2024-04-15T14:45:25+00:00 2023-05-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2022-06-01 362170136 Illinois Institute of Technology ILLI 3125675850 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 John Kirsits Associate Controller 3125675850 2024-04-15 true John Kirsits 999009999 true NICOLE BENCIK P00756195 3128997000 2022 2023-04-26 12:10:37Z Raj Echambadi SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 584368242 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. 71 67 3651 115 76235 0 72024658 64715384 285604458 296928727 13997139 2084727 1152269 754227 372778524 364483065 136066011 139862832 0 153956595 157462334 153691 386647 11100636 112090240 121976899 402266537 419688712 -29488013 -55205647 746055692 706468476 278008730 303549283 468046962 402919193 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 255099818 139862832 212063413 INSTRUCTION SUPPORT:- Illinois Institute of Technology's (IIT) seven colleges allow students to discover new frontiers in engineering, science, architecture, business, design, human sciences, applied technology, and law. The school's nationally ranked undergraduate and graduate programs offer exceptional preparation for professions that require technological sophistication, an innovative mindset, and an entrepreneurial spirit. The University's emphasis on collaboration and interdisciplinary study and research will prepare students to work across traditional boundaries and to experience a professional future where success knows no limits. The University's research is the hallmark of our culture of excellence. Our faculty, students, and staff are leading bold research and discovery in fields where technology and innovation are creating significant, meaningful change. We are contributing to advances in computation and data, energy and sustainability, deep science and engineering, health and wellness, social justice, and urban futures. Throughout our colleges, and research institutes and centers, IIT's researchers are conducting research that matters in our everyday lives. Illinois Tech is one of 14 centers collaborating on a new nationwide nutrition study that will help advance the development of personalized nutrition plans. Another research project is aimed at finding ways to reduce wasted food nationally. Since 1995, the University's signature Interprofessional Projects Program (IPRO) joins together students from various academic disciplines to work as a team to tackle real-world problems, often on behalf of companies and nonprofits that sponsor the projects, using design-centered methodology and innovative thinking. A required academic program, IPRO teaches leadership, creativity, teamwork, design thinking, and project management to prepare students to succeed in a professional work environment. IPRO student teams have explored a range of ambitious topics. These include developing a platform for safe drug disposal, designing a net-zero community, harvesting condensate from HVAC systems to create drinking water for humans, and hundreds more. Every idea needs fuel to be successful. IIT's Idea Shop helps to ignite ideas with cutting-edge tools to enable students to transform their designs, products, and inventions into reality. In this state-of-the-art, rapid-prototyping lab, full-time staff and a diverse group of student workers advise users on equipment use, mechanical and electrical design, embedded systems programming, and much more. As a campus wide resource, students can use the Idea Shop for a class, research project, or their own personal endeavor. Under the College of Architecture is the university's award-winning Design/Build studios that allow students to design and construct full-scale buildings, fulfilling the notion of a "hands-on" education. The college emphasizes applied studio work under the instruction of practicing architects; the study of architectural theory; interdisciplinary learning; digital technologies; sustainability; design/build; and international study. Instruction supports over 50 plus academic majors and special degree programs and more than 70 minors and is made up of almost 6,900 students, including 2,920 undergraduate, 3,153 graduate, 784 law students, and 3 students in continuing education programs. The University offered and awarded 629 bachelor, 1,218 master, 213 J.D., and 80 Ph.D. degrees during the 2023 academic year. 49685345 43301345 RESEARCH:- Research is the hallmark of our culture of excellence. Our faculty, students, and staff are leading bold research and discovery in fields where technology and innovation are creating significant, meaningful change. Our researchers are conducting research that matters in our everyday lives. We are contributing to advances in computation and data, health and wellness, and urban futures. Throughout our colleges and research centers, and in topics as varied as energy, theoretical physics, and social justice, our research reflects our commitment to scientific, technological, and professional knowledge creation and innovation. Research awards received in fiscal year 2023 were $33.3 million. The University received awards in the areas of science, engineering, technology, mathematics, and food safety all of which are synergistic with the strategic plan. Notably, the Electrical and Computer Engineering Department received 36 awards totaling $3 million and the Computer Science Department also received 31 awards for $3.1 million. The Biomedical Engineering Department received 16 awards for $1.3 million, Mechanical Material and Aerospace Engineering 49 awards totaling $5.4 million, Physics Department 41 awards totaling $3.4 million and the Department of Psychology 13 awards for $3.4 million. In addition, the National Center for Food Safety and Technology received 19 awards totaling $4.5 million and the Biology Department was granted 12 award for $2.1 million. 19081972 16253593 AUXILIARY SERVICES:- This provides for campus housing and dining for the students and includes residence halls and a dining room, apartment-style buildings, eight fraternity houses, and two sorority houses. 18782264 20055844 STUDENT SERVICES:- This program provides health, academic, career services, transitional assistance, student orientation and other student services including the student finance center, admissions, and registration. 9842910 5113494 ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Academic Resource Center office offers several programs that provide peer tutoring, exam reviews, advising and counseling. 28625174 25169338 352492309 true false false true false false false false true true false false true true true false true true true true false false true true false false false true true true false false false false false true false false false true true false false false false true true true false false true X 6453 0 true 3651 true true true true IN false false false true true false false false true false false false X 71 67 true false true false false false false true true false false true true true true true true true true false MD SC X John Kirsits 3125675850 3424 SOUTH STATE STREET TC-4TH FL CHICAGO IL 60616 Ellen M Jordan Vice Chair 1.0 0.0 X X 0 0 0 Michael P Galvin Chairman of the Board 1.0 0.0 X X 0 0 0 Raj Echambadi President 38.8 1.0 X X 987839 0 53712 Thomas E Lanctot Vice Chair 1.0 0.0 X X 0 0 0 Adrian Nemcek Trustee 1.0 0.0 X 0 0 0 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Pallavi Verma Partial Year Trustee 1.0 0.0 X 0 0 0 Patrick J Kelly Trustee 1.0 0.0 X 0 0 0 Peter M Kelly III Trustee 1.0 0.0 X 0 0 0 Ralph Wanger Trustee 1.0 0.0 X 0 0 0 Richard Neil Levy Trustee 1.0 0.0 X 0 0 0 Robert A Cornog Trustee 1.0 0.0 X 0 0 0 Robert D Hoel Trustee 1.0 0.0 X 0 0 0 Robert J Potter Trustee 1.0 0.0 X 0 0 0 Robert J Washlow Trustee 1.0 0.0 X 0 0 0 Robert Surrette Trustee 1.0 0.0 X 0 0 0 Rohit Prasad Trustee 1.0 0.0 X 0 0 0 Rosemarie Mitchell Trustee 1.0 0.0 X 0 0 0 S Christopher Gladwin Trustee 1.0 0.0 X 0 0 0 Sherrie B Littlejohn Partial Year Trustee 1.0 0.0 X 0 0 0 Stacey M Kacek Trustee 1.0 0.0 X 0 0 0 Stephen C Urrutia Trustee 1.0 0.0 X 0 0 0 Stephen p Keogh Trustee 1.0 0.0 X 0 0 0 Ted Koenig Trustee 1.0 0.0 X 0 0 0 Thomas Roszak Trustee 1.0 0.0 X 0 0 0 Victor A Morgenstern Trustee 1.0 0.0 X 0 0 0 Victor Tsao Partial Year Trustee 1.0 0.0 X 0 0 0 Victoria L Noonan Trustee 1.0 0.0 X 0 0 0 Angela Manning-Hardimon VP Finance /CFO 38.8 1.0 X 141406 0 10943 Darsh 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Md Img 38.8 0.0 X 561433 0 11797 Mohammad Shahidehpour Distinguished Bodine Professor 38.8 0.0 X 415951 0 37659 Alan Cramb Distinguished Professor & Former Officer 38.8 0.0 X 300935 0 53712 Harold Krent Prof of Law & Former Key Employee 38.8 0.0 X 275248 0 42183 Michelangelo Sabatino Prof/Dir Phd Program Arch/Former Key Empl 38.8 0.0 X 271968 0 41727 Natacha DePaola Prof of BioMedEng & Dir IDMET/Former Key Empl 38.8 0.0 X 276676 0 51448 9388241 0 927523 388 true true false Gilbane Building Company 225 W Wacker Drive Chicago IL 60606 Construction 6214031 Chartwells Dining PO Box 91337 Chicago IL 606931337 Food Service Provider 5625748 GCA Services Group 1350 Euclid Avenue Cleveland OH 44115 Janitorial services 4174513 SOS Security LLC 311 S Wacker Drive Chicago IL 60606 Security service 2151011 Ventas Inc 353 N Clark Street Chicago IL 60654 Real estate rental service 1582863 98 156221 48828643 15730520 1881890 64715384 Tuition and Fees 611310 261712460 261712460 Sales/Services of Auxiliary Enterprises 722320 16394631 16253593 141038 Student Services 611710 16302689 16302689 Equity interest on IITRI 541700 2518947 2518947 0 0 0 0 296928727 1424658 -64803 1489461 961485 116531 844954 0 844954 844954 220312000 219651931 660069 0 660069 660069 25988 156221 116715 -90727 -90727 0 0 0 0 0 364483065 296787689 76235 2903757 139862832 139862832 7959658 2518505 2927424 2513729 1163589 465435 349077 349077 121152558 100758499 15431458 4962601 6868065 5348263 1052853 466949 12715360 6932680 5438394 344286 7603104 5920649 1165532 516923 868373 43213 825160 304853 304853 110000 110000 386647 386647 1453796 1453796 36391613 30383932 4697745 1309936 1156781 1128858 27923 2923997 1991378 891469 41150 3926515 1017276 2879121 30118 44210195 35493307 8716888 2336190 1966536 197607 172047 37619 19914 10532 7173 8336780 5698222 2638558 18935971 12942810 5993161 984216 984216 0 0 0 0 419688712 352492309 56095767 11100636 2413488 6134250 19451916 16981594 8670305 14190452 0 0 4523834 5871227 666880735 341401596 333044778 325479139 283912501 244046910 11149262 12260000 30820757 32180259 52068851 49324645 746055692 706468476 39188895 37923947 9306093 18899479 152612000 147756000 20000000 44725000 38550000 38351742 34244857 278008730 303549283 X 187516279 140710045 280530683 262209148 468046962 402919193 746055692 706468476 X -55205647 -6114089 -3808033 X false true X true true true X 84788322 111293482 76594323 72024658 64559163 409259948 0 0 84788322 111293482 76594323 72024658 64559163 409259948 34099909 375160039 7199304 6549097 3324068 4611252 2386143 24069864 0 0 0 0 0 0 56440 32000 0 0 25988 114428 433444240 1423654048 0.8655 0.8550 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - GROSS INCOME FROM FUNDRAISING EVENTS, COLUMN A - 56440.0, COLUMN B - 32000.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 25988.0, COLUMN F - 114428.0; false true false false false false true 110000 false false 110000 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY THOMSON COBURN WAS RETAINED TO HELP WITH FEDERAL LOBBY REGISTRATION AND DISCLOSURE REQUIREMENTS. IIT WAS REPRESENTED BY NOBLE VENTURES FOR DEVELOPMENT OF LEGISLATIVE STRATEGY AND AS LIAISON WITH THE OFFICE OF THE GOVERNOR AND OTHER STATE AND CITY 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. 293977501 3786000 -4343000 15150136 19471864 258798501 304324501 9252000 -7375000 6702851 5521149 293977501 255962501 7573000 62334000 6550000 14995000 304324501 242994501 18590000 6574000 6212900 5983100 255962501 251798501 1349000 2074000 6065360 6161640 242994501 0.23 0.77 0.0 false false 19351847 19351847 534823284 271495376 263327908 6040619 4330021 1710598 99476043 65576199 33899844 7188942 7188942 325479139 Beneficial interest on perpetual trust 22505143 Other receivables 26819502 Affiliated organizations 49324645 Advances from U.S. Government for student loans 2283600 Obligation under split interest 598968 Deposits by students & others 2910727 Postretirement benefit obligation 750174 Asset retirement obligation 468130 Lease liability 1169187 Bond Premium Payable 10093255 Cost of Issuance -1562419 Deferred revenue from Cogen agreement 17533235 34244857 X Schedule D, Part V, Line 4 Intended uses of endowment funds The purpose of the endowment funds is to facilitate donors' desires to make substantial long-term gifts to the University and to develop a new and significant source of revenue for the University. In doing so, the endowment fund will provide a secure, long-term source of funds to: (a) fund special programs; (b) ensure long-term growth; (c) enhance the University's ability to meet changing community needs; and (d) support the administrative expenses of the University as deemed appropriate. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The University has received a determination letter from the Internal Revenue Service (IRS) stating that they are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code except for tax on unrelated business income. It is management's belief that none of its activities have produced material unrelated business income, and that the University has operated in a manner that qualifies it for tax-exempt status. U.S. generally accepted accounting principles require University management to evaluate tax positions taken by the University and recognize a tax liability (or asset) if the University has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed tax positions taken by the University and has concluded that as of May 31, 2023 and 2022, 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 2020. 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 Pell Grant Program Federal Higher Education Emergency Relief Funds 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 2 Program Services STUDENT RECRUITING. 1246863 South Asia 3 3 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 386000 East Asia and the Pacific 0 3 Program Services STUDENT RECRUITING AND ON-LINE MAS DEGREE PROGRAM. 239743 South America 0 1 Program Services STUDENT RECRUITING. 47644 Central America and the Caribbean 0 0 Investments 103804000 3 9 0 0 3 9 105724250 0 105724250 true false true true false true Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; SOUTH AMERICA-Accrual; SOUTH ASIA-Accrual X X X X X X true WASHBURN & MCGOLDRICK LLC 24 N Bryn Mawr Avenue Suite 252 Bryn Mawr PA 19010 CONSULT ON RAISING FUNDS false 23272 -23272 ORR Group 3000 K Steet E280 Washington DC 20007 Reviewing fundraising procedures and providing recommendations. false 363375 -363375 0 386647 -386647 CT FL MD OR SC MCHAP Benefit Dinner 165113 151175 13938 24946 70038 8953 Mies and Me Benefit 17096 5046 12050 1463 5548 798 4969 0 182209 156221 25988 26409 75586 798 13922 116715 -90727 Schedule G, Part I, Line 2b(v) Amounts paid to fundraiser Washburn & McGoldrick LLC was engaged to provide expert professional counsel and advice in developing the strategy, tactics and implementation of a major fundraising campaign and to provide guidance, training, and relevant industry trends and comparisons. All of these resources are intended to enhance the educational purposes of the institution. Washburn & McGoldrick LLC did 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. ORR Group was engaged to review the University's current fundraising procedures and to make recommendations for areas of improvement. ORR Group did not at any time solicit, control, or have custody of any fund donations. 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(ii) Describe the custody or control arrangement. WASHBURN & MCGOLDRICK LLC-WASHBURN & MCGOLDRICK LLC WAS ENGAGED TO PROVIDE EXPERT PROFESSIONAL COUNSEL AND ADVICE IN DEVELOPING THE STRATEGY, TACTICS AND IMPLEMENTATION OF A MAJOR FUNDRAISING CAMPAIGN AND TO PROVIDE GUIDANCE, TRAINING, AND RELEVANT INDUSTRY TRENDS AND COMPARISONS. ALL OF THESE RESOURCES ARE INTENDED TO ENHANCE THE EDUCATIONAL PURPOSES OF THE INSTITUTION. WASHBURN & MCGOLDRICK LLC DID 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.;ORR GROUP-ORR GROUP WAS ENGAGED TO REVIEW THE UNIVERSITY'S CURRENT FUNDRAISING PROCEDURES AND TO MAKE RECOMMENDATIONS FOR AREAS OF IMPROVEMENT. ORR GROUP DID NOT AT ANY TIME SOLICIT, CONTROL, OR HAVE CUSTODY OF ANY FUND DONATIONS. 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 WASHBURN & MCGOLDRICK LLC-PAYMENT OF FEES.;ORR GROUP-PAYMENT OF FEES.; true SCHOLARSHIPS 8369 139862832 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. ALL SPENDING IS REVIEWED BY GRANT AND CONTRACT ACCOUNTING TO ENSURE COMPLIANCE WITH THE PURPOSE OF THE GRANT. X true true X X X false false false false false false false false false Raj Echambadi President 766097 0 200000 0 21742 0 27450 0 26262 0 1041551 0 0 0 Ernest Iseminger Vice President 321819 0 85704 0 22822 0 27450 0 16176 0 473971 0 0 0 Kenneth Christensen Provost, SVP Academic Affairs 376803 0 0 0 14110 0 27450 0 26262 0 444625 0 0 0 Michael Gosz VP, Enrlmt/Vice Prov/AssocProf 298203 0 0 0 2322 0 27450 0 16604 0 344579 0 0 0 Ophir Trigalo Vice Provost, CIO 292381 0 0 0 3564 0 27265 0 17658 0 340868 0 0 0 Edwin Watts VP of Administration 295180 0 0 0 3564 0 26764 0 0 0 325508 0 0 0 Mallik Sundharam VP Enroll Mgmt Stud Affrs 167004 0 60000 0 20725 0 9073 0 12038 0 268840 0 0 0 Peter Kilpatrick Provost, SVP Academic Affairs 228892 0 0 0 14251 0 22263 0 9436 0 274842 0 0 0 Jess Goode Vice President, Extn'l Affairs 235305 0 0 0 757 0 21178 0 0 0 257240 0 0 0 Walter Hazlitt General Counsel 220973 0 0 0 1154 0 21060 0 26262 0 269449 0 0 0 Hilary Hudson Hosek Vice President & Chief People Officer 213712 0 0 0 1055 0 19748 0 1771 0 236286 0 0 0 Darsh Wasan Distinguished Professor,ChBE 187798 0 0 0 2060 0 17438 0 11669 0 218965 0 0 0 Angela Manning-Hardimon VP Finance /CFO 140888 0 0 0 518 0 0 0 10943 0 152349 0 0 0 John Bilson Professor Emeritus of Finance 571077 0 0 0 2482 0 12114 0 7293 0 592966 0 0 0 Lance Fortnow Professor and Dean COS 372992 0 0 0 2322 0 27450 0 19014 0 421778 0 0 0 Anita Krug Dean and Professor of Law 352799 0 0 0 1242 0 27450 0 16176 0 397667 0 0 0 Liad Wagman Dean Stuart School of Business 329458 0 10000 0 509 0 27450 0 23204 0 390621 0 0 0 Reed Kroloff Dean-Architecture, Rowe Chair 296514 0 0 0 24064 0 27450 0 8111 0 356139 0 0 0 Miles Wernick Motorola Professor/Dir. Md Img 560040 0 0 0 1393 0 11797 0 0 0 573230 0 0 0 Mohammad Shahidehpour Distinguished Bodine Professor 409184 0 0 0 6767 0 27450 0 10209 0 453610 0 0 0 Candace Wark Professor Emerita of Mech and Aerospace Eng 383071 0 0 0 789 0 8653 0 3654 0 396167 0 0 0 David Mogul Professor Emeritus of Biomedical Eng 376214 0 0 0 1492 0 8529 0 7293 0 393528 0 0 0 David Arditi Professor Emeritus of Civil/Arch Eng 361262 0 0 0 340 0 8193 0 7293 0 377088 0 0 0 Alan Cramb Distinguished Professor & Former Officer 275131 0 0 0 25804 0 27450 0 26262 0 354647 0 0 0 Natacha DePaola Prof of BioMedEng & Dir IDMET/Former Key Empl 264570 0 0 0 12106 0 25413 0 26035 0 328124 0 0 0 Harold Krent Prof of Law & Former Key Employee 249566 0 0 0 25682 0 25195 0 16988 0 317431 0 0 0 Michelangelo Sabatino Prof/Dir Phd Program Arch/Former Key Empl 270726 0 0 0 1242 0 25123 0 16604 0 313695 0 0 0 Schedule J, Part I, Line 1a Health or social club dues or initiation fees The University provided membership dues for Raj Echambadi President, and Ken Christensen Provost, to one business and one civic organization. These memberships are working condition fringe benefits that satisfied a business purpose under the accountable plan rule. A ILLINOIS FINANCE AUTHORITY 861091967 000000000 2019-01-31 22278000 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 7/22/2009 AND FOR FACILITY RENOVATION AND EQUIPMENT. false false false B ILLINOIS FINANCE AUTHORITY 861091967 000000000 2018-06-28 17972000 REIMBURSEMENT FOR THE ACQUISITION OF STUDENT RESIDENT FACILITIES. false false false C ILLINOIS FINANCE AUTHORITY 861091967 45204E7F9 2019-12-20 138525900 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 3/23/2006 AND TO REIMBURSE ISSUANCE AND REFUNDINGS COSTS. false false false A 3699594 0 22278000 0 0 0 300999 0 0 321404 21655597 0 2019 true false true true B 2984406 0 17972000 0 0 0 92573 0 0 17879427 0 0 2018 false false true true C 8725000 0 138525900 0 0 0 1519760 0 0 0 137006140 0 2020 true false true true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true C false false false false 0.0 0.0 0.0 false false true A false false false true true false false false true B false false false true true false false false true C false false false true false false false false true A true B true C true Schedule K, Part II, Line 3 All listed bonds on Schedule K. If the total proceeds of the issue exceeds the issue price of the respective bond, the difference is due to investment earnings. Earnings are included in the total proceeds of each issue. Schedule K, Part IV, Line 2c COLUMN A Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/25/2019 Schedule K, Part IV, Line 2c COLUMN B Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/25/2019 Schedule K, Part IV, Line 2c COLUMN C Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/02/2021 Craig J Duchossois Trustee To support the academic mission of the University. X 10000000 10000000 false true true Michael P Galvin Board Chair To support the academic mission of the University. X 10000000 10000000 false true true 20000000 Forward Space LLC Trustee Jenny Niemann is an executive of Forward Space LLC. 155834 Sale of assets false Schedule L, Part II LOANS TO AND/OR FROM INTERESTED PERSONS IN DECEMBER 2022, THE UNIVERSITY ENTERED INTO TWO SUBORDINATED PROMISSORY NOTE AGREEMENTS TOTALING $20,000,000 WITH TWO TRUSTEE AFFILIATED ORGANIZATIONS. THE NOTES ACCRUE INTEREST AT THE SHORT-TERM APPLICABLE FEDERAL RATE LESS ONE HUNDRED BASIS POINTS AND REPAYMENT OF THE PRINCIPAL AMOUNT AND UNPAID INTEREST IS DUE ON OR BEFORE THE FIRST ANNIVERSARY DATE. HOWEVER, THE UNIVERSITY HAS EXTENSIONS OF TIME FOR PAYMENT, RENEWALS OF THE NOTES AND ACCEPTANCE OF PARTIAL PAYMENTS, WHETHER BEFORE, AT, OR AFTER MATURITY, ALL OR ANY OF WHICH MAY BE MADE WITHOUT NOTICE AND WITHOUT AFFECTING THE UNIVERSITY'S LIABILITY TO THE TRUSTEE AFFILIATED ORGANIZATION. X 1 60000 Market value X 36 697586 Market value X Software for school of Engineering 1 614160 Market value X Supplies, equipment, and services for school and office. 11 326877 Market value X Travel and entertainment costs for donors and board meetings 6 183267 Market value 1 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Other - Software for school of Engineering number of contributions Other - Supplies, equipment, and services for school and office. number of contributions Other - Travel and entertainment costs for donors and board meetings number of contributions Cars and other vehicles - Sculpture by American artist number of items received Form 990, Part III, Line 4d Description of other program services (Expenses $ 18,782,264 including grants of $)(Revenue $ 20,055,844) STUDENT SERVICES:- This program provides health, academic, career services, transitional assistance, student orientation and other student services including the student finance center, admissions, and registration. Form 990, Part III, Line 4d Description of other program services (Expenses $ 9,842,910 including grants of $)(Revenue $ 5,113,494) ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Academic Resource Center office offers several programs that provide peer tutoring, exam reviews, advising and counseling. Form 990, Part VI, Line 1a Delegate broad authority to a committee As stated in Article 5, Section 5 of the organizations By-Laws, there shall be an Executive Committee of the Board of Trustees. With the caveat that the Board of Trustees may override the Executive Committee and except as otherwise provided in Article 5, Section 6, the Board of Trustees delegates to the Executive Committee all the powers vested in the Board of Trustees by law or by these Bylaws in the management of the property, business and affairs of the corporation. The Executive Committee shall include, as ex officio members, the Chair of the Board, any Vice Chairs, the Chairs of all committees listed in Article 5, Sections 3 and 4, and the President. If the Chair of the Board of the IIT Alumni Association is a regularly elected or life trustee, then that individual shall be an ex officio member of the Executive Committee for the term of his or her office as Chair of the Board of the IIT Alumni Association. Up to eight additional members of the Executive Committee may be elected by the Board of Trustees from the regularly elected members of the Board. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons S. Christopher Gladwin and James Dugan - Business relationship, Patrick J. Kelly and Craig J. Duchossois - Business relationship, Eric C. Larson and Craig J. Duchossois - Business relationship, James Gagnard and Efthimos J. Stojka - Business relationship, Stacey M. Kacek and Douglas M. Monieson - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents There were two changes, both addressing the composition of the Executive Committee. The first change removed the immediate past chair as an ex officio member and the second one changed from mandatory to discretionary, the number of at large members to be elected. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE VP FINANCE, CFO & TREASURER, DEPUTY CONTROLLER, ASSOCIATE CONTROLLER, AND BY THE VP & GENERAL COUNSEL ONCE THE FORM 990 IS APPROVED BY MANAGEMENT, THE FORM IS PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE AND THE EXECUTIVE COMMITTEE (ACTING FOR THE FULL BOARD OF TRUSTEES) FOR REVIEW. WHEN THIS REVEIW IS COMPLETED, IT IS PUT ON A TRUSTEE WEBSITE GIVING ALL THE TRUSTEES THE OPPORTUNITY TO REVIEW. ONCE ALL REVIEWS ARE COMPLETED, THE VP FINANCE, CFO & TREASURER SIGNS THE FORM 990. Form 990, Part VI, Line 12c Conflict of interest policy ON AN ANNUAL BASIS, IIT EMPLOYEES AND BOARD OF TRUSTEE MEMBERS MUST REVIEW THE CONFLICT OF INTEREST POLICY. ALL EMPLOYEES AND TRUSTEES ARE REQUIRED TO SIGN AND DATE A CONFLICT OF INTEREST ATTESTATION DOCUMENT WHETHER A CONFLICT IS PRESENT OR NOT. GENERAL COUNSEL MONITORS THE EMPLOYEES AND TRUSTEES THAT HAVE REVIEWED THE POLICY AND DOCUMENTS THE CONFLICT OF INTEREST INSTANCES. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE BOARD OF TRUSTEES HAS ESTABLISHED AN INDEPENDENT COMPENSATION COMMITTEE THAT IS RESPONSIBLE FOR RECOMMENDING THE PRESIDENT'S (CEO) SALARY. THE COMMITTEE WILL BASE THE SALARY ON A HUMAN RESOURCE BENCHMARK STUDY COMPARING SELECTED UNIVERSITIES HAVING SIMILAR STUDENT ENROLLMENTS AND PROGRAMS. ON AN ANNUAL BASIS, HUMAN RESOURCES WILL PROVIDE THE COMMITTEE AN UPDATED BENCHMARK SURVEY FOR THEIR REVIEW. BASED ON THE ANNUAL SURVEY, THE COMMITTEE MAY RECOMMEND AN ADJUSTMENT TO THE PRESIDENT'S SALARY. AFTER THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION COMMITTEE RECOMMENDATIONS, IT VOTES TO APPROVE THE COMPENSATION. THIS PROCESS WAS LAST UNDERTAKEN IN FISCAL YEAR 2022. Form 990, Part VI, Line 15b Process to establish compensation of other employees The authority to recommend the annual salaries of the Vice Presidents and other senior officers is delegated to an independent Compensation Committee by the Board of Trustees. The Committee, with input from the President, obtains comparative analyses and studies from the Human Resource department with respect to compensation of similar organizations to ensure that the University's compensation is comparable. After the Executive Committee reviews the compensation committee recommendations, it votes to approve the compensation. Form 990, Part VI, Line 19 Required documents available to the public FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE LOCATED ON THE ILLINOIS INSTITUTE OF TECHNOLOGY'S WEBSITE. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN ASSET RETIREMENT OBLIGATION, NET - 430939; RESTRUCTURING EXPENSES - -1985117; UNREAL. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST - -1550677; OTHER - -703178; IIT RESEARCH INSTITUTE 10 WEST 35TH STREET 4th FL CHICAGO IL 60616 362169122 RESEARCH IL 501(c)(3) 11 ILLINOIS INSTITUTE OF TECHNOLOGY true PERPETUAL TRUST (9) BENEFICIAL INTEREST IN DONOR TRUSTS C/O IIT 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 DISTRIBUTION OF TRUST ASSETS TO BENEFICIARIES IL NA Trust false ILLINOIS INSTITUTE OF TECHNOLOGY (INDIA) PRIVATE LTD Office No 2205 22nd Floor Haware Infotech Park Sector 30A Vashi Navi Mumbai IN 400703 FACILITATES EDUCATIONAL PROGRAMS IN ILLINOIS INSTITUTE OF TECHNOLOGY C Corporation 86916 250188 1 true true false false false false false false false false true false true false true false true true false false IIT India P 386000 FMV IIT Research Institute A 227660 FMV IIT Research Institute J 227660 FMV IIT Research Institute L 406233 FMV IIT Research Institute Q 2026494 FMV