2019-03-13T20:30:08-05:00 2018-05-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2017-06-01 362170136 Illinois Institute of Technology ILLI 3125673825 3424 SOUTH STATE STREET TC-4 FL CHICAGO IL 60616 MICHAEL HORAN VP FINANCE, CFO, & TREASURER 2019-03-13 true NICOLE BENCIK P00756195 3128997000 2017 2019-02-21 02:37:17Z Alan W Cramb SUITE 1900 10 W 35TH STREET CHICAGO IL 60616 401096509 false X WWW.IIT.EDU X 1940 IL TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. 64 61 4197 105 143257 0 58277789 63052564 286238062 276015596 6681794 11251710 773065 1515852 351970710 351835722 106662830 113217063 0 151259827 151169166 48839 38569 9923979 102895629 94215421 360867125 358640219 -8896415 -6804497 583297526 635766786 248671425 238451045 334626101 397315741 X TO PROVIDE DISTINCTIVE AND RELEVANT EDUCATION IN AN ENVIRONMENT OF SCIENTIFIC, TECHNOLOGICAL, AND PROFESSIONAL KNOWLEDGE CREATION AND INNOVATION. false false 197972195 113217063 195245056 INSTRUCTION SUPPORT:- Through eight different schools and colleges, instruction supports over 50 academic majors, more than 80 minors, and a variety of specializations and is made up of nearly 6,900 students, including 3,026 undergraduate, 2,277 graduate, 882 law students, 568 Ph.D. candidates, and 87 students in continuing education programs. The University offered and awarded 559 bachelor, 1,670 master, 234 J.D., and 92 Ph.D. degrees during the 2018 academic year. The University's signature Interprofessional Projects Program (IPRO) joins together students from various academic disciplines to work as a team to tackle a real-world problem using design-centered methodology and innovative thinking. All undergraduate students are required to take six credit hours of IPRO courses. Developed in 1995, IPRO consists of student teams from the junior through graduate levels, representing the breadth of the university's disciplines and professional programs. Each IPRO course is a unique project with teams that include the faculty and enrolled students. The courses encourage intellectual inquiry with research on the project subject, analysis, design, and development. Such experiential learning reinforces traditional education methods, providing students a richer academic experience allowing them to gain knowledge that goes beyond the regular classroom experience. When they graduate, students have learned to "speak the language" of other professions and have learned that problems can be "framed" from many different perspectives. Recently, IPRO project teams collaborated on developing a prototype desalination device for the Sahara, built sustainable water distribution systems in Haiti, developed renovations for a historic neighborhood theater, developed an assistive device to help visually impaired people swim, and devised a mobile operating room for disaster relief in third-world countries. The University's Idea Shop is where ideas are transformed into reality. The Idea Shop is a 13,000-square-foot innovation hub that features computer visualization tools, a rapid-prototyping lab featuring 3-D printers and 3-D scanners, multiple CNC milling machines, a vacuum former, and laser cutter. This is where University students from all fields of study generate breakthrough ideas and guide them from concept to launch. The Idea Shop helps to build the competency and professional perspectives of Illinois Institute of Technology students at all levels. It is an inviting place for returning alumni, students, and prospective students to interact and participate in workshops. The Idea Shop also serves the Chicago-area entrepreneurial community and facilitates the process by transforming student and faculty generated ideas into actual businesses, products, and patents. 33801825 40430978 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. 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. Research awards received in fiscal year 2018 were $27.1 million. The University received awards in the areas of science, engineering, technology, and mathematics all of which are synergistic with the strategic plan. Notably, the Electrical and Computer Engineering Department received 19 awards totaling $3.8 million and the Computer Science Department received 18 awards for $3.5 million. Also, the Biomedical Engineering Department received 16 awards for $1.7 million, the Biological Science Department 13 awards for $1.8 million, Mechanical Material and Aerospace Engineering 28 awards totaling $2.9 million, Physics Department 33 awards totaling $2.8 million and the Department of Psychology 18 awards for $1.1 million. In addition, the National Center for Food Safety and Technology received 29 awards totaling $5.4 million. 20786783 12290455 AUXILIARY SERVICES:- This provides for campus housing and dining for the students and includes residence halls and a dining room, apartment-style buildings, five fraternity houses, and two sorority houses. 18636575 19304353 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. 14702495 8585958 ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. 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IIT WAS REPRESENTED BY ALL CIRCO INC. FOR DEVELOPMENT OF LEGISLATIVE STRATEGY AND AS LIAISON WITH THE OFFICE OF THE GOVERNOR AND OTHER STATE AGENCIES AS DIRECTED BY IIT. IN ADDITION, IIT'S VICE PRESIDENT AND ASSOCIATE VICE PRESIDENT FOR EXTERNAL AFFAIRS INTERACT WITH FEDERAL, STATE, AND LOCAL OFFICIALS REGARDING SUCH MATTERS. Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY THOMSON COBURN WAS RETAINED TO HELP WITH FEDERAL LOBBY REGISTRATION AND DISCLOSURE REQUIREMENTS. IIT WAS REPRESENTED BY ALL CIRCO INC. FOR DEVELOPMENT OF LEGISLATIVE STRATEGY AND AS LIAISON WITH THE OFFICE OF THE GOVERNOR AND OTHER STATE AGENCIES AS DIRECTED BY IIT. IN ADDITION, IIT'S VICE PRESIDENT AND ASSOCIATE VICE PRESIDENT FOR EXTERNAL AFFAIRS INTERACT WITH FEDERAL, STATE, AND LOCAL OFFICIALS REGARDING SUCH MATTERS. 243746501 5825000 14727000 5671397 6828603 251798501 226847501 2246000 27253000 5903690 6696310 243746501 240752501 4929000 -6234000 5407125 7192875 226847501 239982501 1394000 11076000 4891780 6808220 240752501 221908302 5620000 23554000 4676028 3923773 2500000 239982501 0.22 0.78 0.0 false false 19830281 19830281 419112708 216512331 202600377 90239829 61172763 29067066 33049893 33049893 284547617 Obligation under split interest 725559 Deposits by students & others 2335802 Postretirement benefit obligation 2198675 Asset retirement obligation 1624991 ADVANCES FROM U.S. GOV'T FOR STUDENT LOANS 6650888 13535915 X Schedule D, Part V, Line 4 Intended uses of endowment funds The purpose of the endowment funds is to facilitate donors' desires to make substantial long-term gifts to the community and to develop a new and significant source of revenue for the University. In doing so, the endowment fund will provide a secure, long-term source of funds to: (a) fund special programs; (b) ensure long-term growth; (c) enhance the University's ability to meet changing community needs; and (d) support the administrative expenses of the University as deemed appropriate. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote Income Taxes The University has received a determination letter from the Internal Revenue Service (IRS) stating that they are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code except for tax on unrelated business income. It is management's belief that none of its activities have produced material unrelated business income, and that the University has operated in a manner that qualifies it for tax-exempt status. U.S. generally accepted accounting principles require University management to evaluate tax positions taken by the University and recognize a tax liability (or asset) if the University has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed tax positions taken by the University and has concluded that as of May 31, 2017 and 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated financial statements. The University is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The University management believes it is no longer subject to income tax examinations for years prior to 2015. true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY POLICY PUBLISHED YEARLY IN VARIOUS STUDENT BULLETINS. IT ALSO APPEARS ON APPLICATIONS, AND OTHER FORMS, AND IT IS POSTED ON THE UNIVERSITY'S WEBSITE. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT Department of Education:- Federal Supplemental Education Opportunity Grants Federal Direct Loans Federal Work Study Program Federal Perkins Loan Program Federal Pell Grant Program Illinois Student Assistance Commission:- Illinois Monetary Award Program Grants Grant Program for Descendants of Police, Fire, or Correctional Officers Europe (Including Iceland and Greenland) 0 1 Program Services STUDENT RECRUITING. 213917 South Asia 6 6 Program Services FACILITATE DELIVERY OF ON-LINE EDUCATIONAL PROGRAMS AND STUDENT RECRUITING. 133834 East Asia and the Pacific 0 2 Program Services STUDENT RECRUITING. 388501 South America 0 1 Program Services STUDENT RECRUITING. 37750 6 10 0 0 6 10 774002 0 774002 true false true false false false Schedule F, Part I, Line 3 DESCRIPTION OF ACTIVITY OUTSIDE UNITED STATES EUROPE/SOUTH AMERICA: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF EUROPEAN AND LATIN AMERICAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. SOUTH ASIA: TO FACILITATE IIT'S ABILITY TO DELIVER LONG DISTANCE INTERNET-BASED EDUCATIONAL PROGRAMS TO RESIDENTS OF VARIOUS CITIES IN INDIA AND THE RECRUITMENT OF INDIAN STUDENTS TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. EAST ASIA AND PACIFIC: IIT IS MAINLY ENGAGED IN THE RECRUITMENT OF STUDENTS FROM EAST ASIA AND THE PACIFIC TO THE PROGRAMS OF THE UNIVERSITY OFFERED AT IIT'S CHICAGO CAMPUS. X X X X X X X true Ruffalo Noel Levitz LLC PO Box 718 Des Moines IA 503030718 PHONE SOLICITING false 46228 25244 20984 WASHBURN & MCGOLDRICK LLC 24 N Bryn Mawr Avenue Suite 252 Bryn Mawr PA 19010 CONSULT ON RAISING FUNDS false 13325 -13325 46228 38569 7659 CT OR SC FL MD Tech-X Awards 395387 369762 25625 22731 48470 177289 Phonathon 46228 46228 0 25244 2 26200 6800 19400 33170 16325 467815 422790 45025 22731 81640 218858 323229 -278204 Schedule G, Part I, Line 2b(v) Amounts paid to fundraiser Washburn & McGoldrick LLC was engaged to increase private philanthropic support for IIT's operating budget, endowment and facilities. All of these resources are intended to enhance the educational purposes of the institution. Washburn & McGoldrick LLC do not at any time have custody or control of contributions. IIT exercises control and approval over the content and volume of any solicitation as Washburn & McGoldrick LLC never conducts solicitations on IIT's behalf. Payments for services are based on a monthly retainer and a per diem rate. Expenses are billed separately as expended and at cost, for travel, overnight accommodations, meals, and out-of-pocket expenses. Ruffalo Noel Levitz LLC conducted telephone fundraising campaigns for IIT and provided services to secure pledges and donations to support the educational mission of IIT. Their services related to the concept, design and strategies of the campaign and telephone solicitations to individuals identified on lists supplied by IIT. All funds raised were controlled by IIT. Ruffalo Noel Levitz LLC was paid fees for services provided in conducting the telephone fundraising campaigns. Schedule G, Part I, Line 2b(ii) Describe the custody or control arrangement. RUFFALO NOEL LEVITZ, LLC-RUFFALO NOEL LEVITZ LLC CONDUCTED TELEPHONE FUNDRAISING CAMPAIGNS FOR IIT AND PROVIDED SERVICES TO SECURE PLEDGES AND DONATIONS TO SUPPORT THE EDUCATIONAL MISSION OF IIT. THEIR SERVICES RELATED TO THE CONCEPT, DESIGN AND STRATEGIES OF THE CAMPAIGN AND TELEPHONE SOLICITATIONS TO INDIVIDUALS IDENTIFIED ON LISTS SUPPLIED BY IIT. ALL FUNDS RAISED WERE CONTROLLED BY IIT. RUFFALO NOEL LEVITZ LLC WAS PAID FEES FOR SERVICES PROVIDED IN CONDUCTING THE TELEPHONE FUNDRAISING CAMPAIGNS.;WASHBURN & MCGOLDRICK LLC-WASHBURN & MCGOLDRICK LLC WAS ENGAGED TO INCREASE PRIVATE PHILANTHROPIC SUPPORT FOR IIT'S OPERATING BUDGET, ENDOWMENT AND FACILITIES. ALL OF THESE RESOURCES ARE INTENDED TO ENHANCE THE EDUCATIONAL PURPOSES OF THE INSTITUTION. WASHBURN & MCGOLDRICK LLC DO NOT AT ANY TIME HAVE CUSTODY OR CONTROL OF CONTRIBUTIONS. IIT EXERCISES CONTROL AND APPROVAL OVER THE CONTENT AND VOLUME OF ANY SOLICITATION AS WASHBURN & MCGOLDRICK LLC NEVER CONDUCTS SOLICITATIONS ON IIT'S BEHALF. PAYMENTS FOR SERVICES ARE BASED ON A MONTHLY RETAINER AND A PER DIEM RATE. EXPENSES ARE BILLED SEPARATELY AS EXPENDED AND AT COST, FOR TRAVEL, OVERNIGHT ACCOMMODATIONS, MEALS, AND OUT-OF-POCKET EXPENSES.; Schedule G, Part I, Line 2b(v) payment of fees or payment of expenses RUFFALO NOEL LEVITZ, LLC-PAYMENT OF FEES.;WASHBURN & MCGOLDRICK LLC-PAYMENT OF FEES.; true SCHOLARSHIPS 6385 113217063 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. THE USE OF GRANT FUNDS IS MONITORED THROUGH A GRANT MANAGEMENT SYSTEM. X true true X X X false false false false false false false false false Alan W Cramb President 643000 0 135000 0 21064 0 24300 0 21953 0 845317 0 0 0 Frances Bronet Provost-Termed on 1/31/2018 435417 0 0 0 21564 0 24300 0 1474 0 482755 0 0 0 Russell Betts Interim Provost 366347 0 0 0 24844 0 24300 0 0 0 415491 0 0 0 Jess Goode Vice President 220877 0 0 0 470 0 0 0 0 0 221347 0 0 0 Anthony D'Amato Vice Pres, Genr'l Cnsl & Sec 253450 0 0 0 810 0 23198 0 7089 0 284547 0 0 0 Betsy Hughes Vice Pres, Inst Advancement 317145 0 30272 0 2322 0 24300 0 21953 0 395992 0 0 0 Michael Gosz Assoc. 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These memberships served a business purpose that helped to support the mission of the University and were not treated as taxable compensation to the individual. A ILLINOIS FINANCE AUTHORITY 861091967 45200FYX1 2009-07-22 29381972 RENOVATION OF FACILITIES false false false B ILLINOIS FINANCE AUTHORITY 861091967 45200BYH5 2006-03-23 156502991 REFINANCE & FACILITY RENOVATION false false false A 4560000 0 29489371 2816505 0 0 587637 0 0 24039772 2045456 0 2011 false false true true B 19895000 0 156502991 0 0 1418858 0 0 51378575 103705558 0 2008 true true true true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true A false false false true false false false false true B false false false true false false false false true A true B true Schedule K, Part II, Line 3 All listed bonds on Schedule K. If the total proceeds of the issue exceeds the issue price of the respective bond, the difference is due to investment earnings. Earnings are included in the total proceeds of each issue. Schedule K, Part IV, Line 2c COLUMN A Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 02/19/2014 Schedule K, Part IV, Line 2c COLUMN B Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 01/27/2011 M ELLEN MITCHELL SPOUSE OF A CURRENT TRUSTEE 179445 EMPLOYMENT false POWER UJAMAA 3 LLC ENTITY MORE THAN 35% OWNED BY FAMILY MEMBERS OF ALVIN L. GORMAN, TRUSTEE. 19559836 INDEPENDENT CONTRACTOR false Schedule L, Part IV BUSINESS TRANSACTIONS WITH INTERESTED PERSONS BUSINESS TRANSACTIONS WITH INTERESTED PERSONS SCHEDULE L, PART IV THE TRANSACTIONS LISTED IN SCHEDULE L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS, WERE CONSISTENT WITH THE CONFLICT OF INTEREST POLICY DESCRIBED IN SCHEDULE O. ILLINOIS INSTITUTE OF TECHNOLOGY REQUIRES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY FOR ALL BUSINESS TRANSACTIONS WITH INTERESTED PERSONS. IN FY 2018, BRYAN R. DUNN, TRUSTEE OF THE UNIVERSITY, WAS MARRIED TO M. ELLEN MITCHELL, WHO WAS A PROFESSOR IN THE DEPARTMENT OF PSYCHOLOGY OF THE LEWIS COLLEGE. IN FY 2018, TRUSTEE ALVIN L. GORMAN'S FAMILY MEMBERS HAD AN OWNERSHIP INTEREST IN POWER UJAMAA 3 LLC WHICH WAS AWARDED A CONTRACT, PURSUANT TO AN RFP, TO CONSTRUCT A CAMPUS INNOVATION CENTER. PAYMENTS FOR THIS CONSTRUCTION WERE MADE FROM TEMPORARILY RESTRICTED GIFTS THAT WERE RECEIVED AS A RESULT OF AN INTERNAL CAPITAL CAMPAIGN. X 5451 Market value X 55 2765629 Market value X 8" Celestron telescope 1 1200 Market value X Balloons 1 209 Cost X Printer 1 191 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Books and publications - number of items received Other - 8" Celestron telescope number of contributions Other - Balloons number of contributions Other - Printer number of contributions Form 990, Part I, Line 7a UNRELATED BUSINESS INCOME THE FORM 990-T SHOWS UNRELATED BUSINESS INCOME IN THE AMOUNT OF $266,319. THIS AMOUNT INCLUDES DISALLOWED TRANSPORTATION FRINGE BENEFITS OF $123,062, WHICH IS NOT REFLECTED ON PART VIII, COLUMN C. AS A RESULT, PART I, LINE 7A IS $143,257. Form 990, Part III, Line 4d Description of other program services (Expenses $ 18,636,575 including grants of $)(Revenue $ 19,304,353) 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. Form 990, Part III, Line 4d Description of other program services (Expenses $ 14,702,495 including grants of $)(Revenue $ 8,585,958) ACADEMIC SUPPORT:- IIT provides students with the information skills to compete in today's challenging and rapidly changing environment through its several libraries and academic computing centers allowing students access to terminals. In addition, the Academic Resource Center office offers several programs that provide peer tutoring, exam reviews, advising and counseling. Form 990, Part VI, Line 1a Delegate broad authority to a committee As stated in Article 5, Section 5 of the organizations By-Laws, there shall be an Executive Committee of the Board of Trustees. With the caveat that the Board of Trustees may override the Executive Committee and except as otherwise provided in Article 5, Section 6, the Board of Trustees delegates to the Executive Committee all the powers vested in the Board of Trustees by law or by these Bylaws in the management of the property, business and affairs of the corporation. The Executive Committee shall include, as ex officio members, the Chair of the Board, the immediate past Chair, any Vice Chairs, the Chairs of all committees listed in Article 5, Sections 3 and 4, and the President. If the Chair of the Board of the IIT Alumni Association is a regularly elected or life trustee, then that individual shall be an ex officio member of the Executive Committee for the term of his or her office as Chair of the Board of the IIT Alumni Association. Up to eight additional members of the Executive Committee shall be elected for three-year terms by the Board of Trustees from the regularly elected members of the Board. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons A. Steven Crown, James Dugan, Craig J. Duchossois, and Kevin Willer - Business relationship, BRYAN R. DUNN, M. ELLEN MITCHELL - Family relationship, James R. Gagnard, Efthimios S. Stojka - Business relationship, Patrick J. Kelly, James E. Cowie, Craig J. Duchossois - Business relationship, Victor A. Morgenstern and Anita M. Nagler - Business relationship, Kevin Willer, Craig J. Duchossois, A. Steven Crown, and Richard N. Levy - Business relationship, John W. Rowe, James R. Gagnard, Efthimios J. Stojka - Business relationship, Eric C. Larson and Craig J. Duchossois - Business relationship Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE VP FINANCE, CFO & TREASURER, AVP FINANCE & CONTROLLER, ASSOCIATE CONTROLLER, AND BY THE VP GENERAL COUNSEL & SECRETARY. ONCE THE FORM 990 IS APPROVED BY MANAGEMENT, THE FORM IS PRESENTED TO THE AUDIT AND COMPLIANCE COMMITTEE AND THE EXECUTIVE COMMITTEE (ACTING FOR THE FULL BOARD OF TRUSTEES) FOR REVIEW. WHEN THIS REVEIW IS COMPLETED, IT IS PUT ON A TRUSTEE WEBSITE GIVING ALL THE TRUSTEES THE OPPORTUNITY TO REVIEW. ONCE ALL REVIEWS ARE COMPLETED, THE VP FINANCE, CFO & TREASURER SIGNS THE FORM 990. Form 990, Part VI, Line 12c Conflict of interest policy ON AN ANNUAL BASIS, IIT EMPLOYEES AND BOARD OF TRUSTEE MEMBERS MUST REVIEW THE CONFLICT OF INTEREST POLICY. ALL EMPLOYEES AND TRUSTEES ARE REQUIRED TO SIGN AND DATE A CONFLICT OF INTEREST ATTESTATION DOCUMENT WHETHER A CONFLICT IS PRESENT OR NOT. GENERAL COUNSEL MONITORS THE EMPLOYEES AND TRUSTEES THAT HAVE REVIEWED THE POLICY AND DOCUMENTS THE CONFLICT OF INTEREST INSTANCES. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE BOARD OF TRUSTEES HAS ESTABLISHED AN INDEPENDENT COMPENSATION COMMITTEE THAT IS RESPONSIBLE FOR RECOMMENDING THE PRESIDENT'S (CEO) SALARY. THE COMMITTEE WILL BASE THE SALARY ON A HUMAN RESOURCE BENCHMARK STUDY COMPARING SELECTED UNIVERSITIES HAVING SIMILAR STUDENT ENROLLMENTS AND PROGRAMS. ON AN ANNUAL BASIS, HUMAN RESOURCES WILL PROVIDE THE COMMITTEE AN UPDATED BENCHMARK SURVEY FOR THEIR REVIEW. BASED ON THE ANNUAL SURVEY, THE COMMITTEE MAY RECOMMEND AN ADJUSTMENT TO THE PRESIDENT'S SALARY. AFTER THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION COMMITTEE RECOMMENDATIONS, IT VOTES TO APPROVE THE COMPENSATION. Form 990, Part VI, Line 15b Process to establish compensation of other employees The authority to recommend the annual salaries of the Vice Presidents and other senior officers is delegated to an independent Compensation Committee by the Board of Trustees. The Committee obtains comparative analyses and studies from the Human Resource department with respect to compensation of similar organizations to ensure that the University's compensation is comparable. After the Executive Committee reviews the compensation committee recommendations, it votes to approve the compensation. Form 990, Part VI, Line 19 Required documents available to the public FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE LOCATED ON THE ILLINOIS INSTITUTE OF TECHNOLOGY'S WEBSITE. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS - 1195073; CHANGE IN ASSET RETIREMENT OBLIGATION, NET - 325402; GAIN ON CANCELLATION OF BROADBAND LICENSE - 65000000; GRANT FUNDS RETURNED - -460735; STOCK GIFT WRITE-OFF - -420628; OTHER, NET - 28800; Form 990, Part XII, Line 2b CONSOLIDATED AUDIT REPORT THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED ON A CONSOLIDATED BASIS AND NO SEPARATE COMPANY AUDIT REPORT IS AVAILABLE. 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