Illinois College of Optometry (EIN 362310478) - Form 990 Financial Analysis & Trantor Score

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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

1955

Legal Domicile

Phone

3122251700

Tax Period

2023-07-01 to 2024-06-30

Illinois College of Optometry, founded in 1955, is a mid-sized nonprofit in the Education sector that reported $37.1M in total revenue in fiscal year 2023.

Mission

The mission of the Illinois College of Optometry is to develop highly qualified clinical optometrists through excellence in optometric education.

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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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,660,892

Program Service Revenue $32,941,814

Investment Income $1,334,309

Other Revenue $209,721

TOTAL REVENUE $37,146,736

Expense Breakdown

Grants Paid $2,427,186

Salaries & Benefits $23,747,515

Fundraising Expenses $329,261

Program Expenses $28,868,654

Other Expenses $12,348,493

TOTAL EXPENSES $38,523,194

Year-over-Year Comparison

	2023	2022	Change
Revenue	$37,146,736	$38,494,231	0.0%
Expenses	$38,523,194	$36,782,950	+0.0%
Net Income	$-1,376,458	$1,711,281	-1.8%

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

Governance

Voting Members

Independent Members

Employees

603

Volunteers

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

$778,658

Total Directors

$189,412

Key Employees

$1,148,776

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dwain Hahs	Board of Trustees-Treasurer (End 10/2023)	N/A	Officer Director	$0	$0	$0
Dwight Ackerman OD MBA FAAO	Chairman of the Board (End 10/2023)	N/A	Officer Director	$0	$0	$0
Kevin Danahey OD	Vice Chairman of the Board	1.0	Officer Director	$0	$0	$0
Nana Owusu OD	Board of Trustees- Secretary	1.0	Officer Director	$0	$0	$0
Scott Jens OD FAAO	Chairman of the Board	1.0	Officer Director	$0	$0	$0
Steven Schneider CPA	Board of Trustees-Treasurer	1.0	Officer Director	$0	$0	$0
Casey Hogan OD FAAO FSLS	Board of Trustees (End 10/2023)	N/A	Director	$0	$0	$0
James Wachter OD	Board of Trustees	1.0	Director	$0	$0	$0
Jeffrey Johnson OD MBA CFA	Board of Trustees	1.0	Director	$0	$0	$0
Joseph Derezinski	Board of Trustees	1.0	Director	$0	$0	$0
Karen Eng OD	Board of Trustees (End 10/2023)	N/A	Director	$0	$0	$0
Michael LoPiano MBA	Board of Trustees	1.0	Director	$0	$0	$0
Mohammed Eid OD	Board of Trustees	1.0	Director	$0	$0	$0
Nicole Wheatly	Board of Trustees	1.0	Director	$0	$0	$0
Osvaldo Lopez MD	Board of Trustees	1.0	Director	$3,572	$0	$3,572
Philip Hasler OD	Board of Trustees	1.0	Director	$0	$0	$0
Roberto Lucca OD	Board of Trustees	1.0	Director	$0	$0	$0
Sandra Bury OD	Board of Trustees	1.0	Director	$0	$0	$0
Shawn Mallady OD	Board of Trustees	1.0	Director	$0	$0	$0
Steven Lee OD	Board of Trustees	1.0	Director	$0	$0	$0
Thomas Duchardt FAAO	Board of Trustees	1.0	Director	$0	$0	$0
Timothy Tsang OD FAAO	Board of Trustees	1.0	Director	$0	$0	$0
Tracy Matchinski OD FAAO	Professor of Optometry / Board of Trustees	35.0	Director	$147,382	$38,458	$185,840
Vasvi Babu OD	Board of Trustees (End 10/2023)	N/A	Director	$0	$0	$0
Christa Ojeda CPA	VP of Business and Finance/CFO	35.0	Officer	$250,382	$43,226	$293,608
Mark Colip OD	President	35.0	Officer	$415,556	$69,494	$485,050
Erik Mothersbaugh OD	Dean for Student Affairs	35.0	Key Emp	$230,588	$33,070	$263,658
Leonard Messner OD	VP of Patient Care	35.0	Key Emp	$266,374	$41,870	$308,244
Stephanie Messner OD	VP of Academic Affairs	35.0	Key Emp	$278,915	$41,870	$320,785
Zhiyong Daniel Ren	Chief Operating Officer at IEI	35.0	Key Emp	$234,489	$21,600	$256,089
Anne Rozwat OD	Professor of Optometry	35.0	Highest	$188,476	$51,389	$239,865
Daniel Roberts OD	Professor of Optometry	35.0	Highest	$181,741	$73,239	$254,980
Geoffrey Goodfellow OD	Professor of Optometry	35.0	Highest	$179,829	$42,239	$222,068
Michael Chaglasian OD	Professor of Optometry	35.0	Highest	$182,589	$69,242	$251,831
Yi Pang OD	Professor of Optometry	35.0	Highest	$208,969	$64,739	$273,708

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	No data	No data	No data	No data
2024	$37,146,736	$38,523,194	$99,057,565	$-1,376,458
2023	$38,494,231	$36,782,950	$100,230,863	$1,711,281
2022	$38,134,437	$35,579,382	$102,341,486	$2,555,055
2021	$41,438,897	$36,541,143	$110,244,360	$4,897,754
2020	$36,498,150	$36,158,154	$101,860,678	$339,996
2019	$41,033,747	$38,852,171	$101,923,487	$2,181,576

Illinois College of Optometry