2025-05-13T15:59:02+00:00 2024-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-07-01 362310478 Illinois College of Optometry ILLI 3122251700 3241 S Michigan Avenue Chicago IL 60616 Mark Colip President 2025-05-13 true Jennifer Burke P01342224 3128997000 2025-05-13 2023 2025-03-06 01:10:19Z Mark Colip OD 3241 S Michigan Avenue Chicago IL 60616 69688155 false X www.ico.edu X 1955 IL The mission of the Illinois College of Optometry is to develop highly qualified clinical optometrists through excellence in optometric education. 19 18 603 18 0 0 3365977 2660892 31029342 32941814 3834561 1334309 264351 209721 38494231 37146736 1876286 2427186 0 22850102 23747515 0 329261 12056562 12348493 36782950 38523194 1711281 -1376458 100230863 99057565 33028306 29152731 67202557 69904834 X The Illinois College of Optometry (ICO) is an innovator in optometric education, patient care, and the profession of optometry. Through a 4-year doctoral program, ICO develops highly qualified clinical optometrists through excellence in optometric education. The ICO campus has a full-service eye clinic, Illinois Eye Institute (IEI), on-site. IEI, provides compassionate, affordable eye and vision care to vulnerable populations in Chicago. CPS students were seen at the Lewenson Center since CPS closed the Princeton Clinic. ICO conducts research into optometry and related sciences; the College funds or otherwise carries out projects considered beneficial to its profession or community. false false 18947401 2363221 24936928 GENERAL EDUCATIONAL SERVICES AT THE ILLINOIS COLLEGE OF OPTOMETRY (ICO): Classroom instruction for Doctor of Optometry Degree; Continuing Education and Faculty Research serving approximately 485 students per year. ICO's 4-year program is focused entirely on optometry. Our students receive robust clinical experience, including hands-on patient care in the IEI beginning in their very first year. Understanding that being a doctor extends beyond eye care, ICO offers courses in financial literacy, practice management, and other real-world aspects of optometry. Our top-notch resources expose students to tomorrow's technologies and modes of practice. 9236045 0 6263118 CLINIC: The Illinois Eye Institute (IEI) acts as a safety net provider of eye and vision services for the Chicago area, serving diverse patients with complex needs. The clinic received approximately 85,000 patient visits in the previous year (48,000 to providers, 37,000 to optical). The site is a vital community resource for Medicaid and Medicare carriers, as well as underinsured and uninsured patients. Specialty areas of the clinic include (but are not limited to) Pediatrics, Development Disability Clinics, Binocular Vision Service, Urgent Care, Cornea and Contact Lenses, Glaucoma Care, Retina and Vitreous Care, and Low Vision Care. The IEI acts as a teaching clinic that aides in the education of students as they pursue Doctor of Optometry degrees. 685208 63965 1533459 DORMITORY: The Residential Complex provides affordable and safe on-campus living quarters for optometry students, prospective students, visitors, and their families. The RC hosts events to promote camaraderie and healthy student life. In addition, exam lanes are available in the RC for the exclusive use of its residents. 0 0 208309 THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE. 208309 28868654 true true false false false false false false true true true false false true true true false true false false false false false false false false false true true true false false false false false false false false false false false false false false false true true false false false true 640 0 true 603 true false false false false false false false false false false false false X 19 18 true false false false false false false true true false false true true true true true true true false false X Carmen Rollins Senior Director of Finance 3129497030 3241 S MICHIGAN AVENUE Chicago IL 60616 Dwain Hahs Board of Trustees-Treasurer (End 10/2023) X X 0 0 0 Dwight Ackerman OD MBA FAAO Chairman of the Board (End 10/2023) X X 0 0 0 Kevin Danahey OD Vice Chairman of the Board 1.0 X X 0 0 0 Nana Owusu OD Board of Trustees- Secretary 1.0 X X 0 0 0 Scott Jens OD FAAO Chairman of the Board 1.0 X X 0 0 0 Steven Schneider CPA Board of Trustees-Treasurer 1.0 X X 0 0 0 Casey Hogan OD FAAO FSLS Board of Trustees (End 10/2023) X 0 0 0 James Wachter OD Board of Trustees 1.0 X 0 0 0 Jeffrey Johnson OD MBA CFA Board of Trustees 1.0 X 0 0 0 Joseph Derezinski Board of Trustees 1.0 X 0 0 0 Karen Eng OD Board of Trustees (End 10/2023) X 0 0 0 Michael LoPiano MBA Board of Trustees 1.0 X 0 0 0 Mohammed Eid OD Board of Trustees 1.0 X 0 0 0 Nicole Wheatly Board of Trustees 1.0 X 0 0 0 Osvaldo Lopez MD Board of Trustees 1.0 X 3572 0 0 Philip Hasler OD Board of Trustees 1.0 X 0 0 0 Roberto Lucca OD Board of Trustees 1.0 X 0 0 0 Sandra Bury OD Board of Trustees 1.0 X 0 0 0 Shawn Mallady OD Board of Trustees 1.0 X 0 0 0 Steven Lee OD Board of Trustees 1.0 X 0 0 0 Thomas Duchardt FAAO Board of Trustees 1.0 X 0 0 0 Timothy Tsang OD FAAO Board of Trustees 1.0 X 0 0 0 Tracy Matchinski OD FAAO Professor of Optometry / Board of Trustees 35.0 X 147382 0 38458 Vasvi Babu OD Board of Trustees (End 10/2023) X 0 0 0 Christa Ojeda CPA VP of Business and Finance/CFO 35.0 X 250382 0 43226 Mark Colip OD President 35.0 X 415556 0 69494 Erik Mothersbaugh OD Dean for Student Affairs 35.0 X 230588 0 33070 Leonard Messner OD VP of Patient Care 35.0 X 266374 0 41870 Stephanie Messner OD VP of Academic Affairs 35.0 X 278915 0 41870 Zhiyong Daniel Ren Chief Operating Officer at IEI 35.0 X 234489 0 21600 Anne Rozwat OD Professor of Optometry 35.0 X 188476 0 51389 Daniel Roberts OD Professor of Optometry 35.0 X 181741 0 73239 Geoffrey Goodfellow OD Professor of Optometry 35.0 X 179829 0 42239 Michael Chaglasian OD Professor of Optometry 35.0 X 182589 0 69242 Yi Pang OD Professor of Optometry 35.0 X 208969 0 64739 2768862 0 590436 63 false true false Crowe LLP 225 W Wacker Dr Suite 2600 CHICAGO IL 60606 Audit and Tax Services 121115 1 0 0 0 0 390350 2270542 0 2660892 Student tuition and Fees 611310 24936928 24936928 Patient Services and Materials 900099 6263118 6263118 Bookstore and Dormitory 900099 1547209 1547209 Faculty Research 900099 184743 184743 Student Loan Interest 900099 9816 9816 0 0 0 0 32941814 1596359 0 0 1596359 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32279369 0 32541419 0 -262050 0 -262050 0 0 -262050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Parking 900099 152051 0 0 152051 Miscellaneous 900099 57670 0 0 57670 0 0 0 0 209721 37146736 32941814 0 1544030 0 0 2427186 2427186 0 0 0 0 2121427 828111 1089854 203462 0 0 15952449 12810160 3137323 4966 1527730 1199570 323820 4340 2995438 2099110 884299 12029 1150471 893713 243418 13340 0 0 0 0 54705 0 54705 0 98584 0 98584 0 0 0 0 0 0 0 252680 0 252680 0 1410152 1091299 318853 0 125457 46463 78994 0 1123028 767072 340362 15594 0 0 0 0 0 0 0 0 2324511 1109593 1204256 10662 710153 362165 310577 37411 0 0 0 0 0 0 0 0 870669 769431 97912 3326 0 0 0 0 3335508 2854558 464585 16365 540712 270356 270356 0 Resale Items 874696 874696 0 0 Miscellaneous 422574 381320 36924 4330 Memberships 117024 16756 97632 2636 Non Capital Equipment 55518 38987 15852 679 32522 28108 4293 121 38523194 28868654 9325279 329261 1648981 1561067 4775803 3173755 285511 660700 1186680 1303594 0 0 0 0 0 0 111808 101812 437695 622733 94230251 66669000 28177836 27561251 48870923 50996008 10076628 8819452 4577180 4169405 0 0 81818 87788 100230863 99057565 3581433 2821830 0 0 2311629 2213159 21779176 18806483 0 0 0 0 0 0 0 0 5356068 5311259 33028306 29152731 X 61073706 63459022 6128851 6445812 0 0 0 0 0 0 67202557 69904834 100230863 99057565 -1376458 4078735 0 0 0 X false true X true true true X 1964936 6753416 2541417 3365977 2660892 17286638 0 0 0 0 0 0 0 0 0 0 0 0 1964936 6753416 2541417 3365977 2660892 17286638 0 17286638 1298199 1143048 1276670 1561259 1596359 6875535 0 0 0 0 0 0 203406 215463 220700 264351 209721 1113641 25275814 161138904 0.6839 0.6925 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - STUDENT PARKING, COLUMN A - 38893.0, COLUMN B - 68362.0, COLUMN C - 80172.0, COLUMN D - 89750.0, COLUMN E - 73995.0, COLUMN F - 351172.0; DESCRIPTION - EMPLOYEE PARKING, COLUMN A - 97729.0, COLUMN B - 94601.0, COLUMN C - 93463.0, COLUMN D - 86006.0, COLUMN E - 78056.0, COLUMN F - 449855.0; DESCRIPTION - OTHER, COLUMN A - 66784.0, COLUMN B - 52500.0, COLUMN C - 47065.0, COLUMN D - 88595.0, COLUMN E - 57670.0, COLUMN F - 312614.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2292252 244112 185157 68012 2653509 1906481 328042 116766 59037 2292252 2109476 118811 -260289 61517 1906481 1723065 183214 216136 12939 2109476 1642881 213819 73986 207621 1723065 0.0 0.739 0.261 false false 0 2829021 2829021 0 67271085 46514326 20756759 0 0 0 0 0 24119861 20154674 3965187 0 10284 0 10284 27561251 Real Estate Fund 6119431 Multi-Strategy Fund of Funds 2700021 8819452 Advances from federal government for student loans 5311259 5311259 X 38545605 4078735 0 0 -2427186 1651549 36894056 252680 0 252680 37146736 35843328 0 0 -2427186 -2427186 38270514 252680 0 252680 38523194 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 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, 2024 or 2023. The College has not been examined by any tax jurisdiction. 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 AND AWARDS - -2427186 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 SCHOLARSHIPS AND AWARDS - -2427186 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 THE ILLINOIS COLLEGE OF OPTOMETRY'S NONDISCRIMINATORY POLICY IS ACCESSIBLE FROM THE INTERNET HOME PAGE. 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. true FUNDED SCHOLARSHIPS AND AWARDS 218 2222221 ICO SCHOLARSHIPS 85 204965 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 X X false false false false false false false true false Tracy Matchinski OD FAAO Professor of Optometry / Board of Trustees 145608 0 1000 0 774 0 24288 0 14170 0 185840 0 0 0 Mark Colip OD President 362180 0 51000 0 2376 0 26255 0 43239 0 485050 0 0 0 Christa Ojeda CPA VP of Business and Finance/CFO 219628 0 29980 0 774 0 13610 0 29616 0 293608 0 0 0 Stephanie Messner OD VP of Academic Affairs 246873 0 29756 0 2286 0 30000 0 11870 0 320785 0 0 0 Leonard Messner OD VP of Patient Care 236036 0 28052 0 2286 0 30000 0 11870 0 308244 0 0 0 Erik Mothersbaugh OD Dean for Student Affairs 206641 0 23785 0 162 0 22500 0 10570 0 263658 0 0 0 Zhiyong Daniel Ren Chief Operating Officer at IEI 206534 0 27685 0 270 0 21600 0 0 0 256089 0 0 0 Yi Pang OD Professor of Optometry 206055 0 2500 0 414 0 22500 0 42239 0 273708 0 0 0 Michael Chaglasian OD Professor of Optometry 179901 0 1500 0 1188 0 30000 0 39242 0 251831 0 0 0 Anne Rozwat OD Professor of Optometry 185702 0 2000 0 774 0 14400 0 36989 0 239865 0 0 0 Daniel Roberts OD Professor of Optometry 178053 0 2500 0 1188 0 30000 0 43239 0 254980 0 0 0 Geoffrey Goodfellow OD Professor of Optometry 177559 0 2000 0 270 0 0 0 42239 0 222068 0 0 0 Schedule J, Part I, Line 7 Non-fixed payments DISCRETIONARY BONUSES ARE DETERMINED AT THE VP LEVEL. THEY ARE REVIEWED BY THE PRESIDENT AND CFO BASED ON MERIT/PERFORMANCE. A ILLINOIS FINANCE AUTHORITY 861091967 000000000 2013-08-15 40665000 CURRENT REFUND OF 1998 ISSUE. false false false A 21745000 0 40665000 0 0 0 512497 0 0 0 40152503 0 2013 true false true true A false false false false 0.0 0.0 0.0 false false true A false false false true true false false false true A true Schedule K, Part IV, Line 7 written procedures under IRC Section 148 All proceeds of the 2013 Illinois Finance Authority Revenue Refund Bonds, issued August 15, 2013, were deposited in the Debt Service Fund, a bona fide debt service fund, and the Bond Proceeds Fund, by September 10, 2013. Consequently, the Illinois College of Optometry follows the written procedures outlined in the Loan and Tax Agreements with the Illinois Finance Authority and BNY Mellon Trust Company regarding IRC Section 148. Schedule K, Part IV, Line 2c COLUMN A Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 08/14/2023 Form 990, Part III, Line 4d Description of other program services (Expenses $ 0 including grants of $ 0)(Revenue $ 208,309) THE ORGANIZATION RECEIVES OTHER PROGRAM SERVICE REVENUE RELATED TO ITS BOOKSTORE, FACULTY RESEARCH, STUDENT LOANS AND ADMINISTRATION OF ILLINOIS EYE INSTITUTE. Form 990, Part VI, Line 15b COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES The last salary comparison for officers and key employees occurred in FY2022. There were no new hires in FY2024 of officers or key employees and therefore a comparison study was not conducted. The VP of Human Resources and the CFO does review overall compensation and compares ICO's numbers to those of other Optometric Colleges each year during the budgeting process. This is done using information on their respective 990's and concurrently, salaries of their officers and key employees are also reviewed against those of ICO. Form 990, Part VI, Line 15a PROCESS TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL ON AN ANNUAL BASIS, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES PERFORMS A PERFORMANCE REVIEW OF THE PRESIDENT. COMPARABILITY DATA IS USED AND ANY RECOMMENDATIONS FOR INCREASES ARE FORWARDED TO 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 1a Delegate broad authority to a committee There shall be an executive committee of the board which shall have such number of members, not less than six, as the board shall determine. The chairman, vice chairman, secretary and treasurer shall be members of the executive committee. The board of trustees shall elect the remaining members of the executive committee. During the intervals between meetings of the board of trustees and subject to such limitations as may be required by law or by resolution of the board of trustees, the executive committee shall have and may exercise all of the authority of the board of trustees in the management of the college. The executive committee may also from time to time formulate and recommend to the board of trustees for approval, general policies regarding management of the affairs of the college. A majority of the executive committee shall constitute a quorum. The chairman of the board of trustees shall be chairman of the executive committee and is authorized to convene a meeting upon notice in any form at any time. Meetings of the executive committee, which are not called by the chairman, shall be called at the request of any member of the executive committee other than the chairman, and shall be held upon not less than three daysice given in any form, either written or oral. Executive committee action shall require a minimum of three votes. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons LEONARD MESSNER AND STEPHANIE MESSNER - Family relationship, ZHIYONG (DANIEL) REN AND YI PANG - 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 provided 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 ON AN ANNUAL BASIS, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES PERFORMS A PERFORMANCE REVIEW OF THE PRESIDENT. COMPARABILITY DATA IS USED AND ANY RECOMMENDATIONS FOR INCREASES ARE FORWARDED TO 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 Tracy Matchinski is compensated as a Professor of Optometry and not a Board Member. Additionally, Osvaldo Lopez, MD received compensation but not for services rendered as a trustee of ICO. ILLINOIS EYE INSTITUTE FOUNDATION 3241 S MICHIGAN AVENUE CHICAGO IL 60616 264194132 DORMANT FY20 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