 27253000 5903690 6696310 243746501 240752501 4929000 -6234000 5407125 7192875 226847501 239982501 1394000 11076000 4891780 6808220 240752501 221908302 5620000 23554000 4676028 3923773 2500000 239982501 198412763 4754000 29442000 4621416 6079045 221908302 0.22 0.78 0.0 false false 19911196 19911196 392184754 204448412 187736342 88820484 60519177 28301307 17615099 17615099 253563944 Obligation under split interest 612666 Deposits by students & others 2416515 Postretirement benefit obligation 2408234 Asset retirement obligation 1851215 Advances from U.S. Gov't for student loans 7639881 14928511 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 community 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 Income Taxes 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, 2017 and 2016, 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 2014. 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 Europe (Including Iceland and Greenland) 0 1 Program Services STUDENT RECRUITING. 191714 South Asia 6 6 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 144942 East Asia and the Pacific 0 2 Program Services STUDENT RECRUITING. 370570 South America 0 1 Program Services STUDENT RECRUITING. 33832 6 10 0 0 6 10 741058 0 741058 true false true false 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 PO Box 718 Des Moines IA 503030718 PHONE SOLICITING false 36142 27291 8851 WASHBURN & MCGOLDRICK LLC 950 NEW LOUDON ROAD Suite 210 LATHAM NY 12110 CONSULT ON RAISING FUNDS false 21548 -21548 36142 48839 -12697 CT SC OR FL MD Tech-X Award 343070 330195 12875 6800 5760 Law Alum Awards Celeb 52425 24365 28060 11557 32558 7269 1 36142 36142 0 27290 431637 390702 40935 18357 32558 40319 91234 -50299 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. 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.; 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.; true SCHOLARSHIPS 6992 106662830 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 637946 0 0 0 21064 0 23850 0 20669 0 703529 0 0 0 Frances Bronet Provost 424955 0 100000 0 21564 0 23850 0 15907 0 586276 0 0 0 Betsy Hughes Vice Pres, Inst Advancement 314012 0 32550 0 2322 0 23850 0 20669 0 393403 0 0 0 Patricia Laughlin Vice Pres, Finance & Admin 337873 0 0 0 3564 0 23850 0 13664 0 378951 0 0 0 Robert Brackett Vice President/Professor 308205 0 0 0 3564 0 23850 0 6779 0 342398 0 0 0 Darsh Wasan Vice Pres & Motorola Professor 294744 0 0 0 2868 0 23850 0 13523 0 334985 0 0 0 Ophir Trigalo Vice Provost, CIO 267208 0 0 0 2322 0 23850 0 20669 0 314049 0 0 0 Edwin Watts VP Admnstrn/Facilities/Pub Saf 246043 0 0 0 20322 0 23850 0 1622 0 291837 0 0 0 Michael Gosz Assoc. 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These memberships served a business purpose that helped to support the mission of the University and were not treated as taxable compensation to the individual. A ILLINOIS FINANCE AUTHORITY 861091967 45200FYX1 2009-07-22 29381972 RENOVATION OF FACILITIES false false false B ILLINOIS FINANCE AUTHORITY 861091967 45200BYH5 2006-03-23 156502991 REFINANCE & FACILITY RENOVATION false false false A 3685000 0 29466738 2793872 0 0 587637 0 0 24039772 2045456 0 2011 false false true true B 15155000 0 156502991 0 0 1418858 0 0 51378575 103705558 0 2008 true true 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 A false false false true false false false false true B false false false true false false false false true A true B 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 02/19/2014 Schedule K, Part IV, Line 2c COLUMN B Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 03/23/2011 M ELLEN MITCHELL SPOUSE OF A CURRENT TRUSTEE 205710 EMPLOYMENT false GODREJ & BOYCE MFTG CO LTD ENTITY MORE THAN 35% OWNED BY JAMSHYD N. GODREJ, TRUSTEE 1630000 IIT PROVIDED EDUCATIONAL SERVICES TO EMPLOYEES OF GODREJ & BOYCE MFTG. CO. LTD false POWER UJAMAA 3 LLC ENTITY MORE THAN 35% OWNED BY FAMILY MEMBERS OF ALVIN L. GORMAN, TRUSTEE. 2423319 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 2017, BRYAN R. DUNN, TRUSTEE OF THE UNIVERSITY, WAS MARRIED TO M. ELLEN MITCHELL, WHO WAS A PROFESSOR IN THE DEPARTMENT OF PSYCHOLOGY OF THE LEWIS COLLEGE. IN FY 2017, IN ADDITION TO BEING A TRUSTEE ON THE UNIVERSITY'S BOARD OF TRUSTEES, MR. GODREJ HAD AN OWNERSHIP INTEREST IN GODREJ & BOYCE MANUFACTURING CO. LTD., WHICH AWARDED A MULTI-YEAR CONTRACT TO THE UNIVERSITY TO CONDUCT VARIOUS TRAINING PROGRAMS AND WORKSHOPS FOR ITS EMPLOYEES. IN FY 2017, TRUSTEE ALVIN L. GORMAN'S FAMILY MEMBERS HAD AN OWNERSHIP INTEREST IN POWER UJAMAA 3 LLC WHICH 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 1 3400 Opinions of experts X 13600 Market value X 61 3887429 Market value X Research equipment 1 578682 Market value X Terminals for library. 1 82350 Market value X Three (3) chillers. 1 4473 Market value X Miscellaneous. 3 1239 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - EACH SEPARATE GIFT HAS BEEN TREATED AS A CONTRIBUTION FOR THIS PURPOSE. Art - Works of art - Number of contributions. Other - Research equipment Number of contributions and number of items received. Books and publications - Number of items received Other - Terminals for library. Number of contributions. Other - Three (3) chillers. Number of contributions. Other - Miscellaneous. Number of contributions Form 990, Part III, Line 4d Description of other program services (Expenses $ 19,359,601 including grants of $)(Revenue $ 19,855,932) STUDENT SERVICES:- This program provides health, academic, transitional assistance, student orientation and other student services including the student finance center, admissions, and registration. In addition, these services also include the dean of students and student activities and minority programs. Form 990, Part III, Line 4d Description of other program services (Expenses $ 16,051,071 including grants of $)(Revenue $ 8,277,017) 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 Provost's office offers several programs that provide advising and counseling. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons James E. Cowie, James Dugan - Business relationship, Craig J. Duchossois, A. Steven Crown, James Dugan, Rajinder P. Gupta, Edward L. Kaplan, Patrick J. Kelly, Eric C. Larson. - Business relationship, BRYAN R. DUNN, M. ELLEN MITCHELL - Family relationship, James R. Gagnard, Efthimios S. Stojka - Business relationship, Patrick J. Kelly, James E. Cowie, Craig J. Duchossois - Business relationship, Victor A. Morgenstern, Edward L. Kaplan, Anita M. Nagler - Business relationship, Kevin W. Willer, Craig J. Duchossois - Business relationship, John W. Rowe, James R. Gagnard, Efthimios J. Stojka - 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. ONCE REVIEWED BY THE AUDIT AND COMPLIANCE COMMITTEE AND THE EXECUTIVE COMMITTEE, 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 the Compensation Committee by the Board of Trustees. The Committee 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 REVERSE SCHOLARSHIPS REFLECTED IN GROSS TUITION - -XXX-XX-XXXX; REVERSE GRANTS AND SCHOLARSHIPS PAID - XXX-XX-XXXX; CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS - 1276707; CHANGE IN ASSET RETIREMENT OBLIGATION, NET - -26225; Form 990, Part XII, Line 2b CONSOLIDATED AUDIT REPORT THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED ON A CONSOLIDATED BASIS AND NO SEPARATE COMPANY AUDIT REPORT IS AVAILABLE. 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