2013-03-05T15:03:41-06:00 2012-05-31 KPMG LLP 191 West Nationwide Blvd Ste 500 Columbus OH 432152568 990 2011-06-01 362170136 ILLINOIS INSTITUTE OF TECHNOLOGY % BRIAN LAFFEY ILLI 3125673677 3424 South State Street CHICAGO IL 60616 Patricia Laughlin 2013-02-26 true kpmg llp 6142492300 2011 2016-02-25 16:41:14Z X John L Anderson Suite 1900 10 W 35th Street Chicago IL 60616 337914896 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 64 4499 126 395634 -102588 80703653 69473546 217837290 239632660 1597583 6045847 4955270 1472340 305093796 316624393 60346150 81025427 0 0 132274986 134333802 88016 161527 7122083 103613330 100659739 296322482 316180495 8771314 443898 554886680 533276129 281390562 266667077 273496118 266609052 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 169158012 81025427 163778989 Instruction Support: See Schedule O 33385203 38881501 Research: Research awards received in fiscal year 2012 was $34.0 million. IIT has received awards in many areas that are synergistic with the strategic plan. Notably, the Electrical and Computer Engineering Department received 32 awards totaling $3 million. The Biological Chemical and Physical Sciences Department received 30 awards totaling $4.6 million, Chemical and Biological Engineering 20 awards totaling $3.2 million, Mechanical Aerospace and Material Engineering 50 awards totaling $5.2 million, and the Institute of Psychology 10 awards totaling $2.8 million. In addition, the National Center for Food Safety and Technology received 17 awards totaling $6.4 million. 17414171 6633869 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. 17405349 18356720 STUDENT SERVICES 11300426 11981581 AUXILIARY SERVICES 28705775 30338301 248663161 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 9773 0 true 4499 true true true true FR IN false false false true true false false false false X 68 64 true false false false false false false true true false false true true true true true true true true false X BRIAN LAFFEY 3125673677 3424 SOUTH STATE STREET TC-4TH FLO CHICAGO IL 60616 JOHN ANDERSON 39.0 X X 598105 0 33274 Andrew V Agostini 1.0 X 0 0 0 Vernon Armour 1.0 X 0 0 0 Bahman Atefi ScD 1.0 X 0 0 0 William C Bartholomay 1.0 X 0 0 0 Andrea L Berry 1.0 X 0 0 0 Giuseppe Calabrese 1.0 X 0 0 0 John Peter 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 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 James R Gagnard 1.0 X 0 0 0 Michael P Galvin 1.0 X 0 0 0 Robert W Galvin 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 0 0 0 Antonio J Gracias 1.0 X 0 0 0 Robert L Growney 1.0 X 0 0 0 Marc R Hannah PhD 1.0 X 0 0 0 Theodore E Hanson 1.0 X 0 0 0 James Hill Jr 1.0 X 0 0 0 Jean K Holley 1.0 X 0 0 0 Donald R Hollis 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 F Christopher Lee FAIA 1.0 X 0 0 0 Richard A Lenon 1.0 X 0 0 0 Bruce C Liimatainen 1.0 X 0 0 0 Gran Lindahl 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 PhD 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 Adrian R Nemcek 1.0 X 0 0 0 Michael J Pacilio 1.0 X Robert J Potter PhD 1.0 X 0 0 0 Robert A Pritzker 1.0 X 0 0 0 Michael A Pulick 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 MA Self 1.0 X 0 0 0 Bernard F Sergesketter 1.0 X 0 0 0 Harold Singleton III 1.0 X Carl S Spetzler PhD 1.0 X 0 0 0 Efthimios J Stojka 1.0 X 0 0 0 John Tracy PhD 1.0 X 0 0 0 William A VanSanten 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 442755 0 39052 BETSY HUGHES 39.0 X 303675 0 39052 DARSH WASAN 39.0 X 257899 0 32554 DAVID BAKER 39.0 X 210438 0 18662 JOHN COLLINS 39.0 X 260879 0 22050 LEROY KENNEDY 39.0 X 143700 0 24454 MARY ANNE SMITH 39.0 X 232525 0 26049 OPHIR TRIGALO 39.0 X 235502 0 39052 PATRICIA LAUGHLIN 39.0 X 278959 0 33274 VINCENT TURITTO 39.0 X 245955 0 32346 JEANNE HARTIG 39.0 X 160986 0 5162 DONNA ROBERTSON 39.0 X 245678 0 36997 HAROLD KRENT 39.0 X 315677 0 38308 HARVEY KAHALAS 39.0 X 382220 0 33274 NATACHA DEPAOLA 39.0 X 324656 0 39052 RUSSELL BETTS 39.0 X 283024 0 22050 ROBERT BRACKETT 39.0 X 258447 0 7378 HAMID ARASTOOPOUR 39.0 X 276350 0 36181 MOHAMMAD SHAHIDEHPOUR 39.0 X 289191 0 39052 A DAN TARLOCK 39.0 X 249759 0 30907 LORI ANDREWS 39.0 X 280659 0 31156 6277039 0 659336 274 false true false Sodexo Inc and Affiliates 4880 Payshere Circle CHICAGO IL 60674 Food Service 4952427 Bulley and AndrewsUjamaa Construct 75 Remittance Drive Ste 1709 CHICAGO IL 60675 construction 3605107 ABM Janitorial Midwest Inc 75 Remittance Drive Suite 3011 CHICAGO IL 606753011 Janitorial 3355931 Bovis Lend Lease 1 North Wacker Drive Suite 850 CHICAGO IL 60606 Construction 3342476 Levy Security Corporation 8750 West Bryn Mawr Ave Ste 1000 CHICAGO IL 60631 Public Safety 2471145 114 494700 49577833 19401013 2308356 69473546 TUITION & FEES 900099 208915359 208915359 SALES/SERVICES OF AUXILIARY ENTERPRISES 900099 11981581 11605204 376377 STUDENT SERVICES 900099 18356720 18356720 EQUITY INTEREST ON IITRI 900099 379000 379000 239632660 1078857 19257 1059600 0 0 1536319 1589062 -52743 -52743 -52743 24488380 0 19475380 46010 5013000 -46010 4966990 4966990 161400 494700 180051 -18651 -18651 0 0 ASSET RETIREMENT OBLIGATION 900099 1543734 1543734 1543734 316624393 239256283 395634 7498930 0 81025427 81025427 0 0 6400542 2263642 2307342 1829558 0 106352328 87167378 16555849 2629101 6964388 5508105 1166363 289920 8371767 5418252 2459505 494010 6244777 4939079 1052495 253203 0 341833 29573 312260 412606 5000 407606 180376 180376 161527 161527 28808 28808 20649743 15523588 4227404 898751 553377 497236 52243 3898 7855494 6256905 1434111 164478 1975677 740506 1123231 111940 0 39173222 36148289 3024933 3796198 2975822 546806 273570 0 259439 164359 82953 12127 10726019 10726019 0 13757589 13757589 681797 681797 ANNUITY ADJUSTMENT 160646 160646 ASSET RETIREMENT OBLIGATION 88416 88416 INTERNAL TRANSFER 18499 18499 316180495 248663161 60395251 7122083 13129006 12044075 7022876 3524103 32097170 34475361 7967928 2287460 0 0 0 0 11166494 11134728 0 0 3701291 4086984 460381854 202800797 260673306 257581057 168999938 160060194 12427847 11429002 13401586 13780586 0 0 24299238 22872579 554886680 533276129 35491909 32399769 0 0 21537936 12225923 190000000 190000000 0 0 0 0 14000000 14000000 0 0 20360717 18041385 281390562 266667077 X 50539165 42478902 31434257 23973985 191522696 200156165 273496118 266609052 554886680 533276129 X 443898 -7330964 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 180376 false false 180376 false LOBBYING ACTIVITY EXPLANATION SCHEDULE C, PART II-B Holland & Knight represented Illinois Institute of Technology before the Federal Government on issues related to funding various research programs. In addition, IIT's Vice President and Associate Vice President for External Affairs interact with Federal, state, and local officials regarding such matters. 209463145 10130000 -8180000 4853838 8146544 198412763 180039329 16875000 25097000 7863412 4684772 209463145 174911000 8014000 26465000 10471823 18878848 180039329 294072000 7533195 -93313760 4807145 28573290 174911000 0.12000 0.88000 0.00000 28700463 28700463 349921570 149921651 199999919 79021814 52879146 26142668 0 2738007 0 2738007 257581057 0 FOR STUDENT LOANS 8117287 OBLIGATION UNDER SPLIT INT. AGMTS 777809 STUDENT DEPOSITS AND OTHERS 2518611 POST RETIREMENT BENEFIT OBLIGATION 4161482 ASSET RETIREMENT OBLIGATION 2466196 18041385 Use of endowment fund Sch D Part V, No. 4. The purpose of the endowment funds is to facilitate donors' desires to make substantial long-term gifts to the university and to provide an additional source of revenue of the University. In doing so, the endowment funds provide a secure, long-term source of funds to: (a) fund special programs such as research and scholarships; (b) ensure long-term growth; (c) enhance the University's ability to meet changing 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 postion that more likely than not would not be sustained upon examination by the IRS. Management has analyzed tax postions taken by the University and has concluded that as of May 31, 2012, there are no uncertain postions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated financial statements. The Universtiy is subject to routine audits by taxing juridisctions 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 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 Europe (Including Iceland and Greenland) 1 1 Program Services Class inst. & rectg. 281065 South Asia 1 1 Program Services Class inst. & rectg. 184266 East Asia and the Pacific 1 Program Services Consultant for rectg. 258459 2 3 2 3 723790 723790 true false true false false false SCHEDULE F, LINE 3 Description of Activity Outside United States 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. South Asia: To facilitate IIT's ability to deliver long distance internet-based educational programs to residents of various cities in India. East Asia and Pacific: IIT has engaged a consultant mainly for the recuritment of students for the Chicago campus. X X X X X X X true Washburn McGoldrick Inc Consult on raising fds false 124475 PJH Associates Planning on dinner false 401600 37052 401600 161527 IL HEALD DINNER 401600 294600 107000 31566 19265 44387 GOLF OUTING 212550 172550 40000 34528 8506 1 41950 27550 14400 1640 21622 18537 656100 494700 161400 67734 40887 71430 180051 -18651 true Scholarships 6350 81025427 The use of grant funds is monitored through a grant management system. X X X false false false false false false false false false ALAN CRAMB 408933 0 0 0 33822 0 22050 0 17002 0 481807 0 0 0 BETSY HUGHES 271533 0 30900 0 1242 0 22050 0 17002 0 342727 0 0 0 DARSH WASAN 253845 0 0 0 4054 0 21330 0 11224 0 290453 0 0 0 DAVID BAKER 207085 0 0 0 3353 0 18662 0 0 0 229100 0 0 0 DONNA ROBERTSON 243490 0 0 0 2188 0 21312 0 15685 0 282675 0 0 0 HAMID ARASTOOPOUR 273365 0 0 2985 0 19179 0 17002 0 312531 0 0 0 HAROLD KRENT 295705 0 1150 0 18822 0 22050 0 16258 0 353985 0 0 0 HARVEY KAHALAS 298107 0 58491 0 25622 0 22050 0 11224 0 415494 0 0 0 JOHN ANDERSON 559747 0 0 0 38358 0 22050 0 11224 0 631379 0 0 0 JOHN COLLINS 236760 0 20690 0 3429 0 22050 0 0 0 282929 0 0 0 LEROY KENNEDY 141768 0 0 0 1932 0 13230 0 11224 0 168154 0 0 0 MARY ANNE SMITH 226437 0 0 0 6088 0 20821 0 5228 0 258574 0 0 0 MOHAMMAD SHAHIDEHPOUR 286869 0 0 0 2322 0 22050 0 17002 0 328243 0 0 0 NATACHA DEPAOLA 306914 0 0 0 17742 0 22050 0 17002 0 363708 0 0 0 OPHIR TRIGALO 234277 0 0 1225 0 22050 0 17002 0 274554 0 0 0 PATRICIA LAUGHLIN 276637 0 0 2322 0 22050 0 11224 0 312233 0 0 0 RUSSELL BETTS 262960 0 0 0 20064 0 22050 0 0 305074 0 0 0 VINCENT TURITTO 223664 0 0 0 22291 0 20590 0 11756 0 278301 0 0 0 A DAN TARLOCK 237553 0 6500 0 5706 0 20450 0 10457 0 280666 0 0 0 JEANNE HARTIG 158676 0 0 0 2310 0 0 0 5162 0 166148 0 0 0 LORI ANDREWS 278543 0 0 0 2116 0 20699 0 10457 0 311815 0 0 0 ROBERT BRACKETT 255932 0 0 2515 0 1950 0 5428 0 265825 0 0 0 Illinois Finance Authority 861091967 45200FYX1 2009-07-22 29381972 Renovation of facilities false false false Illinois Finance Authority 861091967 45200BYH5 2006-03-23 156502991 Refinancing & Facility Renovation false false false 0 0 29381972 2709106 0 0 587637 0 0 24039772 2045456 0 2011 false false true true 0 0 156502991 0 0 103705558 1418858 0 0 51378575 0 0 2008 true true true true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 false false false false false 0 false 0 false false X Exelon Company CEO is a trustee 4888204 Electricity Supplier false McCoy Energy LLC owner is a Trustee 103713 Research Services false Grainger US President is a trustee 60186 Supply Distributor 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. X 1953 FMV X 31 2308356 FMV X 1 55000 Appraisal X Equipment 1 112165 FMV X Travel certificates (2) 1 11984 FMV X TV 1 600 FMV X Pool Table 1 399 FMV X Watch 1 150 0 false true false Program Services FORM 990, PART III, Line 4a Instruction supports 31 majors, more than 60 minors, and has 92 specializations and has 2,801 undergraduate, 3,271 graduate, 904 law students, and 624 Ph.D. candidates. The University offered and awarded 518 bachelor, 1,640 master, 283 J.D., and 70 Ph.D. degrees during the 2012 academic year. The University continues to redefine its Interprofessional Projects (IPRO) program. The IPRO program joins together students from various academic disciplines to work as a team to solve a real-world problem. Such experiential learning reinforces traditional education methods, providing students a richer academic experience. Recently, IPRO project teams designed a refuelable electric car, built a community farm on campus, and designed a LEGO art program for urban youth. Other Program Services Form 990, Part III, Line 4d STUDENT SERVICES: This program provides health, academic, 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, six fraternity houses, and two sorority houses. Related Party Transactions FORM 990, PART VI, SECTION A, QUESTION 2 In FY 2012, 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 trustees of the University: A. Steven Crown, Craig J. Duchossois and Patrick J. Kelly. In FY 2012, William Farrow and David J. Vitale, trustees of the University, disclosed a business relationship in that Mr. Vitale served as Chairman of the Board of the firm of which Mr. Farrow was President and CEO. In FY 2012, James R. Gagnard and Efthimios 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 2012, Robert L. Growney, Craig Duchossois, and Ellen Jordan Reidy, trustees of the University, disclosed that they 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 2012, Patrick J. Kelly and Craig J. Duchossois, trustees of the University, disclosed that they had business relationships in that they were investors, with others who are not officers, directors, trustees or key employees of the University, in certain business ventures. In addition, it was disclosed that Mr. Duchossois had an interest in a real estate fund led by Mr. Kelly. In FY 2012, 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 directors of a company. In FY 2012, Rosemarie Mitchell, trustee of the University, disclosed that her firm had a business relationship with Sergesketter & Associations, of which Bernard F. Sergesketter, trustee of the University, is Chairman. In FY 2012, 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 2012, Carole Browe Segal and Craig Duchossois, trustees of the University, disclosed that they 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. 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, FINANCE AND ADMINISTRATION SIGNS THE FORM 990. Conflict of Interest Policy Form 990, Part VI, Section B, Question 12c ON AN ANNUAL BASIS, COVERED 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 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 5 Net unrealized loss on investment (12,518,000) Net unrealized loss on beneficial interest in perpetual trust (1,351,000) Net loss on impairment of land parcel (645,000) Reverse for scholarships reflected in gross tuition (73,840,160) Reverse for grants and scholarships paid 81,025,427 Other (1,265) ----------- Total Other Changes in Net Assets (7,329,998) =========== 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. Schedule B Contribution Reporting For the tax year ended May 31, 2012, Illinois Institute of Technology has determined it meets the 33 and 1/3% support test as identified in Schedule B, Page 1, 'Special Rules'. Accordingly, Illinois Institute of Technology is only required to separately report contributions in excess of 2% of the total contributions received during the year. For the tax year ended May 31, 2012, no contributions exceeded this threshold. Therefore, Illinois Institute of Technology has reported the entire amount of cash and noncash contributions received on page 2 of Schedule B. This is part of a larger ongoing effort to continue streamlining activities to more efficiently and effectively further the mission of Illinois Institute of Technology. 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 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.