Illinois Institute of Technology

EIN: 362170136 501(c)(3) Education

CHICAGO, IL

Total Revenue
$448,541,928
Total Expenses
$458,259,919
Total Assets
$833,343,232
Net Assets
$433,305,709
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1940
Legal Domicile
IL
Phone
3125673332
Tax Period
2024-06-01 to 2025-05-31

Illinois Institute of Technology, founded in 1940, is a major nonprofit in the Education sector that reported $448.5M in total revenue in fiscal year 2024.

Mission

TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION.

Program Service Accomplishments

Program 1
Expenses: $261,667,565 Revenue: $255,360,877

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...

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INSTRUCTION SUPPORT:- Illinois Institute of Technology's (IIT) seven colleges allow students to discover new frontiers in engineering, science, architecture, business, design, human sciences, applied technology, and law. The school's nationally ranked undergraduate and graduate programs offer exceptional preparation for professions that require technological sophistication, an innovative mindset, and an entrepreneurial spirit. The University's emphasis on collaboration and interdisciplinary study and research will prepare students to work across traditional boundaries and to experience a professional future where success knows no limits. (SEE SCHEDULE O)

Program 2
Expenses: $78,425,206 Revenue: $51,667,638

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...

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RESEARCH:- Research is the hallmark of our culture of excellence. Our faculty, students, and staff are leading bold research and discovery in fields where technology and innovation are creating significant, meaningful change. Our researchers are conducting research that matters in our everyday lives. We are contributing to advances in computation and data, health and wellness, and urban futures. Throughout our colleges and research centers, and in topics as varied as energy, theoretical physics, and social justice, our research reflects our commitment to scientific, technological, and professional knowledge creation and innovation. (SEE SCHEUDLE O)

Program 3
Expenses: $28,893,265 Revenue: $8,010,703

STUDENT SERVICES:- This program provides health, academic, career services, transitional assistance, student orientation, and other student services including the student finance center, admissions...

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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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $104,108,443
Program Service Revenue $339,764,513
Investment Income $3,790,181
Other Revenue $878,791
TOTAL REVENUE $448,541,928

Expense Breakdown

Grants Paid $153,562,608
Salaries & Benefits $166,868,045
Fundraising Expenses $9,281,885
Program Expenses $391,444,798
Other Expenses $137,632,933
TOTAL EXPENSES $458,259,919

Year-over-Year Comparison

2024 2023 Change
Revenue $448,541,928 $444,012,183 +0.0%
Expenses $458,259,919 $442,451,875 +0.0%
Net Income $-9,717,991 $1,560,308 -7.2%
Key Indicators
✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
65
Independent Members
63
Employees
3798
Volunteers
270

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
14
$3,253,308
Total Directors
68
$865,337
Key Employees
7
$2,783,409
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Ellen M Jordan Vice Chair 1.0
Officer Director
$0 $0 $0
Michael P Galvin Chairman of the Board 1.0
Officer Director
$0 $0 $0
Raj Echambadi President 38.8
Officer Director
$803,978 $61,359 $865,337
Thomas E Lanctot Vice Chair 1.0
Officer Director
$0 $0 $0
Adrian Nemcek Trustee 1.0
Director
$0 $0 $0
Alan W Wendorf Trustee 1.0
Director
$0 $0 $0
Amanda Lannert Trustee 1.0
Director
$0 $0 $0
Andrea L Berry Trustee 1.0
Director
$0 $0 $0
Anita M Nagler Trustee 1.0
Director
$0 $0 $0
Brian C Walker Trustee 1.0
Director
$0 $0 $0
Bruce C Liimatainen Trustee 1.0
Director
$0 $0 $0
Carl S Spetzler Trustee 1.0
Director
$0 $0 $0
Carole Browe Segal Trustee 1.0
Director
$0 $0 $0
Carson Block Trustee (Through 10/17/2024) 1.0
Director
$0 $0 $0
Cheryl Hyman Trustee 1.0
Director
$0 $0 $0
Craig J Duchossois Trustee 1.0
Director
$0 $0 $0
Daniel R Ephraim Trustee 1.0
Director
$0 $0 $0
David L Crowell Trustee 1.0
Director
$0 $0 $0
Douglas M Monieson Trustee 1.0
Director
$0 $0 $0
Ed Kaplan Trustee 1.0
Director
$0 $0 $0
Efthimios J Stojka Trustee 1.0
Director
$0 $0 $0
Eric Vassilatos Trustee (Through 10/17/2024) 1.0
Director
$0 $0 $0
Frank Clark III Trustee 1.0
Director
$0 $0 $0
Harold Singleton III Trustee 1.0
Director
$0 $0 $0
Hazem Dawani Trustee 1.0
Director
$0 $0 $0
Indira Saladi Trustee (As of 10/17/24) 1.0
Director
$0 $0 $0
James Dugan Trustee 1.0
Director
$0 $0 $0
James E Cowie Trustee 1.0
Director
$0 $0 $0
James Gagnard Trustee 1.0
Director
$0 $0 $0
Jamshyd N Godrej Trustee 1.0
Director
$0 $0 $0
Jenny Niemann Trustee 1.0
Director
$0 $0 $0
Jimmy A Akintonde Trustee 1.0
Director
$0 $0 $0
Joel D Krauss Trustee 1.0
Director
$0 $0 $0
John C Walden Trustee 1.0
Director
$0 $0 $0
John G Olin Trustee 1.0
Director
$0 $0 $0
John Krenhbiel Jr Trustee 1.0
Director
$0 $0 $0
John P Calamos Sr Trustee 1.0
Director
$0 $0 $0
Kaarina Koskenalusta Trustee 1.0
Director
$0 $0 $0
Karen Klein Trustee (Through 2/28/2025) 1.0
Director
$0 $0 $0
Kathleen Brandenburg Trustee 1.0
Director
$0 $0 $0
Marc R Hannah Trustee 1.0
Director
$0 $0 $0
Mark P Sexton Trustee 1.0
Director
$0 $0 $0
Mark Wallace Trustee 1.0
Director
$0 $0 $0
Martin C Jischke Trustee 1.0
Director
$0 $0 $0
Martin Cooper Trustee 1.0
Director
$0 $0 $0
Mayari Pritzker Trustee 1.0
Director
$0 $0 $0
Melvin Flowers Trustee 1.0
Director
$0 $0 $0
Michael J Graff Trustee 1.0
Director
$0 $0 $0
Michael Palumbo Trustee 1.0
Director
$0 $0 $0
Norbert O Kaiser Trustee 1.0
Director
$0 $0 $0
Patricia M Rios-Haniger Trustee 1.0
Director
$0 $0 $0
Patrick J Kelly Trustee 1.0
Director
$0 $0 $0
Peter M Kelly III Trustee 1.0
Director
$0 $0 $0
Ralph Wanger Trustee 1.0
Director
$0 $0 $0
Richard Neil Levy Trustee 1.0
Director
$0 $0 $0
Robert A Cornog Trustee 1.0
Director
$0 $0 $0
Robert D Hoel Trustee 1.0
Director
$0 $0 $0
Robert J Potter Trustee 1.0
Director
$0 $0 $0
Robert J Washlow Trustee 1.0
Director
$0 $0 $0
Robert Surrette Trustee 1.0
Director
$0 $0 $0
Rohit Prasad Trustee 1.0
Director
$0 $0 $0
S Christopher Gladwin Trustee 1.0
Director
$0 $0 $0
Stacey M Kacek Trustee 1.0
Director
$0 $0 $0
Ted Koenig Trustee 1.0
Director
$0 $0 $0
Thomas Roszak Trustee 1.0
Director
$0 $0 $0
Victor A Morgenstern Trustee 1.0
Director
$0 $0 $0
Victor Tsao Trustee 1.0
Director
$0 $0 $0
Victoria L Noonan Trustee 1.0
Director
$0 $0 $0
Amit Thomas VP for Human Resources and Talent Management 38.8
Officer
$205,847 $10,592 $216,439
Edwin Watts VP of Administration 38.8
Officer
$306,420 $33,195 $339,615
Jeremy Fine VP of Finance, CFO, and Treasurer 38.8
Officer
$142,603 $12,629 $155,232
Jess Goode Vice President, Extn'l Affairs 38.8
Officer
$244,218 $12,197 $256,415
Mallik Sundharam VP Enroll Mgmt Stud Affrs 38.8
Officer
$427,000 $51,443 $478,443
Michele Finn Deputy Chief Financial Officer 38.8
Officer
$93,785 $6,800 $100,585
Norma Scagnoli Chief Learning and Innovation Officer 38.8
Officer
$220,652 $31,694 $252,346
Sean Campbell Vice President of Advancement 38.8
Officer
$0 $0 $0
Sejal Vaishnav Chief Information Officer 38.8
Officer
$271,787 $14,956 $286,743
Walter Hazlitt General Counsel 38.8
Officer
$258,292 $43,861 $302,153
Anijo Mathew Dean, Institute of Design 38.8
Key Emp
$295,078 $44,364 $339,442
Anita Krug Dean and Professor of Law 38.8
Key Emp
$410,198 $38,175 $448,373
Jennifer deWinter Dean/Prof Lewis College Science 38.8
Key Emp
$355,611 $20,310 $375,921
Lance Fortnow Professor and Dean COS 38.8
Key Emp
$434,839 $43,797 $478,636
Louis Cattafesta III Dean of the Armor College of Engineering 38.8
Key Emp
$331,163 $35,499 $366,662
M Krishna Erramilli Associate Dean and Professor 38.8
Key Emp
$373,347 $45,206 $418,553
Reed Kroloff Dean-Architecture, Rowe Chair 38.8
Key Emp
$329,020 $26,802 $355,822
Beth Campbell Associate VP, Principal Gifts 38.8
Highest
$338,940 $26,578 $365,518
Hamid Arastoopour Director, WISER/Professor 38.8
Highest
$379,543 $39,540 $419,083
Kenneth Christensen Provost, SVP Academic Affairs 38.8
Highest
$485,098 $57,984 $543,082
Mohammad Shahidehpour Distinguished Bodine Professor 38.8
Highest
$427,878 $30,774 $458,652
Siva Balasubramanian Harold L. Stuart Endowed Chair 38.8
Highest
$361,830 $15,081 $376,911
Alan Cramb Distinguished Professor/FORMER OFFICER 38.8
$176,303 $17,496 $193,799
Angela Manning-Hardimon VP FINANCE /CFO/Former Officer 38.8
$125,664 $10,103 $135,767
Harold Krent Professor of Law/FORMER KEY EMPLOYEE 38.8
$301,421 $35,724 $337,145
Liad Wagman Dean, Endow Chair, Prof of Econ/Former Key Employee 38.8
$194,160 $10,808 $204,968
Michael Gosz Vice President for Data Analytics/Former Officer 38.8
$266,620 $31,974 $298,594
Michelangelo Sabatino Professor/FORMER KEY EMPLOYEE 38.8
$296,802 $35,073 $331,875
Natacha DePaola Prof of BioMedEng & Dir IDMET/FORMER KEY EMPLOYEE 38.8
$284,380 $45,163 $329,543
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $448,541,928 $458,259,919 $833,343,232 $-9,717,991
2024 $444,012,183 $442,451,875 $724,517,274 $1,560,308
2023 $364,483,065 $419,688,712 $706,468,476 $-55,205,647
2022 $372,778,524 $402,266,537 $746,055,692 $-29,488,013
2021 $396,565,185 $378,643,758 $730,458,628 $17,921,427
2020 $410,466,852 $369,212,585 $667,676,047 $41,254,267
2019 $380,049,108 $370,165,220 $632,900,141 $9,883,888
2018 $351,835,722 $358,640,219 $635,766,786 $-6,804,497
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