Morrison Institute of Technology

Analysis

Morrison Institute of Technology is a registered charity in United States, based in Morrison, IL. It received its IRS tax-exemption ruling in April 1978, 48 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 2024, Morrison Institute of Technology reported income of $1.8m and spending of $2.0m, spending 108% of what it took in. Across the 5 years on record, from May 2020 to May 2024, income fell from $2.1m to $1.8m (-12%), an average of -3.0% a year. The sharpest change came in the year to May 2021, when income rose by 31%. Over the whole period it spent 100% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Morrison Institute of Technology sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 85th percentile within IL. Charities of a similar size with the same main cause include Allmemphis Inc ($1.8m), North Central Texas College Foundation Inc ($1.8m) and New York Institute of English and Business Inc ($1.8m).

On its Form 990 for the period ending May 2024, revenue came from contributions and grants 30% and program service revenue 68% of the total. Compensation of current officers, directors and key employees was $124k (6.3% of expenses). Other salaries and wages came to $830k. At year end it held assets of $3.1m against liabilities of $1.0m, net assets of $2.1m. It reported 16 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.