2014-02-19T08:40:26-06:00 2013-05-31 KPMG LLP 191 West Nationwide Blvd Ste 500 Columbus OH 432152568 990 2012-06-01 362170136 ILLINOIS INSTITUTE OF TECHNOLOGY % BRIAN LAFFEY ILLI 3125673677 3424 South State Street TC-4TH FLOOR Suite TC-4 FL CHICAGO IL 60616 Patricia Laughlin 3125673677 2014-02-18 true 6142492300 2012 2015-11-30 17:44:51Z John L Anderson Suite 1900 10 W 35th Street Chicago IL 60616 375596125 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. 67 64 4437 123 322310 -105577 69473546 80682566 239632660 257085470 6045847 11166693 1472340 1810111 316624393 350744840 81025427 87805909 0 0 134333802 143048590 161527 121096 8001851 100659739 110005084 316180495 340980679 443898 9764161 533276129 564176524 266667077 260097092 266609052 304079432 X To provide distinctive and relevant education in an environment of SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 182289222 87805909 171754311 Instruction: See Schedule O 33171908 43745267 Research: See Schedule O 20656518 7260629 Academic Support: IIT provides students with the information skills to compete in todays challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Provosts office offers several programs that provide advising and counseling. 18332926 22186978 STUDENT SERVICES 10680972 12138285 AUXILIARY SERVICES 29013898 34325263 265131546 true true false true false false false false false true true false false false true true false true true true true false false true true false false false true true true false false false false false false false false false true true false false false false true true false false false true X 9162 0 true 4437 true true true true FR IN false false false true true false false false false X 67 64 true false false false false false false true true false false true true true true true true true true false FL MD SC X BRIAN LAFFEY 3125673677 3424 S STATE STREET TC-4th FLOOR CHICAGO IL 60616 JOHN ANDERSON 39.0 X X 678206 0 34417 Andrew V Agostini 1.0 X 0 0 0 William C Bartholomay 1.0 X 0 0 0 Andrea L Berry 1.0 X 0 0 0 Frank H Brod 1.0 X 0 0 0 Giuseppe Calabrese 1.0 X 0 0 0 John P Calamos Sr 1.0 X 0 0 0 Martin Cooper 1.0 X 0 0 0 Robert A Cornog 1.0 X 0 0 0 James E Cowie 1.0 X 0 0 0 David L Crowell 1.0 X 0 0 0 A Steven Crown 1.0 X 0 0 0 Thomas A Demetrio 1.0 X 0 0 0 Craig J Duchossois 1.0 X X 0 0 0 Bryan R Dunn 1.0 X 0 0 0 William Farrow 1.0 X 0 0 0 James R Gagnard 1.0 X 0 0 0 Michael P Galvin 1.0 X 0 0 0 S Christopher Gladwin 1.0 X 0 0 0 Jamshyd N Godrej 1.0 X 0 0 0 Alvin L Gorman 1.0 X 0 0 0 Donald E Goss 1.0 X Robert L Growney 1.0 X 0 0 0 Marc R Hannah PhD 1.0 X 0 0 0 Elzie L Higginbottom 1.0 X 0 0 0 James Hill Jr 1.0 X 0 0 0 Richard M Jaffee 1.0 X 0 0 0 Martin C Jischke PhD 1.0 X 0 0 0 Norbert O Kaiser 1.0 X 0 0 0 Edward L Kaplan 1.0 X X 0 0 0 Patrick J Kelly 1.0 X 0 0 0 James W Kiley 1.0 X 0 0 0 Jules F Knapp 1.0 X 0 0 0 Kaarina Koskenalusta 1.0 X 0 0 0 Joel D Krauss 1.0 X 0 0 0 John H Krehbiel Jr 1.0 X 0 0 0 Thomas E Lanctot 1.0 X 0 0 0 Eric C Larson 1.0 X 0 0 0 Bruce C Liimatainen 1.0 X 0 0 0 Sherrie B Littlejohn 1.0 X 0 0 0 Dirk Lohan FAIA 1.0 X 0 0 0 Paul D McCoy 1.0 X 0 0 0 Paul F McKenzie 1.0 X 0 0 0 Rosemarie Mitchell 1.0 X 0 0 0 Victor A Morgenstern 1.0 X X 0 0 0 Anita M Nagler 1.0 X 0 0 0 Walter Nathan 1.0 X 0 0 0 Madhavan Nayar 1.0 X 0 0 0 Adrian R Nemcek 1.0 X 0 0 0 John G Olin 1.0 X 0 0 0 Michael J Pacilio 1.0 X 0 0 0 Robert J Potter PhD 1.0 X 0 0 0 Michael A Pullick 1.0 X 0 0 0 Ellen Jordan Reidy 1.0 X 0 0 0 John W Rowe 1.0 X X 0 0 0 Carole Browe Segal 1.0 X 0 0 0 M A Self 1.0 X 0 0 0 Bernard F Sergesketter 1.0 X 0 0 0 Harold Singleton III 1.0 X 0 0 0 Carl S Spetzler PhD 1.0 X 0 0 0 Efthimos J Stojka 1.0 X 0 0 0 John Tracy 1.0 X 0 0 0 William A VaSanten Jr 1.0 X 0 0 0 David J Vitale 1.0 X X 0 0 0 Priscilla Anne Walter 1.0 X 0 0 0 Ralph Wanger 1.0 X 0 0 0 Robert J Washlow 1.0 X 0 0 0 Alan W Wendorf 1.0 X 0 0 0 Alan Cramb 39.0 X 560422 0 40549 Betsy Hughes 39.0 X 314314 0 40549 Darsh Wasan 39.0 X 265543 0 33998 David Baker 39.0 X 219389 0 19301 John Collins 39.0 X 276950 0 22500 Leroy Kennedy 39.0 X 148483 0 25602 Mary Anne Smith 39.0 X 196149 0 21703 Ophir Trigalo 39.0 X 239394 0 40549 Patricia Laughlin 39.0 X 353079 0 34417 Jeanne Hartig 39.0 X 201380 0 5975 Anthony D'Amato 39.0 X 189585 0 23194 Robert Brackett 39.0 X 264112 0 28475 Bruce Watts 39.0 X 82909 0 344 Donna Robertson 39.0 X 257924 0 38126 Harold Krent 39.0 X 320203 0 39745 Harvey Kahalas 39.0 X 393550 0 34417 Natacha DePaola 39.0 X 340329 0 40549 Russell Betts 39.0 X 321125 0 22500 Vincent Turitto 39.0 X 258450 0 32943 Hamid Arastoopour 39.0 X 283082 0 37654 Mohammad Shahidehpour 39.0 X 299511 0 40549 A Dan Tarlock 39.0 X 263010 0 31701 Laurie Velazquez 39.0 X 270497 0 19653 6997596 0 709410 284 false true false Sodexo Inc and Affiliates 4880 Payshere Circle CHICAGO IL 60674 Food Service 5327586 ABM Janitorial Midwest Inc 75 Remittance Drive Suite 3011 CHICAGO IL 606753011 Janitorial 2524701 Apex3 Security 8750 West Bryn Mawr Ave Ste 1000 CHICAGO IL 60631 Public Safety 2495120 Bulley and AndrewsUjamaa Construct 1755 W Armitage Avenue CHICAGO IL 60622 Construction 2170459 CRB Federal LLC 55 Westport Plaza Ste 500 ST LOUIS MO 63146 Property Mgmt 1983061 106 251227 48886814 31544525 5940362 80682566 TUITION & FEES 900000 222299207 222299207 SALES/SERVICES OF AUXILIARY ENTERPRISES 900000 12138285 11820634 317651 STUDENT SERVICES 900000 22186978 22186978 EQUITY INTEREST ON IITRI 900000 461000 461000 257085470 2692168 4659 2687509 0 0 1568783 352497 1216286 0 1216286 1216286 32655000 24167000 13475 8488000 -13475 8474525 8474525 109620 251227 318313 -208693 -208693 0 0 ASSET RETIREMENT OBLIGATION 900000 802518 802518 802518 350744840 256767819 322310 12972145 0 87805909 87805909 0 0 7281317 2562076 2688656 2030585 0 110875649 87625738 20570651 2679260 6750726 5239070 1236383 275273 11994239 7620578 3787829 585832 6146659 4794878 1106479 245302 0 287370 28839 258531 313962 5000 308962 180000 180000 121096 121096 24798 24798 26340707 20610214 4299829 1430664 747157 690345 56562 250 8336627 6302930 1823023 210674 1904035 665258 1133333 105444 0 41342482 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true 180000 false false 180000 false LOBBYING ACTIVITY EXPLANATION SCHEDULE C, PART II-B Holland & Knight represented the Illinois Institute of Technology before the Federal Government on issues related to funding various research programs. In addition, IIT's Vice President and Assistant Vice President for External Affairs interact with Federal and state officials regarding such matters. 198412763 4754000 29442000 4621416 6079045 221908302 209463145 10130000 -8180000 4853838 8146544 198412763 180039329 16875000 25097000 7863412 4684772 209463145 174911000 8014000 26465000 10471823 18878848 180039329 294072000 7533195 -93313760 4807145 28573290 174911000 0.13000 0.87000 28700463 28700463 353994462 161047760 192946702 80630734 55051836 25578898 5809047 5809047 253035110 0 FOR STUDENT LOANS 8117287 OBLIGATION UNDER SPLIT INTEREST 837013 DEPOSITS BY STUDENTS & OTHER 1940388 POSTRETIREMENT BENEFIT OBLIGATION 2622510 ASSET RETIREMENT OBLIGATION 3671457 17188655 X Use of endowment fund Sch D Part V, Line 4. The purpose of the endowment fund 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. FIN 48 (ASC 740) Footnote Schedule D, Part X, Line 2 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. Accounting principles generally accepted in the United States of America 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, 2013, 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 2008. true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 Policy is 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, LINE 6A List of government agencies from which IIT receives financial aid and assistance: 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 South Asia 1 1 Program Services Class inst. & rectg. 176220 Europe (Including Iceland and Greenland) 1 1 Program Services Class inst. & rectg. 233330 East Asia and the Pacific 2 Program Services Consultant for rectg. 318085 2 4 2 4 727635 727635 true false true false false false DESCRIPTION OF ACTIVITY OUTSIDE UNITED STATES SCHEDULE F, Part 1, LINE 3 South Asia: Expenditures are to facilitate IIT's ability to deliver long distance internet-based educational programs to residents of various cities in India. Europe: IIT is mainly engaged in the recruitment of French and European students to the programs of the University and to welcome visiting students from the University. East Asia and Pacific: IIT has engaged consultants mainly for the recruitment of students for the Chicago campus. X X X X X X X true Washburn McGoldrick Inc Consult on raising fds false 98650 Aria Communications Corp Phone Soliciting false 74172 22446 74172 121096 CT FL MD SC Anniv Gala 253565 154555 99010 232138 26340 Phone-a-thon 74172 74172 22446 1 33110 22500 10610 1640 21623 14126 360847 251227 109620 1640 253761 62912 318313 -208693 true Scholarships 6762 87805909 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 JOHN ANDERSON 580948 0 58400 0 38858 0 22500 0 11917 0 712623 0 0 0 Alan Cramb 426600 0 100000 0 33822 0 22500 0 18049 0 600971 0 0 0 Betsy Hughes 280627 0 32445 0 1242 0 22500 0 18049 0 354863 0 0 0 Darsh Wasan 261301 0 0 0 4242 0 22081 0 11917 0 299541 0 0 0 David Baker 213753 0 0 0 5636 0 19301 0 0 0 238690 0 0 0 John Collins 270351 0 0 0 6599 0 22500 0 0 0 299450 0 0 0 Leroy Kennedy 146479 0 0 0 2004 0 13685 0 11917 0 174085 0 0 0 Mary Anne Smith 193223 0 0 0 2926 0 17709 0 3994 0 217852 0 0 0 Ophir Trigalo 238160 0 0 0 1234 0 22500 0 18049 0 279943 0 0 0 Patricia Laughlin 290757 0 60000 0 2322 0 22500 0 11917 0 387496 0 0 0 Jeanne Hartig 198529 0 0 0 2851 0 0 0 5975 0 207355 0 0 0 Anthony D'Amato 189186 0 0 0 399 0 17422 0 5772 0 212779 0 0 0 Robert Brackett 261790 0 0 0 2322 0 22500 0 5975 0 292587 0 0 0 Donna Robertson 254540 0 0 0 3384 0 21454 0 16672 0 296050 0 0 0 Harold Krent 301381 0 0 0 18822 0 22500 0 17245 0 359948 0 0 0 Harvey Kahalas 306538 0 64340 0 22672 0 22500 0 11917 0 427967 0 0 0 Natacha DePaola 322587 0 0 0 17742 0 22500 0 18049 0 380878 0 0 0 Russell Betts 264267 0 27500 0 29358 0 22500 0 0 0 343625 0 0 0 Vincent Turitto 251646 0 0 0 6804 0 21828 0 11115 0 291393 0 0 0 Hamid Arastoopour 280041 0 0 0 3041 0 19605 0 18049 0 320736 0 0 0 Mohammad Shahidehpour 297189 0 0 0 2322 0 22500 0 18049 0 340060 0 0 0 A Dan Tarlock 224645 0 34500 0 3865 0 20586 0 11115 0 294711 0 0 0 Laurie Velazquez 149514 0 118977 0 2006 0 13678 0 5975 0 290150 0 0 0 Part I, Line 1a First-Class or Air Charter Travel FIRST-CLASS TRAVEL WAS PROVIDED TO AN OFFICER OF THE UNIVERSITY FOR A RECRUITING TRIP TO CHINA AS A NONTAXABLE BENEFIT. THE UNIVERSITY HAS A CLEAR TRAVEL POLICY THAT DOES NOT ALLOW REIMBURSEMENTS FOR FIRST CLASS AND BUSINESS CLASS AIR TRAVEL EXCEPT WHEN UNUSUAL CIRCUMSTANCES WARRANT EXCEPTION, E.G., EXCESSIVELY PROLONGED TRAVEL. IN THIS CASE, IT WAS DETERMINED THAT THE 16 HOUR FLIGHT TO CHINA CONSTITUTED EXCESSIVELY PROLONGED TRAVEL AND THEREFORE REIMBURSEMENT OF THE FIRST CLASS TRAVEL WAS COMPLIANT WITH THE UNIVERSITY POLICY. THE UNIVERSITY'S REIMBURSEMENT PLAN IS AN ACCOUNTABLE PLAN AND ALL EXPENSE REPORTS ARE REVIEWED AND APPROVED BY THE PROVOST OR VP FINANCE & ADMINISTRATION. 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 Refinancing & Facility Renovation false false false A 0 0 29381972 2709106 0 0 587637 0 0 24039772 2045456 0 2011 false false true true B 0 0 156502991 0 0 103705558 1418858 0 0 51378575 0 0 2008 true true true true A false false false false 0 false false false true B false false false false 0 false false false true A false true false false false false 0 false 0 false true B false false false true false false 0 false 0 false true A true B true Refinancing & Facility Renovation Schedule K, Part IV, Line 2c The rebate computation for the Illinois Finance Authority Revenue Bonds, Series 2006A, was completed on March 23, 2011. Lohan Anderson Part Owner is a Trustee 23500 Architectural Services false McCoy Energy LLC Owner is a Trustee 47550 Energy Research false 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 2013, in addition to being a trustee, Mr. Lohan had an ownership interest in the architectural firm Lohan Anderson, which was awarded a contract, pursuant to an RFP, to design the renovation of the Universitys Engineering-1 Building. In FY 2013, in addition to being a trustee of the University, Mr. McCoy was the owner of McCoy Energy, LLC. McCoy Energy, LLC has been awarded subcontracts to provide certain research services in connection with a U.S. Department of Energy research award to the University. Said subcontracts remained in force during FY 2013. X 54 5939256 FMV 0 false true false Program Services FORM 990, PART III, Line 4a Instruction supports 31 academic majors, more than 50 minors, and a variety of specializations and is made up of nearly 8,000 students, including 2,858 undergraduate, 3,253 graduate, 888 law students, and 615 Ph.D. candidates. The University offered and awarded 612 bachelor, 1,574 master, 285 J.D., and 98 Ph.D. degrees during the 2013 academic year. The Universitys signature Interprofessional Projects (IPRO) Program is a core part of the curriculum that enables students from various academic disciplines to work as a team to solve a real-world problems using design-centered methodology and innovative thinking. Such experiential learning reinforces traditional education methods, providing students a richer academic experience. Recently, IPRO project teams engineered synthetic microorganisms, developed a sustainable water-purification system for developing countries, and harnessed solar energy in Haiti. Form 990, Part III, Line 4B Research awards received in fiscal year 2013 were $39.8 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 18 awards totaling $4.6 million and the Computer Science Department received 19 awards for $3.6 million. Also, the Biological Chemical and Physical Sciences Department received 10 awards for $1.6 million, Chemical and Biological Engineering 8 awards totaling $1.2 million, Mechanical Aerospace and Material Engineering 50 awards totaling $3.3 million, Physics Department 19 awards totaling $2.4 million and the Institute of Psychology 11 awards for $3.2 million. In addition, the National Center for Food Safety and Technology received 6 awards totaling $5.6 million. Other Program Services Form 990, Part III, Line 4d 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. 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 three sorority houses. Related Party Transactions FORM 990, PART VI, SECTION A, QUESTION 2 In FY 2013, James E. Cowie, trustee of the University, disclosed a business relationship in that the firm of which he is managing partner managed capital for the families of the following other trustees of the University: A. Steven Crown, Craig J. Duchossois and Patrick J. Kelly. In FY 2013, James R. Gagnard and Efthimos J. Stojka, trustees of the University, disclosed a business relationship in that Mr. Gagnard served on the board of the firm of which Mr. Stojka was CEO. In FY 2013, Robert L. Growney, trustee of the University, disclosed that he and Craig Duchossois and Ellen Jordan Reidy, also trustees of the University, had a business relationship in that they were investors, with others who are not officers, directors, trustees or key employees of the University, in a certain business venture. In FY 2013, Donald R. Hollis, trustee of the University, disclosed a business relationship in that he serves on the board of one of the investment funds of the firm of which James E. Cowie, also a trustee of the University, is managing partner. Mr. Hollis also disclosed a business relationship with Bernard F. Sergesketter, a trustee of the University, in that their respective firms have partnered to render consulting services to businesses unrelated to the University. In FY 2013, Patrick J. Kelly, trustee of the University, disclosed that he had business relationships with James E. Cowie, A. Steven Crown, Craig Duchossois, Robert L. Growney and Thomas E. Lanctot, also trustees of the University, in that he was an investor with one or more of these trustees, as well as with others who are not officers, directors, trustees or key employees of the University, in various business ventures. In FY 2013, John H. Krehbiel, Jr. and Robert J. Potter, trustees of the University, disclosed that they had a business relationship in that they served together on the board of a company. In FY 2013, Rosemarie Mitchell, trustee of the University, disclosed that her firm had a business relationship with Sergesketter & Associates, Inc. of which Bernard F. Sergesketter, trustee of the University, is Chairman. In FY 2013, Michael J. Pacilio, trustee of the University, disclosed that the firm of which he is President, Exelon Generation, had a business relationship with Sargent & Lundy, of which Alan W. Wendorf, trustee of the University, is Chairman, President and CEO. In FY 2013, John W. Rowe disclosed that he believed various other (unidentified) trustees of the University or their respective companies may have had a business relationship with The Northern Trust Company on whose board he serves. Form 990 Review Form 990, Part VI, Section B, Question 11b THE FORM 990 IS REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, AVP FINANCE & CONTROLLER, AND VICE PRESIDENT AND GENERAL COUNSEL. ONCE THE FORM 990 IS APPROVED BY MANAGEMENT, THE FORM IS SENT TO THE AUDIT AND COMPLIANCE COMMITTEE AND THE EXECUTIVE COMMITTEE (ACTING FOR THE FULL BOARD OF TRUSTEES) FOR REVIEW, FOLLOWED BY A CONFERENCE CALL FOR QUESTIONS AND ANSWERS. ONCE REVIEWED BY THE AUDIT COMMITTEE AND THE EXECUTIVE COMMITTEE, THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION SIGNS THE FORM 990. Conflict of Interest Policy Form 990, Part VI, Section B, Question 12c ON AN ANNUAL BASIS, BOARD OF TRUSTEE MEMBERS AND COVERED IIT EMPLOYEES 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 DOCUMENT THE CONFLICT OF INTEREST INSTANCES. Review of Compensation of CEO, Executive Director, or Top Management Form 990, Part VI, Section B, Question 15a THE BOARD OF TRUSTEES (BOT) is RESPONSIBLE FOR ESTABLISHING THE PRESIDENT'S ("CEO") SALARY. THE BOT CREATES A PRESIDENT SEARCH COMMITTEE RESPONSIBLE FOR DEVELOPING THE SEARCH, SELECTING THE CANDIDATES FOR INTERVIEWING, ESTABLISHING THE SALARY, CONDUCTING THE INTERVIEWS AND RECOMMENDING THE CANDIDATE TO HIRE. THE COMMITTEE WILL BASE THE SALARY ON A HUMAN RESOURCE BENCHMARK STUDY COMPARING ALL CHICAGO UNIVERSITIES AND NATIONAL UNIVERSITIES WITH THE SAME STUDENT ENROLLMENT AND OTHER ACTIVITIES. ON AN ANNUAL BASIS, HUMAN RESOURCES WILL PROVIDE THE BOT AN UPDATED BENCHMARK SURVEY FOR THEIR REVIEW. BASED ON THE ANNUAL SURVEY, THE BOT MAY APPROVE AN ADJUSTMENT TO THE PRESIDENT'S SALARY. Review of Key employees and highest compensated individuals Compensation Form 990, Part VI, Section B, Question 15b The authority to review the annual salaries of the President, the Vice Presidents, and other senior officers is delegated to the Executive 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 performance and salary data, they vote on the compensation. Availability of Governing Documents, Conflict of Interest Policy and F/S Form 990, Part VI, Section C, Question 19 Financial Statements, Conflict of Interest Policy, and Governing Documents are located on IIT's website. Change in Other Net Assets Form 990, Part XI, Line 9 Reverse for scholarships reflected in gross tuition (81,844,796) Reverse for grants and scholarships paid 87,805,909 ---------- Total Other Changes in Net Assets 5,961,113 ========== Consolidated Audit Report Form 990, Part IV, Question 12 and Part XII, Question 2B The Organization's Financial Statements were audited on a consolidated basis and no separate Company audit report is available. IIT RESEARCH INSTITUTE 10 West 35th Street Chicago IL 60616 362169122 Research IL 501(c)(3) 11 NA false false false false false false false false false false true false true false true false false true false false TRANSACTIONS WITH RELATED ORGANIZATIONS SCHEDULE R, PART V, LINE 2 THE TRANSACTIONS REPORTED IN LINE 1 ARE BETWEEN RELATED 501(C)(3) PUBLIC CHARITIES AND ARE NOT REPORTED IN THIS SECTION.