2026-04-14T15:18:24+00:00 2025-05-31 350921680 CROWE LLP 701 13th St NW Suite 852 Washington DC 20005 990 2024-06-01 362170136 Illinois Institute of Technology ILLI 3125673332 10 W 35th Street 8th Floor CHICAGO IL 60616 Stephanie Carr Associate Controller 3125673332 2026-04-14 true STEVE LENIVY P01635350 2026245555 2026-04-14 2024 2025-03-06 01:10:19Z X Raj Echambadi SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 573853831 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. 65 63 3798 270 43660 0 95375804 104108443 347523315 339764513 65596 3790181 1047468 878791 444012183 448541928 158523565 153562608 0 156082410 166868045 204680 196333 9281885 127641220 137632933 442451875 458259919 1560308 -9717991 724517274 833343232 293568354 400037523 430948920 433305709 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 261667565 153562608 255360877 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. (SEE SCHEDULE O) 78425206 0 51667638 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. (SEE SCHEUDLE O) 28893265 0 8010703 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. 15924762 0 17017965 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. 6534000 0 7482940 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. 22458762 24500905 391444798 true true false true false false false false false true true true 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 7230 0 true 3798 true true true true IN false false false true true false false false false false false X 65 63 true false false false false false false true true false false false true true true true true true true true false false MD SC X Stephanie Carr 3125673332 10 W 35th Street 8th Floor 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 803978 0 61359 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 Alan W Wendorf Trustee 1.0 0.0 X 0 0 0 Amanda Lannert Trustee 1.0 0.0 X 0 0 0 Andrea L Berry Trustee 1.0 0.0 X 0 0 0 Anita M Nagler Trustee 1.0 0.0 X 0 0 0 Brian C Walker Trustee 1.0 0.0 X 0 0 0 Bruce C Liimatainen Trustee 1.0 0.0 X 0 0 0 Carl S Spetzler Trustee 1.0 0.0 X 0 0 0 Carole Browe Segal Trustee 1.0 0.0 X 0 0 0 Carson Block Trustee (Through 10/17/2024) 1.0 0.0 X 0 0 0 Cheryl Hyman Trustee 1.0 0.0 X 0 0 0 Craig J Duchossois Trustee 1.0 0.0 X 0 0 0 Daniel R Ephraim Trustee 1.0 0.0 X 0 0 0 David L Crowell Trustee 1.0 0.0 X 0 0 0 Douglas M Monieson Trustee 1.0 0.0 X 0 0 0 Ed Kaplan Trustee 1.0 0.0 X 0 0 0 Efthimios J Stojka Trustee 1.0 0.0 X 0 0 0 Eric Vassilatos Trustee (Through 10/17/2024) 1.0 0.0 X 0 0 0 Frank Clark III Trustee 1.0 0.0 X 0 0 0 Harold Singleton III Trustee 1.0 0.0 X 0 0 0 Hazem Dawani Trustee 1.0 0.0 X 0 0 0 Indira Saladi Trustee (As of 10/17/24) 1.0 0.0 X 0 0 0 James Dugan Trustee 1.0 0.0 X 0 0 0 James E Cowie Trustee 1.0 0.0 X 0 0 0 James Gagnard Trustee 1.0 0.0 X 0 0 0 Jamshyd N Godrej Trustee 1.0 0.0 X 0 0 0 Jenny Niemann Trustee 1.0 0.0 X 0 0 0 Jimmy A Akintonde Trustee 1.0 0.0 X 0 0 0 Joel D Krauss Trustee 1.0 0.0 X 0 0 0 John C Walden Trustee 1.0 0.0 X 0 0 0 John G Olin Trustee 1.0 0.0 X 0 0 0 John Krenhbiel Jr Trustee 1.0 0.0 X 0 0 0 John P Calamos Sr Trustee 1.0 0.0 X 0 0 0 Kaarina Koskenalusta Trustee 1.0 0.0 X 0 0 0 Karen Klein Trustee (Through 2/28/2025) 1.0 0.0 X 0 0 0 Kathleen Brandenburg Trustee 1.0 0.0 X 0 0 0 Marc R Hannah Trustee 1.0 0.0 X 0 0 0 Mark P Sexton Trustee 1.0 0.0 X 0 0 0 Mark Wallace Trustee 1.0 0.0 X 0 0 0 Martin C Jischke Trustee 1.0 0.0 X 0 0 0 Martin Cooper Trustee 1.0 0.0 X 0 0 0 Mayari Pritzker Trustee 1.0 0.0 X 0 0 0 Melvin Flowers Trustee 1.0 0.0 X 0 0 0 Michael J Graff Trustee 1.0 0.0 X 0 0 0 Michael Palumbo Trustee 1.0 0.0 X 0 0 0 Norbert O Kaiser Trustee 1.0 0.0 X 0 0 0 Patricia M Rios-Haniger 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 S Christopher Gladwin Trustee 1.0 0.0 X 0 0 0 Stacey M Kacek 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 Trustee 1.0 0.0 X 0 0 0 Victoria L Noonan Trustee 1.0 0.0 X 0 0 0 Amit Thomas VP for Human Resources and Talent Management 38.8 0.0 X 205847 0 10592 Edwin Watts VP of Administration 38.8 0.0 X 306420 0 33195 Jeremy Fine VP of Finance, CFO, and Treasurer 38.8 0.0 X 142603 0 12629 Jess Goode Vice President, Extn'l Affairs 38.8 0.0 X 244218 0 12197 Mallik Sundharam VP Enroll Mgmt Stud Affrs 38.8 0.0 X 427000 0 51443 Michele Finn Deputy Chief Financial Officer 38.8 0.0 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Mohammad Shahidehpour Distinguished Bodine Professor 38.8 0.0 X 427878 0 30774 Siva Balasubramanian Harold L. Stuart Endowed Chair 38.8 0.0 X 361830 0 15081 Alan Cramb Distinguished Professor/FORMER OFFICER 38.8 0.0 X 176303 0 17496 Angela Manning-Hardimon VP FINANCE /CFO/Former Officer 38.8 0.0 X 125664 0 10103 Harold Krent Professor of Law/FORMER KEY EMPLOYEE 38.8 0.0 X 301421 0 35724 Liad Wagman Dean, Endow Chair, Prof of Econ/Former Key Employee 38.8 0.0 X 194160 0 10808 Michael Gosz Vice President for Data Analytics/Former Officer 38.8 0.0 X 266620 0 31974 Michelangelo Sabatino Professor/FORMER KEY EMPLOYEE 38.8 0.0 X 296802 0 35073 Natacha DePaola Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE 38.8 0.0 X 284380 0 45163 9142477 0 889177 401 true true false Compass Group USA Inc 2400 Yorkmont Road Charlotte NC 28217 Food Service Provider 6958071 GCA Services Group 3060 Solutions Center Chicago IL 60677 Janitorial Services 4037395 SOS Security LLC 8750 W Bryn Mawr Ave Suite 1000 Chicago IL 60631 Security Service 2660230 Ventas Inc 353 N Clark Street Suite 3300 Chicago IL 60654 Real Estate Rental Services 1839474 Perfect Search Media Corp 1658 N Milwaukee Ave 100 Suite 7522 Chicago IL 60647 Media Advertising 1809142 118 419820 58534074 45154549 15972471 104108443 Tuition and Fees 611310 310717841 310717841 Sales/Services of Auxiliary Enterprises 722320 16893427 16669037 224390 Student Services 611710 13549648 13549648 Equity interest on IITRI 541700 -1396403 -1396403 0 0 0 0 339764513 1496905 -180730 1677635 1095480 90612 1004868 0 1004868 1004868 127354000 124972682 88042 2381318 -88042 2293276 2293276 34490 419820 160567 -126077 -126077 0 0 0 0 0 448541928 339540123 43660 4849702 153562608 153562608 9001946 2897428 3450080 2654438 127729208 108088695 15271070 4369443 488801 347049 122200 19552 21790625 15598985 5322405 869235 7857465 5578800 1964366 314299 919851 182981 736870 345226 2750 342476 161824 161824 196333 196333 16303 16303 22506750 16835764 5670986 0 2141919 2141919 32172212 31039701 1132511 2533990 335070 2198920 37482127 28675357 8806770 3195605 2015279 321741 858585 3148434 2601428 547006 9553000 6530000 3023000 21880000 14955000 6925000 1575692 55984 1519708 0 0 0 0 458259919 391444798 57533236 9281885 4928302 5646448 9291691 25663595 24166254 16751290 17992598 15026546 0 0 0 0 2757335 2534180 5512764 6234089 704696776 383568116 312648236 321128660 256082730 107251866 10570000 178223000 29949266 28552863 50618098 126330695 724517274 833343232 40087695 33317352 15521224 13756888 142680000 302985000 20000000 10000000 44725000 781935 30554435 39196348 293568354 400037523 X 145970220 146590057 284978700 286715652 430948920 433305709 724517274 833343232 X -9717991 13577442 -1502662 X false true true true true X 76594323 72024658 64559163 95375804 104108443 412662391 0 0 76594323 72024658 64559163 95375804 104108443 412662391 36595805 376066586 3324068 4611252 2386143 2932942 2772971 16027376 0 0 0 0 0 0 0 0 25988 21400 34490 81878 428771645 1548334600 0.87708 0.85831 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - GROSS INCOME FROM FUNDRAISING EVENTS, COLUMN A - 0.0, COLUMN B - 0.0, COLUMN C - 25988.0, COLUMN D - 21400.0, COLUMN E - 34490.0, COLUMN F - 81878.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 161824 false false 161824 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 FAEGRE DRINKER & BIDDLE FOR DEVELOPMENT OF LEGISLATIVE STRATEGY FOR CONGRESS AND RELEVANT FEDERAL 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. 273884501 25740000 17548000 14091256 12760000 290321245 258798501 16195000 27038000 15681355 12465645 273884501 293977501 3786000 -4343000 15150136 19471864 258798501 304324501 9252000 -7375000 6702851 5521149 293977501 255962501 7573000 62334000 6550000 14995000 304324501 0.22 0.78 0.0 false false 19190116 19190116 551542755 311507968 240034787 27977592 7818084 20159508 98087899 64242064 33845835 7898414 7898414 321128660 Closely-held equity interests Financial derivatives Private Equity F Domestic equities 24522000 F Global equities 49005000 Alternative funds 41143000 Private equity and venture 63553000 178223000 Beneficial interest on perpetual trust 26613537 Other receivables 22077190 Bond Proceeds and Related Held by Trustee 77639968 126330695 Federal Income Taxes Advances from U.S. Government for student loans 884597 Obligation under split interest 600674 Deposits by students & others 3068597 Postretirement benefit obligation 746898 Asset retirement obligation 273057 Lease liability 21949317 Bond Premium Payable 6863414 Cost of Issuance -4856646 Deferred revenue from Cogen agreement 16610440 Bond discount -6944000 39196348 X 0 0 0 0 0 0 0 0 0 0 0 0 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 it is 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, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the 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 2023. 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 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. 277960 South America 0 1 Program Services STUDENT RECRUITING. 46708 Central America and the Caribbean 0 0 Investments 97634000 East Asia and the Pacific 0 4 Program Services STUDENT RECRUITING AND ON-LINE MAS DEGREE PROGRAM. 45500 South Asia 3 3 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 117381 3 10 0 0 3 10 98121549 0 98121549 true false true true true 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 Schedule F, Part V DESCRIPTION OF ACTIVITY OUTSIDE UNITED STATES EUROPE/SOUTH AMERICA: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF EUROPEAN AND LATIN AMERICAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. SOUTH ASIA: TO FACILITATE IIT'S ABILITY TO DELIVER LONG DISTANCE INTERNET-BASED EDUCATIONAL PROGRAMS TO RESIDENTS OF VARIOUS CITIES IN INDIA AND THE RECRUITMENT OF INDIAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. EAST ASIA AND PACIFIC: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF STUDENTS FROM EAST ASIA AND THE PACIFIC TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. IIT IS ALSO OFFERING ONLINE MAS DEGREES TO STUDENTS IN THIS REGION. X X X X X X true ORR Group Inc 3000 K Steet E280 Washington DC 20007 Planned giving marketing, solicitation, and stewardship. false 0 304070 -304070 Givzey Inc 321 Walnut Street 348 Newton MA 02460 Fully Autonomous Frontline Fundraiser, powered by AI false 18945 70000 -51055 18945 374070 -355125 CT FL MD OR SC MCHAP America's Prize Benefit 454310 419820 34490 15381 66445 56141 22600 0 0 454310 419820 34490 15381 66445 56141 22600 160567 -126077 Schedule G, Part I, Line 2b(v) Amounts paid to fundraiser 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. ORR GROUP, INC.-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.;GIVZEY INC.-A SIMPLE-TO-USE PLATFORM THAT STREAMLINES AND SCALES MULTI-YEAR GIVING AND ONE-TIME GIFTS AT EVERY LEVEL TO ACCELERATE THE FUNDRAISING TEAM AND IMPROVE THE DONOR EXPERIENCE.; Schedule G, Part I, Line 2b(v) payment of fees or payment of expenses ORR GROUP, INC.-PAYMENT OF FEES.;GIVZEY INC.-PAYMENT OF FEES.; true SCHOLARSHIPS 8247 153562608 0 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 778656 0 0 0 25322 0 31050 0 30309 0 865337 0 0 0 Alan Cramb Distinguished Professor/FORMER OFFICER 155875 0 0 0 20428 0 3895 0 13601 0 193799 0 0 0 Michael Gosz Vice President for Data Analytics/Former Officer 264516 0 0 0 2104 0 12664 0 19310 0 298594 0 0 0 Angela Manning-Hardimon VP FINANCE /CFO/Former Officer 124890 0 0 0 774 0 0 0 10103 0 135767 0 0 0 Jeremy Fine VP of Finance, CFO, and Treasurer 142085 0 0 0 518 0 0 0 12629 0 155232 0 0 0 Jess Goode Vice President, Extn'l Affairs 232790 0 0 0 11428 0 12197 0 0 0 256415 0 0 0 Walter Hazlitt General Counsel 255970 0 0 0 2322 0 13552 0 30309 0 302153 0 0 0 Norma Scagnoli Chief Learning and Innovation Officer 217484 0 0 0 3168 0 11293 0 20401 0 252346 0 0 0 Mallik Sundharam VP Enroll Mgmt Stud Affrs 403460 0 0 0 23540 0 23677 0 27766 0 478443 0 0 0 Amit Thomas VP for Human Resources and Talent Management 205458 0 0 0 389 0 10592 0 0 0 216439 0 0 0 Sejal Vaishnav Chief Information Officer 271000 0 0 0 787 0 14956 0 0 0 286743 0 0 0 Edwin Watts VP of Administration 300316 0 0 0 6104 0 15454 0 17741 0 339615 0 0 0 Natacha DePaola Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE 280816 0 0 0 3564 0 15081 0 30082 0 329543 0 0 0 Harold Krent Professor of Law/FORMER KEY EMPLOYEE 273133 0 0 0 28288 0 16030 0 19694 0 337145 0 0 0 Michelangelo Sabatino Professor/FORMER KEY EMPLOYEE 294480 0 0 0 2322 0 15763 0 19310 0 331875 0 0 0 Liad Wagman Dean, Endow Chair, Prof of Econ/Former Key Employee 167933 0 26002 0 225 0 0 0 10808 0 204968 0 0 0 Jennifer deWinter Dean/Prof Lewis College Science 354801 0 0 0 810 0 18711 0 1599 0 375921 0 0 0 M Krishna Erramilli Associate Dean and Professor 324644 0 42338 0 6365 0 15787 0 29419 0 418553 0 0 0 Lance Fortnow Professor and Dean COS 381275 0 50000 0 3564 0 20767 0 23030 0 478636 0 0 0 Reed Kroloff Dean-Architecture, Rowe Chair 302456 0 0 0 26564 0 17440 0 9362 0 355822 0 0 0 Anita Krug Dean and Professor of Law 357876 0 50000 0 2322 0 19499 0 18676 0 448373 0 0 0 Anijo Mathew Dean, Institute of Design 294268 0 0 0 810 0 15881 0 28483 0 339442 0 0 0 Louis Cattafesta III Dean of the Armor College of Engineering 303634 0 23965 0 3564 0 15098 0 20401 0 366662 0 0 0 Hamid Arastoopour Director, WISER/Professor 349902 0 0 0 29641 0 19139 0 20401 0 419083 0 0 0 Siva Balasubramanian Harold L. Stuart Endowed Chair 308392 0 25500 0 27938 0 15081 0 0 0 376911 0 0 0 Kenneth Christensen Provost, SVP Academic Affairs 469856 0 0 0 15242 0 27675 0 30309 0 543082 0 0 0 Mohammad Shahidehpour Distinguished Bodine Professor 421020 0 0 0 6858 0 20631 0 10143 0 458652 0 0 0 Beth Campbell Associate VP, Principal Gifts 336618 0 0 0 2322 0 17216 0 9362 0 365518 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 to a business. The membership is a working condition fringe benefit that satisfies a business purpose under the accountable plan rule. A 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 B ILLINOIS FINANCE AUTHORITY 861091967 45204FN27 2025-05-21 122335872 Refund prior bonds, Refinance taxable debt, Finance capital improvements false false false A 14930000 0 138525900 0 0 0 1519760 0 0 0 137006140 0 2020 true false true true B 0 0 122335872 12233587 0 0 2216776 0 0 78459085 29426424 0 true true false true A false false false false false false 0.0 0.0 0.0 false false 0 false true B false false false false false false 0.0 0.0 0.0 false false 0 false true A false false false true false false 0 false false false 0 false false true B false true false false false false 0 false false false 0 false false true A true B 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 02/02/2021 MICHAEL P GALVIN BOARD CHAIR To support the academic mission of the University. X 10000000 10000000 false true true 10000000 Collegis Education Trustee James Cowie has an equity interest in Collegis Education 1139279 Developer of on-line courses false Schedule L, Part II LOANS TO AND/OR FROM INTERESTED PERSONS IN DECEMBER 2022, THE UNIVERSITY ENTERED INTO A SUBORDINATED PROMISSORY NOTE AGREEMENTS TOTALING $10,000,000 WITH A BOARD CHAIR'S AFFILIATED ORGANIZATION. THE NOTE ACCRUES 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. 77 15698841 Market value X Supplies, equipment and services for school and office - 14 21690 Market value X Travel and entertainment costs for donors and board meetings - 31 251940 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - 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 Form 990, Part III, Line 4a PROGRAM SERVICE DESCRIPTION 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 7,500 students, including 3,190 undergraduates, 2,389 graduate, 888 law, 1,032 business, and many students in certificate/non-degree or continuing education programs. The University offered and awarded 613 Bachelor, 2,543 Master, 229 J.D., and 60 Ph.D. degrees during the 2025 academic year. Form 990, Part III, Line 4b PROGRAM SERVICE DESCRIPTION Research awards received in fiscal year 2025 were $52.1 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 16 awards totaling $4.7 million and the Computer Science Department also received 25 awards for $6.9 million. The Biomedical Engineering Department received 17 awards for $3.5 million, Mechanical Material and Aerospace Engineering 45 awards totaling $6.5 million, Physics Department 38 awards totaling $2.8 million, and the Department of Psychology 23 awards for $5.2 million. In addition, the National Center for Food Safety and Technology received 1 award totaling $3.8 million and the Biology Department was granted 17 awards for $4.8 million. Form 990, Part III, Line 4a-4c Description of program services (Expenses $ 15,924,762 including grants of $ 0)(Revenue $ 17,017,965) 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. Form 990, Part III, Line 4a-4c Description of program services (Expenses $ 6,534,000 including grants of $ 0)(Revenue $ 7,482,940) 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 Patrick J. Kelly 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 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY 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 (ACTING FOR THE FULL BOARD OF TRUSTEES) FOR REVIEW. WHEN THIS REVIEW IS COMPLETED, IT IS PUT ON A TRUSTEE WEBSITE GIVING ALL THE TRUSTEES THE OPPORTUNITY TO REVIEW. ONCE ALL REVIEWS ARE COMPLETED, MANAGEMENT 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 2025. 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. This process was last undertaken in fiscal year 2025. 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 UNREAL. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST - 1358737; Asset Retmt. Obligation Accretion - 254058; Restructuring Expense - -3150211; Other - 34754; Total - -1502662; 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 12852 1 true true false false false false false false false false true false true false true false true true false false IIT RESEARCH INSTITUTE A 179011 FMV IIT RESEARCH INSTITUTE Q 1748105 FMV IIT (INDIA) PRIVATE LTD P 422406 FMV