Form990


Department of the TreasuryInternal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
A For the 2023 calendar year, or tax year beginning 06-01-2023 , and ending 05-31-2024
BCheck if applicable:
CName of organization
Illinois Institute of Technology
 
 
Doing business as
 
 
Number and street (or P.O. box if mail is not delivered to street address)
3424 SOUTH STATE STREET TC-4 FL
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60616
D Employer identification number

36-2170136
E Telephone number

G Gross receipts $ 651,551,108
F Name and address of principal officer:
Raj Echambadi
SUITE 1900 10 W 35TH STREET
CHICAGO,IL60616
I
Tax-exempt status: (   ) (insert no.) or
J
Website:
WWW.IIT.EDU
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. See instructions.
H(c)
Group exemption number  
K Form of organization:  
L Year of formation: 1940
M State of legal domicile: IL
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION.
2 Check this box
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 66
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 61
5 Total number of individuals employed in calendar year 2023 (Part V, line 2a) ...... 5 3,840
6 Total number of volunteers (estimate if necessary) ............. 6 110
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 82,550
b Net unrelated business taxable income from Form 990-T, Part I, line 11 ......... 7b 0
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 64,715,384 95,375,804
9 Program service revenue (Part VIII, line 2g) ......... 296,928,727 347,523,315
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 2,084,727 65,596
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 754,227 1,047,468
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 364,483,065 444,012,183
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 139,862,832 158,523,565
14 Benefits paid to or for members (Part IX, column (A), line 4).....   0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 157,462,334 156,082,410
16a Professional fundraising fees (Part IX, column (A), line 11e) ..... 386,647 204,680
b Total fundraising expenses (Part IX, column (D), line 25) 10,303,395    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 121,976,899 127,641,220
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 419,688,712 442,451,875
19 Revenue less expenses. Subtract line 18 from line 12....... -55,205,647 1,560,308
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 706,468,476 724,517,274
21 Total liabilities (Part X, line 26)............. 303,549,283 293,568,354
22 Net assets or fund balances. Subtract line 21 from line 20..... 402,919,193 430,948,920
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
Signature of officer Date
Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
PTIN
Firm's name

Firm's EIN
Firm's address



Phone no.
May the IRS discuss this return with the preparer shown above? See Instructions. ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2023)
Form 990 (2023)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response or note to any line in this Part III..............
1
Briefly describe the organization’s mission: TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION.
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? .....................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ...........................
If "Yes," describe these changes on Schedule O.
4
Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 269,209,099 including grants of $ 158,523,565 ) (Revenue $ 261,841,559 )
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 8,600 students, including 3,316 undergraduates, 4,272 graduate, 710 law, and 267 students in certificate/non-degree or continuing education programs. The University offered and awarded 597 bachelor, 1,730 master, 235 J.D., and 77 Ph.D. degrees during the 2024 academic year.
4b (Code:   ) (Expenses $ 55,715,108 including grants of $   ) (Revenue $ 49,269,896 )
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 2024 were $50.2 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 22 awards totaling $2.3 million and the Computer Science Department also received 36 awards for $4.1 million. The Biomedical Engineering Department received 16 awards for $1.7 million, Mechanical Material and Aerospace Engineering 45 awards totaling $7.2 million, Physics Department 35 awards totaling $3.8 million and the Department of Psychology 11 awards for $2.4 million. In addition, the National Center for Food Safety and Technology received 14 awards totaling $3.3 million and the Biology Department was granted 14 awards for $3.1 million.
4c (Code:   ) (Expenses $ 20,153,366 including grants of $   ) (Revenue $ 6,597,848 )
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.
(Code:   ) (Expenses $ 19,295,178 including grants of $   ) (Revenue $ 18,789,213 )
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.
(Code:   ) (Expenses $ 9,880,584 including grants of $   ) (Revenue $ 11,024,799 )
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.
4d Other program services (Describe in Schedule O.)
(Expenses $ 29,175,762 including grants of $   ) (Revenue $ 29,814,012 )
4e Total program service expenses374,253,335
Form 990 (2023)
Form 990 (2023)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule AClick to see attachment
List of Attached Documents:
// Content
.....................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. Click to see attachment
List of Attached Documents:
// Content
...
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I.............
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part IIClick to see attachment
List of Attached Documents:
// Content
.........
4
Yes
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III..
5
 
 
6
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I.........................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II....
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III..............
8
 
No
9
Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV..............
9
 
No
10
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part VClick to see attachment
List of Attached Documents:
// Content
......
10
Yes
 
11
If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.
a
Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment
List of Attached Documents:
// Content
...................
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII.......
11b
 
No
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII.......
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IXClick to see attachment
List of Attached Documents:
// Content
............
11d
Yes
 
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part XClick to see attachment
List of Attached Documents:
// Content
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII......................
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment
List of Attached Documents:
// Content
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule EClick to see attachment
List of Attached Documents:
// Content
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States? .....
14a
Yes
 
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV.........Click to see attachment
List of Attached Documents:
// Content
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV.....
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV...
16
 
No
17
Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. ....Click to see attachment
List of Attached Documents:
// Content
17
Yes
 
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............ Click to see attachment
List of Attached Documents:
// Content
18
Yes
 
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.....
21
 
No
Form 990 (2023)
Form 990 (2023)
Page 4
Part IV
Checklist of Required Schedules (continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........Click to see attachment
List of Attached Documents:
// Content
22
Yes
 
23
Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment
List of Attached Documents:
// Content
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a...............Click to see attachment
List of Attached Documents:
// Content
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
No
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............
24c
 
No
d
Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I ....
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I.......................
25b
 
No
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part IIClick to see attachment
List of Attached Documents:
// Content
...........
26
Yes
 
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L, Part III.........................
27
 
No
28
Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................
28a
 
No
b
A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....
28b
 
No
c
A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV..................... Click to see attachment
List of Attached Documents:
// Content
28c
Yes
 
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..Click to see attachment
List of Attached Documents:
// Content
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................Click to see attachment
List of Attached Documents:
// Content
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1.........................Click to see attachment
List of Attached Documents:
// Content
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
 
b
If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ...Click to see attachment
List of Attached Documents:
// Content
35b
Yes
 
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............
36
 
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI
37
 
No
38
Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........
Yes
No
1a
Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..
1a
6,851
b
Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
Form 990 (2023)
Form 990 (2023)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................
2a
3,840
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..
4a
Yes
 
b
If "Yes," enter the name of the foreign country: IN
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...
6a
 
No
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................
7a
Yes
 
b
If "Yes," did the organization notify the donor of the value of the goods or services provided? .....
7b
Yes
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................
7c
 
No
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................
7h
 
 
8
Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?........
9a
 
 
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.
13a
 
 
b
Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....
13b
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
 
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.
15
 
No
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.
16
 
No
17
Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.
17
 
 
Form 990 (2023)
Form 990 (2023)
Page 6
Part VI
Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response or note to any line in this Part VI..............
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
66
If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
61
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .
4
Yes
 
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
 
No
7a
Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................
7a
 
No
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .......................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?
10b
 
 
11a
Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................
11a
Yes
 
b
Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....
12a
Did the organization have a written conflict of interest policy? If "No," go to line 13.......
12a
Yes
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
Yes
 
c
Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................
12c
Yes
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
 
Section C. Disclosure
17
List the states with which a copy of this Form 990 is required to be filed
MD , SC
18
Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
Stephanie Carr3424 SOUTH STATE STREET TC-4TH FL   CHICAGO,IL60616 (312) 567-3332
Form 990 (2023)
Form 990 (2023)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response or note to any line in this Part VII..............
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.
Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) Ellen M Jordan......................................................................
Vice Chair
 1.0
.................
0.0 		X   X       0 0 0
(2) Michael P Galvin......................................................................
Chairman of the Board
 1.0
.................
0.0 		X   X       0 0 0
(3) Raj Echambadi......................................................................
President
 38.8
.................
1.0 		X   X       805,255 0 50,576
(4) Thomas E Lanctot......................................................................
Vice Chair
 1.0
.................
0.0 		X   X       0 0 0
(5) Adrian Nemcek......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(6) Alan W Wendorf......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(7) Amanda Lannert......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(8) Andrea L Berry......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(9) Anita M Nagler......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(10) Brian C Walker......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(11) Bruce C Liimatainen......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(12) Bryan R Dunn......................................................................
Partial Year Trustee
 1.0
.................
0.0 		X           0 0 0
(13) Carl S Spetzler......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(14) Carole Browe Segal......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(15) Carson Block......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
(16) Carter H Eckert......................................................................
Partial Year Trustee
 1.0
.................
0.0 		X           0 0 0
(17) Cheryl Hyman......................................................................
Trustee
 1.0
.................
0.0 		X           0 0 0
Form 990 (2023)
Form 990 (2023)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and title 		(B)
Average hours per week (list any hours for related organizations below dotted line) 		(C)
Position (do not check more than one box, unless person is both an officer and a director/trustee) 		(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC) 		(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) Craig J Duchossois........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(19) Daniel R Ephraim........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(20) David L Crowell........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(21) Douglas M Monieson........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(22) Edward L Kaplan........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(23) Efthimios J Stojka........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(24) Eric C Larson........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(25) Eric G Vassilatos........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(26) Frank Clark III........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(27) Harold Singleton III........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(28) Hazem Dawani........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(29) James Dugan........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(30) James E Cowie........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(31) James Gagnard........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(32) Jamshyd N Godrej........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(33) Jenny Niemann........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(34) Jimmy A Akintonde........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(35) Joel D Krauss........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(36) John C Walden........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(37) John G Olin........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(38) John Krenhbiel Jr........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(39) John P Calamos Sr........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(40) Kaarina Koskenalusta........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(41) Karen R Klein........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(42) Kathleen Brandenburg........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(43) Kevin W Willer........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(44) Marc R Hannah........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(45) Mark P Sexton........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(46) Mark Wallace........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(47) Martin C Jischke........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(48) Martin Cooper........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(49) Mayari Pritzker........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(50) Melvin Flowers........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(51) Michael J Graff........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(52) Michael Palumbo........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(53) Norbert O Kaiser........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(54) Patricia M Rios-Haniger........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(55) Patrick J Kelly........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(56) Peter M Kelly III........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(57) Ralph Wanger........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(58) Richard Neil Levy........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(59) Robert A Cornog........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(60) Robert D Hoel........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(61) Robert J Potter........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(62) Robert J Washlow........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(63) Robert Surrette........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(64) Rohit Prasad........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(65) Rosemarie Mitchell........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(66) S Christopher Gladwin........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(67) Stacey M Kacek........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(68) Stephen C Urrutia........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(69) Stephen p Keogh........................................................................
Partial Year Trustee
 1.0
.......................0.0 		X           0 0 0
(70) Ted Koenig........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(71) Thomas Roszak........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(72) Victor A Morgenstern........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(73) Victor Tsao........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(74) Victoria L Noonan........................................................................
Trustee
 1.0
.......................0.0 		X           0 0 0
(75) Angela Manning-Hardimon........................................................................
VP Finance /CFO
 38.8
.......................1.0 		    X       305,669 0 26,095
(76) Beth Campbell........................................................................
Interim VP of Advancement
 38.8
.......................0.0 		    X       262,938 0 15,418
(77) Edwin Watts........................................................................
VP of Administration
 38.8
.......................0.0 		    X       308,296 0 18,874
(78) Ernest Iseminger........................................................................
Vice President
 38.8
.......................0.0 		    X       527,573 0 25,111
(79) Hilary Hudson Hosek........................................................................
VP & Chief People Officer
 38.8
.......................0.0 		    X       259,274 0 9,248
(80) Jess Goode........................................................................
Vice President, Extn'l Affairs
 38.8
.......................0.0 		    X       243,652 0 7,558
(81) Kenneth Christensen........................................................................
Provost, SVP Academic Affairs
 38.8
.......................1.0 		    X       430,809 0 38,846
(82) Mallik Sundharam........................................................................
VP Enroll Mgmt Stud Affrs
 38.8
.......................0.0 		    X       386,905 0 36,386
(83) Michael Gosz........................................................................
Vice President for Data Analytics
 38.8
.......................0.0 		    X       308,560 0 25,910
(84) Ophir Trigalo........................................................................
Vice Provost, CIO
 38.8
.......................0.0 		    X       484,626 0 22,074
(85) Walter Hazlitt........................................................................
General Counsel
 38.8
.......................1.0 		    X       226,721 0 33,528
(86) Anijo Mathew........................................................................
Dean, Institute of Design
 38.8
.......................0.0 		      X     291,745 0 32,574
(87) Anita Krug........................................................................
Dean and Professor of Law
 38.8
.......................0.0 		      X     362,624 0 27,205
(88) Jennifer deWinter........................................................................
Dean/Prof Lewis College Science
 38.8
.......................0.0 		      X     357,732 0 12,236
(89) Lance Fortnow........................................................................
Professor and Dean COS
 38.8
.......................0.0 		      X     384,723 0 35,563
(90) Liad Wagman........................................................................
Dean, Endow Chair, Prof of Econ.
 38.8
.......................0.0 		      X     432,224 0 33,550
(91) M Krishna Erramilli........................................................................
Interim Dean
 38.8
.......................0.0 		      X     359,388 0 33,344
(92) Reed Kroloff........................................................................
Dean-Architecture, Rowe Chair
 38.8
.......................0.0 		      X     330,705 0 18,015
(93) Brian Schaneberg........................................................................
Executive Director, IFSH
 38.8
.......................0.0 		        X   337,479 0 8,796
(94) Hamid Arastoopour........................................................................
Director, WISER/Professor
 38.8
.......................0.0 		        X   365,788 0 27,683
(95) Jai Prakash........................................................................
Professor
 38.8
.......................0.0 		        X   358,000 0 0
(96) Mohammad Shahidehpour........................................................................
Distinguished Bodine Professor
 38.8
.......................0.0 		        X   424,490 0 20,102
(97) Xian-He Sun........................................................................
Distinguished Professor
 38.8
.......................0.0 		        X   328,061 0 32,260
(98) Alan Cramb........................................................................
Distinguished Professor/FORMER KEY EMPLOYEE
 38.8
.......................0.0 		          X 310,331 0 35,413
(99) Harold Krent........................................................................
Professor of Law/FORMER KEY EMPLOYEE
 38.8
.......................0.0 		          X 303,899 0 26,019
(100) Michelangelo Sabatino........................................................................
Professor/FORMER KEY EMPLOYEE
 38.8
.......................0.0 		          X 292,711 0 25,013
(101) Natacha DePaola........................................................................
Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE
 38.8
.......................0.0 		          X 314,990 0 34,479
1b Sub-Total..............
c Total from continuation sheets to Part VII, Section A..
d Total (add lines 1b and 1c)......... 10,105,168 0 711,876
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 382
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
Compass Group USA Inc

2400 Yorkmont Road
Charlotte,NC28217 		Food Service Provider 7,261,848
GCA Services Group

3060 Solutions Center
Chicago,IL60677 		Janitorial services 4,347,447
Ventas Inc

353 N Clark Street
Chicago,IL60654 		Real estate rental services 2,505,554
SOS Security LLC

8750 W Bryn Mawr Ave
Chicago,IL60631 		Security services 2,466,880
Collegis Education

1415 W 22nd Street
Oak Brook,IL60523 		Technology services 1,183,291
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 98
Form 990 (2023)
Form 990 (2023)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII.............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512 - 514
Contributions, Gifts, Grants, and OtherAmt Similar Amounts 1a Federated campaigns..1a  
b Membership dues..1b  
c Fundraising events..1c 9,050
d Related organizations1d  
e Government grants (contributions)1e 49,427,322
f All other contributions, gifts, grants, and similar amounts not included above1f 45,939,432
g Noncash contributions included in lines 1a - 1f:$ 1g 12,815,440
h Total. Add lines 1a-1f....... 95,375,804
Program Service RevenueAmt Business Code
2a Tuition and Fees 611310 311,513,097 311,513,097    
b Sales/Services of Auxiliary Enterprises 722320 18,797,318 18,554,121 243,197  
c Student Services 611710 15,951,990 15,951,990    
d Equity interest on IITRI 541700 1,260,910 1,260,910    
e
f All other program service revenue. 0 0 0 0
g Total. Add lines 2a–2f ..... 347,523,315
OtherAmtRevenueAmt 3 Investment income (including dividends, interest, and othersimilar amounts) ...... 2,015,772   -160,647 2,176,419
4 Income from investment of tax-exempt bond proceeds        
5 Royalties...........        
(i) Real (ii) Personal
6a Gross rents 6a 1,077,817  
b Less: rental expenses 6b 33,068  
c Rental income or (loss) 6c 1,044,749 0
d Net rental income or (loss)....... 1,044,749     1,044,749
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 7a 205,537,000  
b Less: cost or other basis and sales expenses 7b 207,487,176  
c Gain or (loss) 7c -1,950,176 0
d Net gain or (loss)......... -1,950,176     -1,950,176
8a Gross income from fundraising events (not including $ 9,050of contributions reported on line 1c). See Part IV, line 18 ....
8a 21,400
b Less: direct expenses ... 8b 18,681
c Net income or (loss) from fundraising events.. 2,719   2,719
9a Gross income from gaming activities.
See Part IV, line 19 ...
9a  
b Less: direct expenses ... 9b  
c Net income or (loss) from gaming activities..        
10a Gross sales of inventory, less
returns and allowances ..
10a  
b Less: cost of goods sold .. 10b  
c Net income or (loss) from sales of inventory..        
OtherRevenueMiscAmt
Business Code
11a            
b            
c            
d All other revenue .... 0 0 0 0
e Total. Add lines 11a–11d ...... 0
12 Total revenue. See instructions..... 444,012,183 347,280,118 82,550 1,273,711
Form 990 (2023)
Form 990 (2023)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising
expenses
1 Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....    
2 Grants and other assistance to domestic individuals. See Part IV, line 22 ........... 158,523,565 158,523,565
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............    
4 Benefits paid to or for members .......    
5 Compensation of current officers, directors, trustees, and key employees ........... 7,021,847 2,808,739 2,106,554 2,106,554
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ......... 1,251,702 500,681 375,510 375,511
7 Other salaries and wages........ 126,506,390 105,211,100 16,113,388 5,181,902
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 406,483 265,872 111,376 29,235
9 Other employee benefits ....... 13,102,660 8,570,170 3,590,129 942,361
10 Payroll taxes ........... 7,793,328 5,097,449 2,135,372 560,507
11 Fees for services (non-employees):        
a Management ......        
b Legal ......... 812,159 106,160 705,999  
c Accounting ........... 416,481   416,481  
d Lobbying ........... 117,074   117,074  
e Professional fundraising services. See Part IV, line 17 204,680 204,680
f Investment management fees ...... 930,035   930,035  
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) 22,786,515 15,580,950 7,205,565 0
12 Advertising and promotion .... 2,366,439 1,355,709 1,010,730  
13 Office expenses ....... 30,729,928 30,635,827 70,196 23,905
14 Information technology ...... 3,078,594 28,239 3,050,355  
15 Royalties ..        
16 Occupancy ........... 27,393,205 19,100,411 8,292,794  
17 Travel ............ 3,615,615 2,359,108 382,544 873,963
18 Payments of travel or entertainment expenses for any federal, state, or local public officials .        
19 Conferences, conventions, and meetings .... 3,816,020 3,360,305 450,938 4,777
20 Interest ........... 9,993,080 6,830,310 3,162,770  
21 Payments to affiliates .......        
22 Depreciation, depletion, and amortization .. 20,363,820 13,918,740 6,445,080  
23 Insurance ... 1,222,255   1,222,255  
24 Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a
b
c
d
e All other expenses 0 0 0 0
25 Total functional expenses. Add lines 1 through 24e 442,451,875 374,253,335 57,895,145 10,303,395
26 Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).        
Form 990 (2023)
Form 990 (2023)
Page 11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing ........ 5,087,250 1 4,928,302
2 Savings and temporary cash investments ......... 1,047,000 2 9,291,691
3 Pledges and grants receivable, net ...... 16,981,594 3 24,166,254
4 Accounts receivable, net ............. 14,190,452 4 17,992,598
5 Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
0 5 0
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
0 6 0
7 Notes and loans receivable, net ........... 3,491,956 7 2,757,335
8 Inventories for sale or use ............   8  
9 Prepaid expenses and deferred charges ...... 5,871,227 9 5,512,764
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 674,417,319
b Less: accumulated depreciation 10b 361,769,083 325,479,139 10c 312,648,236
11 Investments—publicly traded securities . 244,046,910 11 256,082,730
12 Investments—other securities. See Part IV, line 11 ..... 12,260,000 12 10,570,000
13 Investments—program-related. See Part IV, line 11 .. 28,688,303 13 29,949,266
14 Intangible assets ...............   14  
15 Other assets. See Part IV, line 11 ........... 49,324,645 15 50,618,098
16 Total assets. Add lines 1 through 15 (must equal line 33)... 706,468,476 16 724,517,274
Liabilities 17 Accounts payable and accrued expenses ..... 37,923,947 17 40,087,695
18 Grants payable ...   18  
19 Deferred revenue ......... 18,899,479 19 15,521,224
20 Tax-exempt bond liabilities ......... 147,756,000 20 142,680,000
21 Escrow or custodial account liability. Complete Part IV of Schedule D   21  
22 Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
20,000,000 22 20,000,000
23 Secured mortgages and notes payable to unrelated third parties .. 44,725,000 23 44,725,000
24 Unsecured notes and loans payable to unrelated third parties ..   24  
25 Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D 34,244,857 25 30,554,435
26 Total liabilities. Add lines 17 through 25.. 303,549,283 26 293,568,354
Net Assets or Fund Balance Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27 Net assets without donor restrictions .......... 140,710,045 27 145,970,220
28 Net assets with donor restrictions ........... 262,209,148 28 284,978,700
Organizations that do not follow FASB ASC 958, check here right arrow and complete lines 29 through 33.
29 Capital stock or trust principal, or current funds .....   29  
30 Paid-in or capital surplus, or land, building or equipment fund ...   30  
31 Retained earnings, endowment, accumulated income, or other funds   31  
32 Total net assets or fund balances ........... 402,919,193 32 430,948,920
33 Total liabilities and net assets/fund balances ........ 706,468,476 33 724,517,274
Form 990 (2023)
Form 990 (2023)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
444,012,183
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
442,451,875
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
1,560,308
4
Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..
4
402,919,193
5
Net unrealized gains (losses) on investments ...............
5
27,262,639
6
Donated services and use of facilities .................
6
 
7
Investment expenses .....................
7
 
8
Prior period adjustments .....................
8
 
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
-793,220
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))
10
430,948,920
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII.............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:
b
Were the organization’s financial statements audited by an independent accountant?
2b
Yes
 
If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:
c
If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?
3a
Yes
 
b
If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.
3b
Yes
 
Form 990 (2023)
Form 990 (2023)
Additional Data


Software ID: 23017437
Software Version: 2023v6.0
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support
Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ.
right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions.
The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)
1
A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).
2
A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)
3
A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).
4
A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

5
An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)
6
A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).
7
An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)
8
A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)
9
An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:
10
An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
11
12
An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.
a
Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.
b
Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.
c
Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.
d
Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.
e
Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.
f
Enter the number of supported organizations ...............................  
g
Provide the following information about the supported organization(s).
(i) Name of supported organization (ii) EIN (iii) Type of organization (described on lines 1- 10 above (see instructions)) (iv) Is the organization listed in your governing document? (v) Amount of monetary support (see instructions) (vi) Amount of other support (see instructions)
Yes No
Total
 
   
For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.
Cat. No. 11285F
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 2
Part II
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) 2023 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") .. 111,293,482 76,594,323 72,024,658 64,559,163 95,375,804 419,847,430
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....           0
3 The value of services or facilities furnished by a governmental unit to the organization without charge..           0
4 Total. Add lines 1 through 3 111,293,482 76,594,323 72,024,658 64,559,163 95,375,804 419,847,430
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) .. 42,420,563
6 Public support. Subtract line 5 from line 4. 377,426,867
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) 2023 (f) Total
7 Amounts from line 4.. 111,293,482 76,594,323 72,024,658 64,559,163 95,375,804 419,847,430
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources... 6,549,097 3,324,068 4,611,252 2,386,143 2,932,942 19,803,502
9 Net income from unrelated business activities, whether or not the business is regularly carried on.. 0 0 0 0 0 0
10 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.).. 32,000 0 0 25,988 21,400 79,388
11 Total support. Add lines 7 through 10 439,730,320
12
12
1,491,385,345
13
First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................right arrow
Section C. Computation of Public Support Percentage
14
14
85.83 %
15
15
86.55 %
16a
33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization .......................right arrow
b
33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow
17a
10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow
b
10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow
18
Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 3
Part III
Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year (or fiscal year beginning in) right arrow (a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) 2023 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose            
3 Gross receipts from activities that are not an unrelated trade or business under section 513 .....            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge            
6 Total. Add lines 1 through 5            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public support. (Subtract line 7c from line 6.)  
Section B. Total Support
Calendar year (or fiscal year beginning in) right arrow (a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) 2023 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..            
13 Total support. (Add lines 9, 10c, 11, and 12.)..            
14
First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
33 1/3% support tests-2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow
b
33 1/3 % support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow
20
Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 4
Part IV
Supporting Organizations
(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)
Section A. All Supporting Organizations
Yes
No
1
Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.
1
 
 
2
Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).
2
 
 
3a
Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.
3a
 
 
b
Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.
3b
 
 
c
Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.
3c
 
 
4a
Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.
4a
 
 
b
Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.
4b
 
 
c
Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.
4c
 
 
5a
Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).
5a
 
 
b
Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?
5b
 
 
c
Substitutions only. Was the substitution the result of an event beyond the organization's control?
5c
 
 
6
Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.
6
 
 
7
Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .
7
 
 
8
Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).
8
 
 
9a
Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.
9a
 
 
b
Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.
9b
 
 
c
Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.
9c
 
 
10a
Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.
10a
 
 
b
Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).
10b
 
 
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 5
Part IV
Supporting Organizations (continued)
Yes
No
11
Has the organization accepted a gift or contribution from any of the following persons?
a
A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?
11a
 
 
b
A family member of a person described on 11a above?
11b
 
 
c
A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.
11c
 
 
Section B. Type I Supporting Organizations
Yes
No
1
Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.
1
 
 
2
Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.
2
 
 
Section C. Type II Supporting Organizations
Yes
No
1
Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).
1
 
 
Section D. All Type III Supporting Organizations
Yes
No
1
Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?
1
 
 
2
Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).
2
 
 
3
By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.
3
 
 
Section E. Type III Functionally-Integrated Supporting Organizations
1
Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):
a
b
c
2
Activities Test. Answer lines 2a and 2b below.
Yes
No
a
Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.
2a
 
 
b
Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.
2b
 
 
3
Parent of Supported Organizations. Answer lines 3a and 3b below.
a
Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.
3a
 
 
b
Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.
3b
 
 
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 6
Part V
Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations
1
Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.
Section A - Adjusted Net Income (A) Prior Year (B) Current Year
(optional)
1 Net short-term capital gain 1    
2 Recoveries of prior-year distributions 2    
3 Other gross income (see instructions) 3    
4 Add lines 1 through 3 4    
5 Depreciation and depletion 5    
6 Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) 6    
7 Other expenses (see instructions) 7    
8 Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) 8    
Section B - Minimum Asset Amount (A) Prior Year (B) Current Year
(optional)
1 Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year): 1
a Average monthly value of securities 1a    
b Average monthly cash balances 1b    
c Fair market value of other non-exempt-use assets 1c    
d Total (add lines 1a, 1b, and 1c) 1d    
e Discount claimed for blockage or other factors
(explain in detail in Part VI):  
2 Acquisition indebtedness applicable to non-exempt use assets 2    
3 Subtract line 2 from line 1d 3    
4 Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions). 4    
5 Net value of non-exempt-use assets (subtract line 4 from line 3) 5    
6 Multiply line 5 by 0.035 6    
7 Recoveries of prior-year distributions 7    
8 Minimum Asset Amount (add line 7 to line 6) 8    
Section C - Distributable Amount Current Year
1 Adjusted net income for prior year (from Section A, line 8, Column A) 1  
2 Enter 85% of line 1 2  
3 Minimum asset amount for prior year (from Section B, line 8, Column A) 3  
4 Enter greater of line 2 or line 3 4  
5 Income tax imposed in prior year 5  
6 Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) 6  
7
Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)
Schedule A (Form 990) 2023

Schedule A (Form 990) 2023
Page 7
Part V
Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)
Section D - Distributions Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes 1  
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in
excess of income from activity 		2  
3 Administrative expenses paid to accomplish exempt purposes of supported organizations 3  
4 Amounts paid to acquire exempt-use assets 4  
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI) 5  
6 Other distributions (describe in Part VI). See instructions 6  
7Total annual distributions. Add lines 1 through 6. 7  
8 Distributions to attentive supported organizations to which the organization is responsive (provide
details in Part VI). See instructions 		8  
9 Distributable amount for 2023 from Section C, line 6 9  
10 Line 8 amount divided by Line 9 amount 10  
Section E - Distribution Allocations (see instructions) (i)
Excess Distributions 		(ii)
Underdistributions
Pre-2023 		(iii)
Distributable
Amount for 2023
1 Distributable amount for 2023 from Section C, line 6  
2 Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI).
See instructions.		  
3 Excess distributions carryover, if any, to 2023:
a From 2018.......  
b From 2019.......  
c From 2020.......  
d From 2021.......  
e From 2022.......  
fTotal of lines 3a through e  
g Applied to underdistributions of prior years  
h Applied to 2023 distributable amount  
i Carryover from 2018 not applied (see
instructions) 		 
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.  
4Distributions for 2023 from Section D, line 7:
$  
a Applied to underdistributions of prior years  
b Applied to 2023 distributable amount  
c Remainder. Subtract lines 4a and 4b from line 4.  
5 Remaining underdistributions for years prior to
2023, if any. Subtract lines 3g and 4a from line 2.
If the amount is greater than zero, explain in Part VI.
See instructions. 		 
6 Remaining underdistributions for 2023. Subtract
lines 3h and 4b from line 1. If the amount is greater
than zero, explain in Part VI. See instructions. 		 
7 Excess distributions carryover to 2024. Add lines
3j and 4c. 		 
8 Breakdown of line 7:
a Excess from 2019.....  
b Excess from 2020.....  
c Excess from 2021.....  
d Excess from 2022.....  
e Excess from 2023.....  
Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023
Page 8
Part VI
Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 


Return Reference Explanation
Schedule A, Part II, Line 10 Other Income DESCRIPTION - GROSS INCOME FROM FUNDRAISING EVENTS, COLUMN A - 32000.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 25988.0, COLUMN E - 21400.0, COLUMN F - 79388.0;
Schedule A (Form 990) 2023


Additional Data


Software ID: 23017437
Software Version: 2023v6.0
Schedule B
(Form 990)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
Illinois Institute of Technology
  		Employer identification number
36-2170136
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
RESTRICTED
 
 
 
 
  ,    

$ RESTRICTED


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
Illinois Institute of Technology
  		Employer identification number

36-2170136
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
Illinois Institute of Technology
  		Employer identification number

36-2170136
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2023)
Additional Data


Software ID: 23017437
Software Version: 2023v6.0
SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service
Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

right arrow Complete if the organization is described below. right arrow Attach to Form 990 or Form 990-EZ.
right arrowGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public
Inspection
If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet Section 501(c)(4), (5), or (6) organizations: Complete Part III.
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I-A
Complete if the organization is exempt under section 501(c) or is a section 527 organization.

1
Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

2
Political campaign activity expenditures. See instructions ....................................................................right arrow
$  
3
Volunteer hours for political campaign activities. See instructions ..................................................................
 

Part I-B
Complete if the organization is exempt under section 501(c)(3).
1
Enter the amount of any excise tax incurred by the organization under section 4955 ................................right arrow
$  
2
Enter the amount of any excise tax incurred by organization managers under section 4955 .......................right arrow
$  
3
If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................
4a
Was a correction made? ......................................................................................................................
b
If "Yes," describe in Part IV.
Part I-C
Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1
Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... right arrow
$  
2
Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................right arrow

$  
3
Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b...........right arrow

$  
4
Did the filing organization file Form 1120-POL for this year? ...................................................................
5
Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.
(a) Name (b) Address (c) EIN (d) Amount paid from filing organization's funds. If none, enter -0-. (e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6
For Paperwork Reduction Act Notice, see the instructions for Form 990.
Cat. No. 50084S
Schedule C (Form 990) 2022

Schedule C (Form 990) 2022
Page 2
Part II-A
Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).
A Check right arrowexpenses, and share of excess lobbying expenditures).
B Check right arrow
Limits on Lobbying Expenditures
(The term "expenditures" means amounts paid or incurred.) 		(a) Filing
organization's
totals 		(b) Affiliated group totals
1a Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................    
b Total lobbying expenditures to influence a legislative body (direct lobbying) ........................    
c Total lobbying expenditures (add lines 1a and 1b) ............................................................    
d Other exempt purpose expenditures ...............................................................................    
e Total exempt purpose expenditures (add lines 1c and 1d) ..................................................    
f Lobbying nontaxable amount. Enter the amount from the following table in both
columns.		    
If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
Not over $500,00020% of the amount on line 1e.
Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
Over $17,000,000$1,000,000.
g Grassroots nontaxable amount (enter 25% of line 1f) .................................................    
h Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................    
i Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................    
j If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting
section 4911 tax for this year? ...................................................................................................................

4-Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five
columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
Calendar year (or fiscal year
beginning in) 		(a) 2019 (b) 2020 (c) 2021 (d) 2022 (e) Total
2a Lobbying nontaxable amount          
b Lobbying ceiling amount
(150% of line 2a, column(e)) 		 
c Total lobbying expenditures          
d Grassroots nontaxable amount          
e Grassroots ceiling amount
(150% of line 2d, column (e))		  
f Grassroots lobbying expenditures          
Schedule C (Form 990) 2022


Schedule C (Form 990) 2022
Page 3
Part II-B
Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).
For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.
(a)
Yes|No
(b)
Amount
1
During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:
a
Volunteers? ...........................................................................................................
 
No
b
Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........
Yes
 
c
Media advertisements? ...................................................................................................
 
No
 
d
Mailings to members, legislators, or the public? .............................................................................
 
No
 
e
Publications, or published or broadcast statements? ...........................................................
 
No
 
f
Grants to other organizations for lobbying purposes? ..........................................................
 
No
 
g
Direct contact with legislators, their staffs, government officials, or a legislative body? .......................
Yes
 
117,074
h
Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................
 
No
 
i
Other activities? ...................................................................................................................
 
No
 
j
Total. Add lines 1c through 1i ....................................................................................................
117,074
2a
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....
 
No
b
If "Yes," enter the amount of any tax incurred under section 4912 ...........................................
 
c
If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................
 
d
If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................
 
 
Part III-A
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).
Yes
No
1
Were substantially all (90% or more) dues received nondeductible by members? ...............................................
1
 
 
2
Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................
2
 
 
3
Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................
3
 
 
Part III-B
Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."
1
Dues, assessments and similar amounts from members ......................................................................
1
 
2
Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).
a
Current year .............................................................................................................................
2a
 
b
Carryover from last year ............................................................................................................
2b
 
c
Total ...........................................................................................................................................
2c
 
3
Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .
3
 
4
If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................
4
 
5
Taxable amount of lobbying and political expenditures. See Instructions .........................................
5
 
Part IV
Supplemental Information
Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
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.
Schedule C (Form 990) 2022


Additional Data


Software ID: 23017437
Software Version: 2023v6.0

SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
right arrow Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow Attach to Form 990.
right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2022
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .........    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year ........    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ...................... 2a  
b Total acreage restricted by conservation easements .................... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow  
4
Number of states where property subject to conservation easement is located right arrow  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included on Form 990, Part VIII, line 1 .........................right arrow $  
(ii)
Assets included in Form 990, Part X ...............................right arrow $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 ..........................right arrow $  
b
Assets included in Form 990, Part X ...............................right arrow $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2022

Schedule D (Form 990) 2022
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....
Part V
Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance .... 258,798,501 293,977,501 304,324,501 255,962,501 242,994,501
b Contributions ... 16,195,000 3,786,000 9,252,000 7,573,000 18,590,000
c Net investment earnings, gains, and losses 27,038,000 -4,343,000 -7,375,000 62,334,000 6,574,000
d Grants or scholarships ... 15,681,355 15,150,136 6,702,851 6,550,000 6,212,900
e Other expenditures for facilities
and programs ... 		12,465,645 19,471,864 5,521,149 14,995,000 5,983,100
f Administrative expenses ....          
g End of year balance ...... 273,884,501 258,798,501 293,977,501 304,324,501 255,962,501
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment right arrow23 %
b
Permanent endowment right arrow77 %
c
Term endowment right arrow0 %
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .................
3a(i)
 
No
(ii) Related organizations .................
3a(ii)
 
No
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .....   19,270,939 19,270,939
b Buildings ....   543,332,178 294,066,450 249,265,728
c Leasehold improvements   6,040,620 5,586,565 454,055
d Equipment ....   96,910,270 62,116,068 34,794,202
e Other .....   8,863,312   8,863,312
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..right arrow 312,648,236
Schedule D (Form 990) 2022

Schedule D (Form 990) 2022
Page 3
Part VII
Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1) Financial derivatives.........    
(2) Closely-held equity interests........    
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)right arrow  
Part VIII
Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)right arrow  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(1)Beneficial interest on perpetual trust 25,254,800
(2)Other receivables 25,363,298
(3)Affiliated organizations  
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........right arrow 50,618,098
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes  
Advances from U.S. Government for student loans 1,588,792
Obligation under split interest 573,229
Deposits by students & others 3,094,039
Postretirement benefit obligation 727,011
Asset retirement obligation 451,987
Lease liability 33,956
Bond Premium Payable 8,478,335
Cost of Issuance -1,464,748
Deferred revenue from Cogen agreement 17,071,834
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)right arrow 30,554,435
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2022

Schedule D (Form 990) 2022
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1  
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a  
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ........... 2d  
e Add lines 2a through 2d ..................... 2e  
3 Subtract line 2e from line 1.................. 3  
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b.................... 4c  
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5  
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1  
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a  
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ........... 2d  
e Add lines 2a through 2d.................... 2e  
3 Subtract line 2e from line 1................... 3  
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ........... 4b  
c Add lines 4a and 4b..................... 4c  
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5  
Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
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, 2024 and 2023, 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 2021.
Schedule D (Form 990) 2022


Additional Data


Software ID: 23017437
Software Version: 2023v6.0




SCHEDULE E(Form 990)

Department of the Treasury
Internal Revenue Service
Schools

Right pointing arrow large image Complete if the organization answered "Yes" on Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image Go to www.irs.gov/Form990EZ for the latest information.
OMB No. 1545-0047 2023Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? . . . . . . . . . . . . . . . . . .
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet homepage at
all times during its taxable year in a manner reasonably expected to be noticed by visitors to the homepage, or through
newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no
solicitation program, in a way that makes the policy known to all parts of the general community it serves? If "Yes," please
describe. If "No," please explain. If you need more space use Part II. . . . . . . . . . . . . . . . . . .
3
Yes
 
 
4
Does the organization maintain the following?
a
Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . .
4a
Yes
 
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . .
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . .
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5a
 
No
b
Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5b
 
No
c
Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . . . . . . . .
5c
 
No
d
Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
 
No
e
Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5e
 
No
f
Use of facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5f
 
No
g
Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5g
 
No
h
Other extracurricular activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? . . . . . . . . . .
6a
Yes
 
b
Has the organization's right to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . .
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain on Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering racial nondiscrimination? If "No," explain on Part II. . . . . . . . . . . . . . . . . . . . . . . . . .
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50085D
Schedule E (Form 990) (2023)
Schedule E (Form 990) (2023)
Page 2
Part II
Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide
any other additional information. See instructions.
Return Reference Explanation
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
Schedule E (Form 990) (2023)
Additional Data


Software ID: 23017437
Software Version: 2023v6.0
SCHEDULE F(Form 990)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right arrow Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16.Right arrow Attach to Form 990.Right arrow Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of its grants and
other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used
to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.
3
Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees, agents, and independent contractors in the region (d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in the region		 (f) Total expenditures
for and investments
in the region
Europe (Including Iceland and Greenland) 0 2 Program Services STUDENT RECRUITING. 850,376
South Asia 3 3 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 263,988
East Asia and the Pacific 0 3 Program Services STUDENT RECRUITING AND ON-LINE MAS DEGREE PROGRAM. 165,081
South America 0 1 Program Services STUDENT RECRUITING. 47,552
Central America and the Caribbean 0 0 Investments   94,256,000
           
           
           
           
           
           
           
           
           
           
           
           
3a Sub-total .... 3 9 95,582,997
b Total from continuation sheets to Part I ... 0 0 0
c Totals (add lines 3a and 3b) 3 9 95,582,997
For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2023
Schedule F (Form 990) 2023
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount
of noncash
assistance 		(h) Description
of noncash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2 Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......MediumBullet
 
3 Enter total number of other organizations or entities .......................MediumBullet
 
Schedule F (Form 990) 2023
Schedule F (Form 990) 2023Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
noncash
assistance 		(g) Description
of noncash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) 2023
Schedule F (Form 990) 2023
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule F (Form 990) 2023
Schedule F (Form 990) 2023
Page 5
Part V
Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.
ReturnReference Explanation
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 (Form 990) 2023
Additional Data


Software ID: 23017437
Software Version: 2023v6.0



SCHEDULE G (Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information Regarding
Fundraising or Gaming Activities
Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. right arrowAttach to Form 990 or Form 990-EZ.
right arrowGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Fundraising Activities.Complete if the organization answered "Yes" on Form 990, Part IV, line 17.
Form 990-EZ filers are not required to complete this part.
1
Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a e
b f
c g
d
2a
Did the organization have a written or oral agreement with any individual (including officers, directors, trustees
or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?
b
If "Yes," list the 10 highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.


(i) Name and address of individual
or entity (fundraiser) 		(ii) Activity (iii) Did fundraiser have custody or control of contributions? (iv) Gross receipts
from activity 		(v) Amount paid to
(or retained by)
fundraiser listed in
col. (i) 		(vi) Amount paid to
(or retained by)
organization
Yes No
 
ORR Group
3000 K Steet E280
 
Washington, DC20007 		Reviewing fundraising procedures and providing recommendations.   No 0 366,685 -366,685
             
             
             
             
             
             
             
             
             
Total . . . . . . . . . . . . . . . . . . . . right arrow 0 366,685 -366,685
3
List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.
CT, FL, MD, OR, SC
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50083H
Schedule G (Form 990) 2023
Schedule G (Form 990) 2023
Page 2
Part II
Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.









VerticalRevenue
(a) Event #1

MIES BIRTHDAY SOIREE
(event type) 		(b) Event #2

 
(event type) 		(c) Other events

 
(total number) 		(d) Total events
(add col. (a) through col. (c))

1
Gross receipts . . . . .
30,450
 
 
30,450

2
Less: Contributions . . . .
9,050
 
 
9,050
3 Gross income (line 1 minus
line 2) . . . . . .
21,400
0
0
21,400



VerticalDirectExpenses
4 Cash prizes . . . . .        
5 Noncash prizes . . . .        
6 Rent/facility costs . . . . 15,035     15,035
7 Food and beverages . . .        
8 Entertainment . . . . 2,250     2,250
9 Other direct expenses . . . 1,396     1,396
10 Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . . right arrow 18,681
11 Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . . right arrow 2,719
Part III
Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.
VerticalRevenue
(a) Bingo (b) Pull tabs/Instant
bingo/progressive bingo 		(c) Other gaming (d) Total gaming (add col.(a) through col.(c))

1
Gross revenue . . . . .
 
 
 
 
VerticalDirectExpenses

2
Cash prizes . . . . .
 
 
 
 

3
Noncash prizes . . . .
 
 
 
 

4
Rent/facility costs . . . .
 
 
 
 

5
Other direct expenses . . .
 
 
 
 


6

Volunteer labor . . . .
%
%
%


7
Direct expense summary. Add lines 2 through 5 in column (d) . . . . . . . . . . right arrow
 

8
Net gaming income summary. Subtract line 7 from line 1, column (d). . . . . . . . . right arrow
 

9
Enter the state(s) in which the organization conducts gaming activities:
a
Is the organization licensed to conduct gaming activities in each of these states? . . . . . . . .
YesNo
b
If "No," explain:
 
10a
Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . .
YesNo
b
If "Yes," explain:
 
Schedule G (Form 990) 2023
Schedule G (Form 990) 2023
Page 3
11
Does the organization conduct gaming activities with nonmembers? . . . . . . . . . . .
YesNo
12
Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer charitable gaming? . . . . . . . . . . . . . . . . .
YesNo
13
Indicate the percentage of gaming activity conducted in:
a
The organization's facility . . . . . . . . . . . . . . . . . .
13a
%
b
An outside facility . . . . . . . . . . . . . . . . . . . .
13b
%
14
Enter the name and address of the person who prepares the organization's gaming/special events books and records:
Name right arrow
Address right arrow
15a
Does the organization have a contract with a third party from whom the organization receives gaming
revenue? . . . . . . . . . . . . . . . . . . . . . . . .
b
If "Yes," enter the amount of gaming revenue received by the organization right arrow $   and the
amount of gaming revenue retained by the third party right arrow $   .
c
If "Yes," enter name and address of the third party:
Name right arrow
Address right arrow
16
Gaming manager information:
Name right arrow
Gaming manager compensation right arrow $  
Description of services provided right arrow
 
17
Mandatory distributions:
a
Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? . . . . . . . . . . . . . . . . . . .
b
Enter the amount of distributions required under state law distributed to other exempt organizations or spent
in the organization's own exempt activities during the tax year right arrow$  
Part IV
Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v); and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also provide any additional information. See instructions.
Return Reference Explanation
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-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 ORR GROUP-PAYMENT OF FEES.;
Schedule G (Form 990) 2023
Additional Data


Software ID: 23017437
Software Version: 2023v6.0

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Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990.
lBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number
36-2170136
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient
that received more than $5,000. Part II can be duplicated if additional space is needed.
(a) Name and address of organization
or government		 (b) EIN (c) IRC section
(if applicable)		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
noncash assistance		 (h) Purpose of grant
or assistance
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image
 
3
Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2023

Schedule I (Form 990) 2023
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.
(a) Type of grant or assistance (b) Number of
recipients		 (c) Amount of
cash grant		 (d) Amount of
noncash assistance		 (e) Method of valuation (book,
FMV, appraisal, other)		 (f) Description of noncash assistance
(1) SCHOLARSHIPS 9108 158,523,565      
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Part IV
Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.
Return Reference Explanation
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.
Schedule I (Form 990) 2023



Additional Data


Software ID: 23017437
Software Version: 2023v6.0


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic Attach to Form 990.
medium right arrow graphic Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
Yes
 
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
No
b
Any related organization? .......................
5b
 
No
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
No
b
Any related organization? ......................
6b
 
No
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
No
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................
8
 
No
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2023

Schedule J (Form 990) 2023
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A) Name and Title (B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation in column (B) reported as deferred on prior Form 990
(i) Base
compensation 		(ii) Bonus & incentive
compensation 		(iii) Other reportable compensation
1Raj Echambadi
President 		(i)

(ii)		 780,433
-------------
0 		0
-------------
0 		24,822
-------------
0 		24,480
-------------
0 		26,096
-------------
0 		855,831
-------------
0 		0
-------------
0
2Alan Cramb
Distinguished Professor/FORMER KEY EMPLOYEE 		(i)

(ii)		 278,878
-------------
0 		3,528
-------------
0 		27,925
-------------
0 		9,317
-------------
0 		26,096
-------------
0 		345,744
-------------
0 		0
-------------
0
3Ernest Iseminger
Vice President 		(i)

(ii)		 329,805
-------------
0 		0
-------------
0 		197,768
-------------
0 		12,387
-------------
0 		12,724
-------------
0 		552,684
-------------
0 		0
-------------
0
4Ophir Trigalo
Vice Provost, CIO 		(i)

(ii)		 249,453
-------------
0 		0
-------------
0 		235,173
-------------
0 		9,646
-------------
0 		12,428
-------------
0 		506,700
-------------
0 		0
-------------
0
5Kenneth Christensen
Provost, SVP Academic Affairs 		(i)

(ii)		 415,567
-------------
0 		0
-------------
0 		15,242
-------------
0 		12,750
-------------
0 		26,096
-------------
0 		469,655
-------------
0 		0
-------------
0
6Mallik Sundharam
VP Enroll Mgmt Stud Affrs 		(i)

(ii)		 363,865
-------------
0 		0
-------------
0 		23,040
-------------
0 		12,462
-------------
0 		23,924
-------------
0 		423,291
-------------
0 		0
-------------
0
7Michael Gosz
Vice President for Data Analytics 		(i)

(ii)		 304,427
-------------
0 		1,811
-------------
0 		2,322
-------------
0 		9,419
-------------
0 		16,491
-------------
0 		334,470
-------------
0 		0
-------------
0
8Angela Manning-Hardimon
VP Finance /CFO 		(i)

(ii)		 304,427
-------------
0 		0
-------------
0 		1,242
-------------
0 		0
-------------
0 		26,095
-------------
0 		331,764
-------------
0 		0
-------------
0
9Edwin Watts
VP of Administration 		(i)

(ii)		 301,438
-------------
0 		0
-------------
0 		6,858
-------------
0 		9,574
-------------
0 		9,300
-------------
0 		327,170
-------------
0 		0
-------------
0
10Beth Campbell
Interim VP of Advancement 		(i)

(ii)		 260,720
-------------
0 		0
-------------
0 		2,218
-------------
0 		7,358
-------------
0 		8,060
-------------
0 		278,356
-------------
0 		0
-------------
0
11Hilary Hudson Hosek
VP & Chief People Officer 		(i)

(ii)		 258,087
-------------
0 		0
-------------
0 		1,187
-------------
0 		7,477
-------------
0 		1,771
-------------
0 		268,522
-------------
0 		0
-------------
0
12Jess Goode
Vice President, Extn'l Affairs 		(i)

(ii)		 242,865
-------------
0 		0
-------------
0 		787
-------------
0 		7,558
-------------
0 		0
-------------
0 		251,210
-------------
0 		0
-------------
0
13Walter Hazlitt
General Counsel 		(i)

(ii)		 225,540
-------------
0 		0
-------------
0 		1,181
-------------
0 		7,433
-------------
0 		26,095
-------------
0 		260,249
-------------
0 		0
-------------
0
14Natacha DePaola
Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE 		(i)

(ii)		 309,769
-------------
0 		1,657
-------------
0 		3,564
-------------
0 		8,611
-------------
0 		25,868
-------------
0 		349,469
-------------
0 		0
-------------
0
15Harold Krent
Professor of Law/FORMER KEY EMPLOYEE 		(i)

(ii)		 287,238
-------------
0 		3,873
-------------
0 		12,788
-------------
0 		9,144
-------------
0 		16,875
-------------
0 		329,918
-------------
0 		0
-------------
0
16Michelangelo Sabatino
Professor/FORMER KEY EMPLOYEE 		(i)

(ii)		 283,240
-------------
0 		8,229
-------------
0 		1,242
-------------
0 		8,522
-------------
0 		16,491
-------------
0 		317,724
-------------
0 		0
-------------
0
17Liad Wagman
Dean, Endow Chair, Prof of Econ. 		(i)

(ii)		 369,350
-------------
0 		62,334
-------------
0 		540
-------------
0 		11,398
-------------
0 		22,152
-------------
0 		465,774
-------------
0 		0
-------------
0
18Lance Fortnow
Professor and Dean COS 		(i)

(ii)		 381,159
-------------
0 		0
-------------
0 		3,564
-------------
0 		11,867
-------------
0 		23,696
-------------
0 		420,286
-------------
0 		0
-------------
0
19Anita Krug
Dean and Professor of Law 		(i)

(ii)		 359,242
-------------
0 		2,140
-------------
0 		1,242
-------------
0 		11,132
-------------
0 		16,073
-------------
0 		389,829
-------------
0 		0
-------------
0
20M Krishna Erramilli
Interim Dean 		(i)

(ii)		 304,903
-------------
0 		46,995
-------------
0 		7,490
-------------
0 		8,120
-------------
0 		25,224
-------------
0 		392,732
-------------
0 		0
-------------
0
21Jennifer deWinter
Dean/Prof Lewis College Science 		(i)

(ii)		 354,856
-------------
0 		2,066
-------------
0 		810
-------------
0 		10,692
-------------
0 		1,544
-------------
0 		369,968
-------------
0 		0
-------------
0
22Reed Kroloff
Dean-Architecture, Rowe Chair 		(i)

(ii)		 302,730
-------------
0 		1,911
-------------
0 		26,064
-------------
0 		9,955
-------------
0 		8,060
-------------
0 		348,720
-------------
0 		0
-------------
0
23Anijo Mathew
Dean, Institute of Design 		(i)

(ii)		 275,935
-------------
0 		15,000
-------------
0 		810
-------------
0 		8,250
-------------
0 		24,324
-------------
0 		324,319
-------------
0 		0
-------------
0
24Mohammad Shahidehpour
Distinguished Bodine Professor 		(i)

(ii)		 415,501
-------------
0 		2,200
-------------
0 		6,789
-------------
0 		11,388
-------------
0 		8,714
-------------
0 		444,592
-------------
0 		0
-------------
0
25Hamid Arastoopour
Director, WISER/Professor 		(i)

(ii)		 335,034
-------------
0 		1,950
-------------
0 		28,804
-------------
0 		10,138
-------------
0 		17,545
-------------
0 		393,471
-------------
0 		0
-------------
0
26Jai Prakash
Professor 		(i)

(ii)		 0
-------------
0 		0
-------------
0 		358,000
-------------
0 		0
-------------
0 		0
-------------
0 		358,000
-------------
0 		0
-------------
0
27Brian Schaneberg
Executive Director, IFSH 		(i)

(ii)		 336,237
-------------
0 		0
-------------
0 		1,242
-------------
0 		0
-------------
0 		8,796
-------------
0 		346,275
-------------
0 		0
-------------
0
28Xian-He Sun
Distinguished Professor 		(i)

(ii)		 321,074
-------------
0 		2,811
-------------
0 		4,176
-------------
0 		7,467
-------------
0 		24,793
-------------
0 		360,321
-------------
0 		0
-------------
0
Schedule J (Form 990) 2023

Schedule J (Form 990) 2023
Page 3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference Explanation
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.
Schedule J (Form 990) 2023

Additional Data


Software ID: 23017437
Software Version: 2023v6.0

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Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number
36-2170136
Part Ⅰ
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer		 (i) Pool
financing
Yes No Yes No Yes No
A ILLINOIS FINANCE AUTHORITY
  		86-1091967 000000000 01-31-2019 22,278,000 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 7/22/2009 AND FOR FACILITY RENOVATION AND EQUIPMENT.   X   X   X
B ILLINOIS FINANCE AUTHORITY
  		86-1091967 000000000 06-28-2018 17,972,000 REIMBURSEMENT FOR THE ACQUISITION OF STUDENT RESIDENT FACILITIES.   X   X   X
C ILLINOIS FINANCE AUTHORITY
  		86-1091967 45204E7F9 12-20-2019 138,525,900 REFUND A PRIOR TAX-EXEMPT ISSUE DATED 3/23/2006 AND TO REIMBURSE ISSUANCE AND REFUNDINGS COSTS.   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 4,815,450 3,884,550 11,785,000  
2 Amount of bonds legally defeased .............. 0 0 0  
3 Total proceeds of issue .................. 22,278,000 17,972,000 138,525,900  
4 Gross proceeds in reserve funds ............. 0 0 0  
5 Capitalized interest from proceeds ............. 0 0 0  
6 Proceeds in refunding escrows ............... 0 0 0  
7 Issuance costs from proceeds ............... 300,999 92,573 1,519,760  
8 Credit enhancement from proceeds ............. 0 0 0  
9 Working capital expenditures from proceeds ............. 0 0 0  
10 Capital expenditures from proceeds ............. 321,404 17,879,427 0  
11 Other spent proceeds ............. 21,655,597 0 137,006,140  
12 Other unspent proceeds ............. 0 0 0  
13 Year of substantial completion ............. 2019 2018 2020
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2020, a current refunding issue)? ........ 		X     X X      
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2020, an advance refunding issue)? ........ 		  X   X   X    
16 Has the final allocation of proceeds been made? .......... X   X   X      
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X      
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2023

Schedule K (Form 990) 2023
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X    
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X   X    
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............   X   X   X    
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?                
c Are there any research agreements that may result in private business use of bond-financed property? .............   X   X   X    
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?                
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government .... 0 % 0 % 0 %  
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... 0 % 0 % 0 %  
6 Total of lines 4 and 5 ............. 0 % 0 % 0 %  
7 Does the bond issue meet the private security or payment test? ...   X   X   X    
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X   X   X    
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..        
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............                
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........ 		X   X   X      
Part Ⅳ
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X    
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......   X   X   X    
b Exception to rebate? ........   X   X   X    
c No rebate due? ......... X   X   X      
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? ..... X   X     X    
Schedule K (Form 990) 2023

Schedule K (Form 990) 2023
Page 3
Part Ⅳ
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?   X   X   X    
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of hedge .........        
d Was the hedge superintegrated? ......                
e Was the hedge terminated? ........                
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X    
b Name of provider ..........  
  		 
  		 
  		 
 
c Term of GIC .........        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........                
6 Were any gross proceeds invested beyond an available temporary period?   X   X   X    
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X      
Part Ⅴ
Procedures To Undertake Corrective Action
A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X      
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
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
Schedule K (Form 990) 2023

Additional Data


Software ID: 23017437
Software Version: 2023v6.0

Schedule L
(Form 990)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and section 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Relationship between disqualified person and organization (c) Description of transaction (d) Corrected?
Yes No
2
Enter the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958. ........................... $
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ $
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22
(a) Name of interested person (b) Relationship with organization (c) Purpose of loan (d) Loan to or from the organization? (e) Original principal amount (f) Balance due (g) In default? (h) Approved by board or committee? (i) Written agreement?
To From Yes No Yes No Yes No
(1) Craig J Duchossois
  		Trustee To support the academic mission of the University. X   10,000,000 10,000,000   No Yes   Yes  
(2) Michael P Galvin
  		Board Chair To support the academic mission of the University. X   10,000,000 10,000,000   No Yes   Yes  
Total ............... $ 20,000,000
Part III
Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of assistance (d) Type of assistance (e) Purpose of assistance
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990) 2023
Schedule L (Form 990) 2023
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) Collegis Education
  		Trustee James Cowie has an equity interest in Collegis Education 2,147,249 Developer of on-line courses   No
(2) Airgas
  		Trustee Michael Graff is chariman and CEO of American Air Liquid Holdings owner of Airgas 103,027 Supply industrial gases   No
Part V
Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).
Return Reference Explanation
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.
Schedule L (Form 990) 2023


Additional Data


Software ID: 23017437
Software Version: 2023v6.0




SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
Noncash Contributions
Right pointing arrow large image Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
Right pointing arrow large image Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of contributions or items contributed 		(c)
Noncash contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
noncash contribution amounts
1 Art—Works of art .... X 14 77,100 Market value
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications ..      
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles ..        
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded . X 215 12,533,148 Market value
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles .....        
19 Food inventory ...        
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( Supplies, equipment, and services for school and office ) X 9 70,368 Market value
26 Other Right pointing arrow large image ( Travel and entertainment costs for donors and board meetings ) X 37 134,825 Market value
27 Other Right pointing arrow large image ( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement
29
0
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?
31
Yes
 
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ..........................
32a
 
No
b
If "Yes," describe in Part II.
33
If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) (2023)
Schedule M (Form 990) (2023)
Page 2
Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.
Return Reference Explanation
Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Art - Works of art - 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
Schedule M (Form 990) (2023)

Additional Data


Software ID: 23017437
Software Version: 2023v6.0
SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
 Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Return Reference Explanation
Form 990, Part III, Line 4d Description of other program services (Expenses $ 19,295,178 including grants of $)(Revenue $ 18,789,213) 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 4d Description of other program services (Expenses $ 9,880,584 including grants of $)(Revenue $ 11,024,799) 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 The changes were as follows: (i) reduced the minimum number of regularly elected and life trustees from 68 to 60, while leaving the maximum umber unchanged at 73; and (ii) renamed the "External and Community Affairs Committee" to the "Government Affairs Committee."
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 REVEIW 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 2024.
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 UNREAL. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST - 2749658; OTHER - -3542878;
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2023


Additional Data


Software ID: 23017437
Software Version: 2023v6.0
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047
2023
Open to Public Inspection
Name of the organization
Illinois Institute of Technology
 
Employer identification number

36-2170136
Part I
Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income


 		(e)
End-of-year assets


 		(f)
Direct controlling
entity










Part II
Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section


 		(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled entity?
Yes No
(1)IIT RESEARCH INSTITUTE
10 WEST 35TH STREET
4th FL
CHICAGO,IL60616
36-2169122 		RESEARCH IL 501(c)(3) 11 ILLINOIS INSTITUTE OF TECHNOLOGY
 
Yes
 












For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2023
Schedule R (Form 990) 2023
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No












Part IV
Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
 		(b)
Primary activity
 		(c)
Legal
domicile
(state or foreign
country)
 		(d)
Direct controlling
entity
 		(e)
Type of entity
(C corp, S corp,
or trust) 		(f)
Share of total income
 		(g)
Share of end-of-year
assets
 		(h)
Percentage
ownership
 		(i)
Section 512(b)(13) controlled entity?
Yes No
(1) PERPETUAL TRUST (9) BENEFICIAL INTEREST IN DONOR TRUSTS

C/O IIT 3424 SOUTH STATE STREET
TC-4 FL
CHICAGO,IL60616
 DISTRIBUTION OF TRUST ASSETS TO BENEFICIARIES IL NA
  		Trust         No
(2) ILLINOIS INSTITUTE OF TECHNOLOGY (INDIA) PRIVATE LTD

Office No 2205 22nd Floor Haware
Infotech Park Sector 30A Vashi
Navi,Mumbai400703
IN
FACILITATES EDUCATIONAL PROGRAMS IN ILLINOIS INSTITUTE OF TECHNOLOGY
  		C Corporation 41,412 269,135 100 % Yes  










Schedule R (Form 990) 2023
Schedule R (Form 990) 2023
Page 3
Part V
Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................
1a
Yes
 
b Gift, grant, or capital contribution to related organization(s) ............................
1b
 
No
c Gift, grant, or capital contribution from related organization(s) ............................
1c
 
No
d Loans or loan guarantees to or for related organization(s) ............................
1d
 
No
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
Yes
 
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
 
No
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
Yes
 
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
Yes
 
o Sharing of paid employees with related organization(s) ............................
1o
 
No
p Reimbursement paid to related organization(s) for expenses ............................
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses ............................
1q
Yes
 
r Other transfer of cash or property to related organization(s) ............................
1r
 
No
s Other transfer of cash or property from related organization(s) ............................
1s
 
No
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization 		(b)
Transaction
type (a-s) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) IIT(INDIA) PRIVATE LTD

 P 263,988 FMV
(2) IIT RESEARCH INSTITUTE

 A 235,771 FMV
(3) IIT RESEARCH INSTITUTE

 L 7,800 FMV
(4) IIT RESEARCH INSTITUTE

 Q 1,750,217 FMV


Schedule R (Form 990) 2023
Schedule R (Form 990) 2023
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations? 		(f)
Share of total income




 		(g)
Share of
end-of-year
assets 		(h)
Disproprtionate allocations? 		(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065) 		(j)
General or
managing
partner? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) 2023
Schedule R (Form 990) 2023
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R. See instructions.
Return Reference Explanation
Schedule R (Form 990) 2023

Additional Data


Software ID: 23017437
Software Version: 2023v6.0