CALIFORNIA INSTITUTE OF TECHNOLOGY

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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

1891

Legal Domicile

Principal Officer

DR THOMAS F ROSENBAUM

Phone

6263956811

Tax Period

2023-10-01 to 2024-09-30

CALIFORNIA INSTITUTE OF TECHNOLOGY, founded in 1891, is a large national nonprofit in the Education sector that reported $4.2B in total revenue in fiscal year 2023. Expenses of $3.7B left a modest 11% surplus.

Mission

THE INSTITUTE DOES NOT CAPITALIZE ITS COLLECTION ITEMS. DUE TO THE IMMATERIALITY OF THE EFFECT OF COLLECTIONS PRACTICES ON ITS FINANCIAL STATEMENTS, THE INSTITUTE DOES NOT DISCLOSE ITS COLLECTIONS POLICIES.

Program Service Accomplishments

Program 1

Expenses: $542,707,000 Revenue: $245,846,000

INSTRUCTION, SCHOLARSHIPS, FELLOWSHIPS, AND OTHER STUDENT AID

Program 2

Expenses: $363,307,000 Revenue: $111,845,000

ORGANIZED RESEARCH AT THE CAMPUS.

Program 3

Expenses: $2,611,617,000 Revenue: $2,611,617,000

SPONSORED RESEARCH AT THE JET PROPULSION LABORATORY.

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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 $938,592,000

Program Service Revenue $3,024,617,000

Investment Income $189,549,000

Other Revenue $12,430,000

TOTAL REVENUE $4,165,188,000

Expense Breakdown

Grants Paid $131,635,000

Salaries & Benefits $1,976,653,000

Fundraising Expenses $11,004,000

Program Expenses $3,563,524,000

Other Expenses $1,578,462,000

TOTAL EXPENSES $3,686,750,000

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,165,188,000	$3,933,444,000	+0.1%
Expenses	$3,686,750,000	$3,704,492,000	0.0%
Net Income	$478,438,000	$228,952,000	+1.1%

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

12249

Volunteers

824

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

$11,744,014

Total Directors

$1,936,827

Key Employees

$1,220,307

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT H RICHLAND	CHIEF INVESTMENT OFFICER	40.0	Officer	$1,323,751	$662,229	$1,985,980
THOMAS F ROSENBAUM	PRESIDENT & TRUSTEE	40.0	Officer Director	$1,792,256	$144,571	$1,936,827
LAURIE A LESHIN	VP & DIRECTOR, JPL	40.0	Officer	$1,364,626	$56,262	$1,420,888
KAREN L SISSON	FORMER VP ADMIN & CFO	40.0	Highest	$1,041,722	$67,876	$1,109,598
DOUGLAS N MACBEAN	SR MANAGING DIR INVESTMENTS	40.0	Highest	$717,505	$211,860	$929,365
DAVID A TIRRELL	PROVOST	40.0	Officer	$846,666	$64,815	$911,481
DEXTER A BAILEY	VP ADV & ALUMNI RELATIONS	40.0	Officer	$793,904	$78,692	$872,596
ROBERT P KIRSHNER	ASTRONOMY PROF & EXEC DIR, TIO	40.0	Highest	$803,719	$54,819	$858,538
JENNIFER T LUM	GENERAL COUNSEL	40.0	Officer	$705,456	$128,496	$833,952
KIRK KAWASAWA	SR MNG DIR INVESTMENT OPS	40.0	Highest	$613,645	$168,443	$782,088
CATHY A LIGHT	SECRETARY, BOARD OF TRUSTEES	40.0	Officer	$668,134	$83,802	$751,936
LARRY D JAMES	DEPUTY DIRECTOR, JPL	40.0	Key Emp	$659,412	$61,259	$720,671
FREDERIC FARINA	CHIEF INNOV & CORP PARTN	40.0	Highest	$545,263	$69,659	$614,922
DIANA JERGOVIC	VP STRATEGY IMPLEMENTATION	40.0	Officer	$559,006	$48,919	$607,925
SHARON E PATTERSON	CFO & TREASURER AS OF 10/23	40.0	Officer	$471,109	$72,662	$543,771
SAMMY A KAYALI	CFO & DIR FOR LAB OPS INTEGRA	40.0	Key Emp	$419,369	$80,267	$499,636
KEVIN M GILMARTIN	VP STUDENT AFFAIRS	40.0	Officer	$329,837	$70,484	$400,321
MATTHEW W BREWER	CONTROLLER	40.0	Officer	$323,060	$72,165	$395,225
JOSEPH E SHEPHERD	FORMER VP STUDENT AFFAIRS	40.0		$316,662	$73,590	$390,252
MICHAEL M WATKINS	FORMER VP & DIRECTOR, JPL	40.0		$306,068	$60,733	$366,801
CAROL J SCHUIL	FORMER EA TO PRES/ASST SEC	40.0		$287,918	$61,473	$349,391
MARGARET A STEURBAUT	INT VP ADMIN & CFO until 11/23	40.0	Officer	$282,940	$19,412	$302,352
DEBORAH K RODDAY	SR DIR/ASST SEC	40.0	Officer	$222,685	$43,648	$266,333
ARTURO AGUAYO	ASSISTANT TREASURER	40.0	Officer	$203,871	$57,255	$261,126
CHARLES E LANE	VP & COO AS OF 10/23	40.0	Officer	$236,658	$16,643	$253,301
SEAN BAILEY	TRUSTEE	4.0	Director	$0	$0	$0
BARBARA M BARRETT	TRUSTEE, VICE CHAIR	10.0	Officer Director	$0	$0	$0
REBECKA BELLDEGRUN	SENIOR TRUSTEE	14.0	Director	$0	$0	$0
ROBERT C BONNER	SENIOR TRUSTEE	4.0	Director	$0	$0	$0
LYNN A BOOTH	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
BRIGITTE M BREN	TRUSTEE	1.75	Director	$0	$0	$0
MILTON M CHANG	SENIOR TRUSTEE	3.0	Director	$0	$0	$0
PEGGY T CHERNG	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
ROBERT B CHESS	TRUSTEE UNTIL 10/23	0.0	Director	$0	$0	$0
FRANCE A CORDOVA	SENIOR TRUSTEE	4.0	Director	$0	$0	$0
WILLIAM H DAVIDOW	SENIOR TRUSTEE	4.0	Director	$0	$0	$0
DAVID T DREIER	TRUSTEE	2.0	Director	$0	$0	$0
JOSHUA S FRIEDMAN	TRUSTEE	2.0	Director	$0	$0	$0
WILLIAM T GROSS	TRUSTEE	2.0	Director	$0	$0	$0
FREDERICK J HAMEETMAN	SENIOR TRUSTEE	1.0	Director	$0	$0	$0
DAVID D HO	TRUSTEE	1.0	Director	$0	$0	$0
MARIA D HUMMER-TUTTLE	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
BOBBY R INMAN	SENIOR TRUSTEE UNTIL 10/23	1.0	Director	$0	$0	$0
ROBERT T JENKINS	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
G BRADFORD JONES	TRUSTEE	2.0	Director	$0	$0	$0
PETER D KAUFMAN	TRUSTEE	2.0	Director	$0	$0	$0
MASSI JOSEPH KIANI	TRUSTEE	2.0	Director	$0	$0	$0
LOUISE KIRKBRIDE	TRUSTEE	4.0	Director	$0	$0	$0
WALTER G KORTSCHAK	TRUSTEE	2.0	Director	$0	$0	$0
KENT KRESA	SENIOR TRUSTEE	3.0	Director	$0	$0	$0
JON B KUTLER	TRUSTEE	2.0	Director	$0	$0	$0
TAYLOR W LAWRENCE	TRUSTEE	4.0	Director	$0	$0	$0
DAVID L LEE	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
A MICHAEL LIPPER	SENIOR TRUSTEE	4.0	Director	$0	$0	$0
LI LU	TRUSTEE	2.0	Director	$0	$0	$0
SHIRLEY M MALCOM	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
FARIBORZ MASEEH	TRUSTEE	4.0	Director	$0	$0	$0
MICHELLE J MATHEWS-SPRADLIN	TRUSTEE	2.0	Director	$0	$0	$0
DEBORAH D MCWHINNEY	TRUSTEE	2.0	Director	$0	$0	$0
ALEXANDER R MEHRAN SR	SENIOR TRUSTEE until 10/23	0.0	Director	$0	$0	$0
RICHARD N MERKIN	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
KENNETH G MOORE	TRUSTEE	2.0	Director	$0	$0	$0
PRINEHA NARANG	YOUNG ALUM. TRUSTEE	4.0	Director	$0	$0	$0
PETER NORTON	SENIOR TRUSTEE	1.0	Director	$0	$0	$0
RONALD L OLSON	SENIOR TRUSTEE	4.0	Director	$0	$0	$0
STEPHEN R ONDERDONK	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
PEDRO J PIZARRO	TRUSTEE	4.0	Director	$0	$0	$0
DAVID E I PYOTT	TRUSTEE	4.0	Director	$0	$0	$0
EDUARDO A REPETTO	TRUSTEE	4.0	Director	$0	$0	$0
STEWART A RESNICK	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
RICHARD H SCHELLER	TRUSTEE	2.0	Director	$0	$0	$0
AMY SCHULMAN	TRUSTEE	2.0	Director	$0	$0	$0
TIMOTHY J SLOAN	TRUSTEE	6.0	Director	$0	$0	$0
MASON SMITH	TRUSTEE	2.0	Director	$0	$0	$0
SUBRA SURESH	TRUSTEE AS OF 05/24	2.0	Director	$0	$0	$0
DAVID W THOMPSON	TRUSTEE, CHAIR	10.0	Officer Director	$0	$0	$0
CHARLES R TRIMBLE	SENIOR TRUSTEE	2.0	Director	$0	$0	$0
RICHMOND A WOLF	TRUSTEE	10.0	Director	$0	$0	$0
KNEELAND YOUNGBLOOD	TRUSTEE	2.0	Director	$0	$0	$0

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
2024	$4,165,188,000	$3,686,750,000	$7,827,509,000	$478,438,000
2023	$3,933,444,000	$3,704,492,000	$6,938,067,000	$228,952,000
2022	$3,616,401,000	$3,442,943,000	$6,336,115,000	$173,458,000
2021	$3,523,617,000	$3,276,012,000	$7,236,565,000	$247,605,000
2020	$3,522,009,000	$3,467,103,000	$6,252,584,000	$54,906,000
2019	$3,685,295,000	$3,541,262,000	$5,596,206,000	$144,033,000
2018	$3,515,581,000	$3,446,038,000	$5,593,996,000	$69,543,000