2015-11-02T21:00:12-06:00 2015-06-30 350921680 CROWE HORWATH LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2014-07-01 362310478 Illinois College of Optometry ILLI 3122251700 3241 S Michigan Avenue Chicago IL 60616 John Budzynski VP of Business and Finance/CFO 2015-11-02 true john woodhull P01305268 3128997000 2014 2016-04-25 22:37:26Z Arol Augsburger OD 3241 S Michigan Avenue Chicago IL 60616 49105189 false X www.ico.edu X 1955 IL The Illinois College of Optometry's PRIMARY EXEMPT PURPOSE IS to MAINTAIN AND CONDUCT A COLLEGE OR SCHOOL IN WHICH THE THEORY and PRACTICE OF OPTOMETRY IS TAUGHT. 17 15 750 19 0 0 2887464 2918075 33633547 34770338 2605379 1046203 328500 314420 39454890 39049036 631769 679602 0 0 23292306 23895687 0 0 426753 14016852 13559815 37940927 38135104 1513963 913932 101590640 101717574 56820040 55331054 44770600 46386520 THE ILLINOIS COLLEGE OF OPTOMETRY'S PRIMARY EXEMPT PURPOSE IS TO MAINTAIN AND CONDUCT A COLLEGE OR SCHOOL FOR TEACHING THE THEORY AND PRACTICE OF OPTOMETRY, INCLUDING OPTOMETRIC SCIENCES, RELATED SUBJECTS, AND SUCH OTHER BRANCHES OF KNOWLEDGE AS MAY BE DEEMED APPROPRIATE; TO CONDUCT RESEARCH INTO ALL BRANCHES OF OPTOMETRY AND RELATED SUBJECTS; AND TO INSTITUTE AND FUND PROJECTS THAT MAY BE CONSIDERED BENEFICIAL TO OPTOMETRY AND ITS RELATED FIELDS AND CARRY OUT SUCH PROJECTS. false false 16551603 679602 25295127 GENERAL EDUCATIONAL SERVICES AT THE ILLINOIS COLLEGE OF OPTOMETRY: CLASSROOM INSTRUCTION FOR DOCTOR OF OPTOMETRY DEGREE; CONTINUING EDUCATION AND FACULTY RESEARCH SERVING APPROXIMATELY 638 STUDENTS. 11140140 0 7596419 EYE CLINIC: TEACHING CLINIC FOR OPTOMETRIC STUDENTS IN PURSUIT OF DOCTOR OF OPTOMETRY DEGREE; PROVIDED 41,346 OPTICAL PATIENT VISITS AND 66,776 PROFESSIONAL VISITS. 740922 0 1833876 DORMITORY: A DORMITORY FOR STUDENTS TO PROVIDE ON-CAMPUS LIVING QUARTERS AT A REASONABLE RATE WHILE PURSUING OPTOMETRIC EDUCATION. 0 0 78452 THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE AND ILLINOIS EYE INSTITUTE FOUNDATION. 78452 28432665 true true false true false false false false true true true true false true true true false true false false false false false false false false false true true false false false false false false true false true false false false false true true false false false true 49 0 true 750 true false false false false false false false false false false X 17 15 true false false false false false false true true false false true true true true true true true false false X JOHN BUDZYNSKI 3122251700 3241 S MICHIGAN AVENUE Chicago IL 60616 Donovan Crouch OD FAAO Chairman of the Board 1.00 X X 0 0 0 Jeff Smith OD MBA Vice Chairman of the Board 1.00 X X 0 0 0 R Michael Daley Treasurer of the Board 1.00 X X 0 0 0 Michael P Stinziano PHD Secretary of the Board 1.00 X X 0 0 0 Karen Eng OD Board of Trustees 1.00 X 0 0 0 Dwain Hahs Board of Trustees 1.00 X 0 0 0 Vasvi Babu OD Board of Trustees 1.00 X 0 0 0 Neal Hodur OD Professor of Optometry / Board of Trustees 35.00 X 125412 0 32937 Sandra Block OD Professor of Optometry / Board of trustees-Part Year 35.00 X 153004 0 36508 Robert Fait OD Board of Trustees 1.00 X 0 0 0 Charles Quattrochi CPA Board of Trustees 1.00 X 0 0 0 Dwight Akerman OD Board of Trustees 1.00 X 0 0 0 Joseph Derezynski Board of Trustees 1.00 X 0 0 0 Richard S Kattouf OD DOS Board of trustees 1.00 X 0 0 0 Brian Higgins Board of Trustees 1.00 X 0 0 0 Charles Weis Board of Trustees 1.00 X 0 0 0 Stephen H Pugh Board of trustees 1.00 X 0 0 0 Geri Sands Hansen Board of Trustees - Part Year X 0 0 0 Paul Erickson OD Board of Trustees - PartYear X 0 0 0 Arol Augsburger OD President 35.00 X 496959 0 54124 John Budzynski CPA VP of Business and Finance/CFO 35.00 X 205288 0 44282 Valarie Conrad OD VP for Risk and Compliance 35.00 X 180301 0 40287 Laura Rounce VP of Administration 35.00 X 208436 0 43999 Stephanie Messner OD VP of Academic Affairs 35.00 X 205271 0 26214 Leonard Messner OD VP of Patient Care 35.00 X 195811 0 47451 Mark Colip OD VP of Development and Student Affairs 35.00 X 217326 0 45081 Janice Jurkus OD Professor of Optometry 35.00 X 151116 0 26693 Zeki Nur Sr Director of Benefits and Compensation 35.00 X 163860 0 34583 Gary Lesher PHD Professor of Pharmacology 35.00 X 162566 0 37678 Dominick Opitz OD Professor of Optometry 35.00 X 149292 0 36263 Bruce Teitelbaum OD Professor of Optometry 35.00 X 145862 0 35630 2760504 0 541730 49 false true false LEOPARDO COMPANIES 5200 PRAIRIE STONE PKWY HOFFMAN ESTATES IL 60192 CONSTRUCTION 3180856 KIMCO PO Box 638556 Cincinnati OH 45263 CLEANING SERVICES 534045 JENSEN AND HALSTED 358 W ONTARIO CHICAGO IL 60654 ARCHITECT AND CONSTRUCTION 366757 CHICAGO EYE INSTITUTE 3982 MILWAUKEE AVE CHICAGO IL 60641 MEDICAL SERVICES 184285 LUPE'S CONTRACTING SERVICE 14225 MAGOUN STREET CEDAR LAKE IN 46303 CONSTRUCTION CONTRACTING 165872 8 X 0 0 0 0 1379151 1538924 57347 2918075 Student tuition and Fees 611310 25295127 25295127 0 0 Patient Services and Materials 900099 7596419 7596419 0 0 Bookstore and Dormitory 900099 1845876 1845876 Faculty Research 900099 5564 5564 Student Loan Interest 900099 27352 27352 0 0 0 0 34770338 1175054 1175054 0 0 9927302 10056153 -128851 0 -128851 -128851 Student Parking 900099 80032 0 80032 Employee Parking 900099 89010 0 89010 Catering - food service 900099 25309 25309 120069 33536 0 86533 314420 39049036 34803874 0 1327087 0 0 679602 679602 0 0 0 0 2077480 338087 1548331 191062 177185 177185 0 0 15939389 13007856 2850588 80945 1521991 1235678 275362 10951 3022618 2319470 673819 29329 1157024 898383 241363 17278 0 0 0 0 223462 0 223462 0 122894 0 122894 0 0 0 0 0 0 0 190658 0 190658 0 2025021 1477197 542144 5680 126790 95351 31439 0 1184735 830514 335032 19189 0 0 0 0 0 0 0 0 1919118 1084712 821185 13221 702226 324859 361177 16190 0 0 0 0 0 0 0 0 1139516 1007013 128150 4353 0 0 0 0 3698335 3177966 503407 16962 502805 251596 251209 0 Resale Items 711956 711956 0 0 Bad Debt Expense 568734 563678 -3244 8300 Financing Fees 44966 39737 5057 172 Membership Dues 78601 16535 57916 4150 319998 195290 115737 8971 38135104 28432665 9275686 426753 6994697 5997838 4512569 2611822 262098 404639 1919426 1844131 0 0 0 0 130804 119480 902388 875583 81443186 47110452 33020761 34332734 31003460 31929840 11559167 12386210 10727599 10704060 474555 432089 83116 79148 101590640 101717574 4996522 4310120 0 0 1831518 1870492 39920000 38920000 0 0 0 0 0 0 0 10072000 10230442 56820040 55331054 X 41544460 43208105 2416696 2337410 809444 841005 0 0 0 0 0 0 44770600 46386520 101590640 101717574 913932 701988 0 0 0 0 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 242584 true 9357 false 251941 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY This year's lobbying efforts focused on the roll out of the Affordable Care Act and issues with the transition of eye and vision services to Medicaid MCOs including credentialing our doctors in these new plans. PART 11-B, LINE 1G - LOBBYING EXPENSES PAID IS $158,371. tHE ADDITIONAL $84,213 IS AN ALLOCATION OF SALARIES PAID TO PERFORM THESE ACTIVITIES. TOTAL DIRECT LOBBYING EXPENSES = $242,584. PART II-B, LINE 1H - THE TOTAL OF $9,357 IS AN ALLOCATION OF SALARIES PAID. 1361178 214966 -2041 24945 1549158 1285155 28430 65938 18345 1361178 1278984 14185 14236 22250 1285155 1251763 31468 16706 20953 1278984 1190446 27900 55552 22135 1251763 0.543 0.457 false false 2829021 2829021 56512393 30893821 25618572 22091057 16216631 5874426 10715 10715 34332734 Real Estate Fund 5995176 F Multi-Strategy Fund of Funds 6391034 F 12386210 Student Loan Portfolio 10704060 F 10704060 Advances from federal government for student loans 10230442 10230442 X 38880764 701988 -679602 22386 38858378 190658 0 190658 39049036 37264844 -679602 -679602 37944446 190658 0 190658 38135104 Schedule D, Part V, Line 4 Intended uses of endowment funds The organization's donor-restricted endowment funds are used exclusively for scholarships. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The College has received a determination letter from the Internal Revenue Service indicating that it is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code of 1986, except for income taxes pertaining to unrelated business income. No provision has been made for income taxes in the accompanying financial statements, as the College has had no significant unrelated business income. If the College incurs interest and penalties, the College recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The College has no amounts accrued for interest or penalties as of June 30, 2015 or 2014. The College has not been examined by any tax jurisdiction. The College has no on-going federal, state or local tax audits, however, the College's tax returns for fiscal year 2012 and subsequent years are open to examination. The College does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 SCHOLARSHIPS NETTED IN TUITION - -679602 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 SCHOLARSHIPS NETTED IN TUITION - -679602 true true false true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY The Illinois College of Optometry (the COLLEGE) DOES NOT PUBLICIZE ITS NONDISCRIMINATORY POLICY BY NEWSPAPER OR BROADCAST MEDIA. HOWEVER, THE SCHOOL DRAWS ITS STUDENTS FROM A WIDE GEOGRAPHICAL AREA AND THUS SECTION 4(.03)(2)(B) OF REVENUE PROCEDURE 75-50 APPLIES ALLOWING THE COLLEGE TO DEMONSTRATE THAT IT FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY BY SHOWING THAT IT CURRENTLY ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS OR ITS POLICIES ON RECRUITMENT WHICH ARE DESIGNED TO INFORM STUDENTS OF ALL RACIAL SEGMENTS IN THE GENERAL COMMUNITIES WITHIN THE AREA OF THE AVAILABILITY OF THE SCHOOL. IN ADDITION, THE COLLEGE HAS A STATEMENT IN ITS BYLAWS WHICH STATES THAT IT SHALL NOT DISCRIMINATE AGAINST ANY PERSON ON THE BASIS OF RACE, CREED, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, DISABILITY, UNFAVORABLE MILITARY DISCHARGE, MARITAL STATUS, SEXUAL PREFERENCE OR AGE. Schedule E, Part I, Line 4(d) RECORDS AND COPIES MAINTAINED BY THE ORGANIZATION Schedule E, Part I, Line 5(h) DISCRIMINATION BY RACE Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT The College receives grants and appropriations from the following sources: U.S. department of education; U.S. Department of Health and Human Services; state of Illinois: Various states with students enrolled in college under contractual arrangements. Schedule E, Part I, Line 6(b) REVOCATION OR SUSPENSION OF GOVERNMENTAL AID OR ASSISTANCE Schedule E, Part I, Line 7 RACIAL NONDISCRIMINATION REQUIREMENTS true FUNDED SCHOLARSHIPS AND AWARDS 55 119500 0 N/A N/A ICO SCHOLARSHIPS 86 560102 0 N/A N/A Schedule I, Part I, Line 2 Description Of Procedure For Monitoring Use Of Grant Funds Grants provided for Student Financial Aid are awarded by the Financial Aid Office based on appropriate guidelines. All awards are posted directly to the students' account and reviewed by the College's Business Office. Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. Grants provided for Student Financial Aid are awarded by the Financial Aid Office based on appropriate guidelines. All awards are posted directly to the students' account and reviewed by the College's Business Office. X X true true X X X X false false false false false false false true false Neal Hodur OD Professor of Optometry / Board of Trustees 124224 0 0 0 1188 0 15276 0 17661 0 158349 0 0 0 Sandra Block OD Professor of Optometry / Board of trustees-Part Year 151816 0 0 0 1188 0 18768 0 17740 0 189512 0 0 0 Arol Augsburger OD President 359617 0 63000 0 74342 0 31200 0 22924 0 551083 0 0 0 John Budzynski CPA VP of Business and Finance/CFO 204100 0 0 0 1188 0 25222 0 19060 0 249570 0 0 0 Valarie Conrad OD VP for Risk and Compliance 179887 0 0 0 414 0 22065 0 18222 0 220588 0 0 0 Laura Rounce VP of Administration 207662 0 0 0 774 0 25350 0 18649 0 252435 0 0 0 Stephanie Messner OD VP of Academic Affairs 204497 0 0 0 774 0 24618 0 1596 0 231485 0 0 0 Leonard Messner OD VP of Patient Care 195037 0 0 0 774 0 28835 0 18616 0 243262 0 0 0 Mark Colip OD VP of Development and Student Affairs 216912 0 0 0 414 0 26760 0 18321 0 262407 0 0 0 Janice Jurkus OD Professor of Optometry 149928 0 0 0 1188 0 18231 0 8462 0 177809 0 0 0 Zeki Nur Sr Director of Benefits and Compensation 162946 0 500 0 414 0 16881 0 17702 0 198443 0 0 0 Gary Lesher PHD Professor of Pharmacology 161378 0 0 0 1188 0 19916 0 17762 0 200244 0 0 0 Dominick Opitz OD Professor of Optometry 146112 0 3000 0 180 0 18540 0 17723 0 185555 0 0 0 Bruce Teitelbaum OD Professor of Optometry 144674 0 0 0 1188 0 17912 0 17718 0 181492 0 0 0 Schedule J, Part I, Line 1a Travel for companions The president of the college is provided a business guest travel allowance. The entire amount is treated as taxable compensation. Schedule J, Part I, Line 1a Housing allowance or residence for personal use The president of the college is provided a housing allowance for his personal residence. The entire amount is treated as taxable compensation. Schedule J, Part I, Line 7 Non-fixed payments The organization provided one time payments to certain officers, key employees and highest paid employees. These one-time payments were based on the results of the employees' performance evaluations. The amount of the bonuses were made at the discretion of the board and subject to the board's approval. VALERIE KATTOUF FAMILY MEMBER OF RICHARD KATTOUF, EMERITUS CHAIRMAN OF THE BOARD OF TRUSTEES 183029 COMPENSATION AS PROFESSOR OF OPTOMETRY false X Eyeglass frames and assembly 12 50057 Cost X Electronic Magnifier 1 1200 Cost X Beer and Wine for Event 1 125 Cost X IPAD 1 465 Cost X Opthalmic Equipment 5500 5500 Cost 0 false true false Schedule M, Part I Explanations of reporting method for number on contributions Other: This is recorded as one total contribution per month. Other: 1 item - 1 contribution Other: 1 contribution Other: 1 IPad for low vision clinic Other: 1 contribution Schedule M, Part I Number of contributions or items contributed This is recorded as one total contribution per month. Schedule M, Part I Number of contributions or items contributed 1 item - 1 contribution Schedule M, Part I Number of contributions or items contributed 1 contribution Schedule M, Part I Number of contributions or items contributed 1 IPad for low vision clinic CoreFormPartIII_PartIIILine4d Description of other program services (Expenses $ 0 including grants of $ 0)(Revenue $ 78,452) THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE AND ILLINOIS EYE INSTITUTE FOUNDATION. Form 990, Part VI, Line 15b COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES DURING THE 2014 TAX YEAR, SALARY COMPARISONS FOR ALL OTHER OFFICERS AND KEY EMPLOYEES WERE PERFORMED BY THE VP OF HUMAN RESOURCES AND THE CFO USING THE FOLLOWING SOURCES: ASCO SURVEY FOR FACULTY AND THE FOLLOWING FOR ALL NON-FACULTY POSITIONS: THE CHRONICLE OF HIGHER EDUCATION, THE NON-PROFIT ORGANIZATIONS COMPENSATION AND BENEFITS SURVEY, SALARY.COM, AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES. THIS PROCESS IS DOCUMENTED ON A TIMELY BASIS. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons LEONARD MESSNER AND STEPHANIE MESSNER - Family relationship Form 990, Part VI, Line 11b Review of form 990 by governing body Prior to filing the return with the IRS, a draft of the completed form 990 is reviewed by the organization's outside independent tax advisors. The completed draft form 990 is then presented to the full board for review and is subsequently filed with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy The Illinois College of Optometry (ICO) maintains a board-approved conflict of interest policy. At any time that a material change occurs for any trustee, member of a committee with Board-delegated power, administrator, faculty or an employee's interest during the year, the potential for conflict shall be promptly disclosed. This shall occur either before the consideration/initiation of a contract or transaction or within 30 days of the change in materiality. The policy requires that a conflict of interest disclosure questionnaire be completed and reviewed for every "interested person" annually. The policy defines an interested person as Trustees, members of board committees, administrators, employees with purchasing authority and faculty members of ICO. Faculty and employee questionnaires are reviewed by the Compliance Officer and any potential conflicts will then be reviewed with the appropriate department administrator. The President will review the questionnaires of the senior administrative staff. All conflicts will be evaluated and any conflict that is determined to be material will be managed, if possible, or promptly eliminated. The Dean will review all faculty questionnaires. All conflicts will be evaluated and any conflict that is determined to be material will be managed, if possible, or promptly eliminated. The disclosure questionnaires of the Trustees, all members of Board committees with Board-delegated powers and the President/CEO will be sent to the Audit Committee and the Chairman of the Board by the Audit Committee Chair. The committee members will promptly review the questionnaires to identify any material conflicts and engage a process to investigate, manage or eliminate the conflict. The following procedural guideline shall apply if the Audit Committee determines that a significant or material conflict of interest may exist: (a.) The Audit Committee shall file the disclosure questionnaire of the interested person(s) with ICO's general counsel within 14 days and shall immediately alert any Trustees, committee members and/or the President that a proposed contract, transaction, or arrangement being considered may create a possible conflict. No action shall be taken on the proposed contract, transaction, or arrangement that creates the potential conflict until all the directives of this policy are completed. (b.)The interested person(s) will fully disclose, to the Audit Committee, all material facts relating to the interest. Only the disinterested members of the Audit Committee shall discuss the conflict. The disinterested members of the Audit Committee shall present its findings to the full Board for discussion and action. All disinterested Trustees must vote to determine whether a conflict of interest exists absent the Trustees who are interested persons. Should the disinterested members of the Board determine that a conflict of interest exists with respect to a particular contract, transaction or arrangement: (a.) The disinterested members of the Board shall exercise due diligence to determine whether ICO could obtain a more advantageous contract, transaction, or arrangement with reasonable efforts under the circumstances. If appropriate, the Board shall appoint a disinterested person, administrator or committee to investigate alternatives to the proposed contract, transaction, or arrangement. Such person or committee shall report its findings to the Board. (b.) The Board may approve the contract, transaction, or arrangement with an interested party only if the disinterested Trustees determine by a majority vote that the Board has satisfied its fiduciary duties toward ICO and qualified for the rebuttable presumption of reasonableness under internal revenue code section 4958 (the "intermediate sanctions statute"). Specifically, the Board may approve the contract, transaction, or arrangement only if the disinterested Trustees determine by a majority vote that: i. The proposed contract, transaction, or arrangement is in the college's own benefit; ii. Based on available and documented comparability data and/or independent valuations or appraisals, and on other essential factors (such as quality and timeliness), the proposed contract, transaction, or arrangement is fair and reasonable to ICO; and iii. ICO could not obtain a more advantageous contract, transaction, or arrangement with reasonable efforts under the circumstances. In addition, the Board shall take all other steps necessary or advisable to satisfy the requirements of the intermediate sanctions statute and its accompanying regulations and to qualify for the rebuttable presumption of reasonableness under such regulations. (c.) If an interested person, whether directly or indirectly, receives or would receive remuneration that could reasonably be construed to violate the anti-fraud and abuse provisions of the federal law governing the Medicare and Medicaid programs, such remuneration shall not be paid or shall be returned immediately to the payer. Form 990, Part VI, Line 15a Process to establish compensation of top management official The president's compensation was reviewed by an outside consultant in 2011; this review was still considered relevant, and relied upon for 2014. On an annual basis, the Executive Committee of the Board of Trustees performs a performance review of the president. Any recommendations for increases are forwarded to the Finance Committee and then the Board of Trustees for review and approval. The review and approval are timely documented. The president's base compensation package is documented in a written employment contract. Form 990, Part VI, Line 19 Required documents available to the public Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to Internal Revenue Code (IRC) Section 6104. These documents are not available to the public at this time. Form 990, Part VII, Section A Compensation Neal Hodur and Sandra Block are compensated as Professors of Optometry and not as Board Members. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue OTHER - Total Revenue: 120069, Related or Exempt Function Revenue: 33536, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 86533; Schedule M, Part I Number of contributions or items contributed 1 contribution ILLINOIS EYE INSTITUTE FOUNDATION 3241 S MICHIGAN AVENUE CHICAGO IL 60616 264194132 FUNDRAISING IL 501(c)(3 7 ILLINOIS COLLEGE OF OPTOMETRY true false false false false false false false false false false false false false false false false false false false