Illinois Institute of Technology

Analysis

Illinois Institute of Technology is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in March 1941, 85 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending May 2023, Illinois Institute of Technology reported income of $364.5m and spending of $419.7m, spending 115% of what it took in. Across the 5 years on record, from May 2019 to May 2023, income fell from $380.0m to $364.5m (-4.1%), an average of -1.0% a year. Over the whole period it spent 101% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Illinois Institute of Technology sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within IL. Charities of a similar size with the same main cause include The Trustees of Grinnell College ($364.4m), Loma Linda University ($365.3m) and Art Institute of Chicago ($359.5m).

On its Form 990 for the period ending May 2023, revenue came from contributions and grants 18% and program service revenue 81% of the total. Compensation of current officers, directors and key employees was $8.0m (1.9% of expenses). Other salaries and wages came to $121.2m. It paid $387k in professional fundraising fees. At year end it held assets of $706.5m against liabilities of $303.5m, net assets of $402.9m. It reported 3,651 employees.