Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $17,150

• 1e · Government grants (contributions)

  $176,424,989

• 1f · All other contributions, gifts and grants

  $34,452,403

• 1g · Noncash contributions included above

  $6,328,432

• 2a · Program service revenue: TUITION

  total $772,750,611 · related or exempt $772,750,611 · unrelated business $0

• 2b · Program service revenue: AUXILIARY SERVICES

  total $84,414,795 · related or exempt $83,283,782 · unrelated business $0 · excluded $1,131,013

• 2c · Program service revenue: RESEARCH

  total $1,139,508 · unrelated business $0 · excluded $1,139,508

• 2d · Program service revenue: NON-CREDIT INSTRUCTION

  total $1,198,158 · related or exempt $1,198,158 · unrelated business $0 · excluded $0

• 2e · Program service revenue: FEES

  total $2,164,875 · related or exempt $2,164,875 · unrelated business $0

• 2f · All other program service revenue

  total $11,287,836 · related or exempt $11,204,254 · unrelated business $0 · excluded $83,582

• 3 · Investment income

  total $33,303,996 · related or exempt $0 · unrelated business $1,651,276 · excluded $31,652,720

• 4 · Income from investment of tax-exempt bond proceeds

  total $2,364,164 · related or exempt $0 · unrelated business $0 · excluded $2,364,164

• 5 · Royalties

  total $232,770 · related or exempt $0 · unrelated business $0 · excluded $232,770

• 6a · Gross rents

  real property $492,324 · personal property $0

• 6b · Less rental expenses

  real property $843,112 · personal property $0

• 6c · Rental income or loss

  real property -$350,788 · personal property $0

• 6d · Net rental income or loss

  total -$350,788 · related or exempt $0 · unrelated business $0 · excluded -$350,788

• 7a · Gross sales of assets other than inventory

  securities $375,535,133 · other assets $107,152

• 7b · Less cost or other basis and sales expenses

  securities $329,638,817 · other assets $790,251

• 7c · Gain or loss

  securities $45,896,316 · other assets -$683,099

• 7d · Net gain or loss

  total $45,213,217 · related or exempt $0 · unrelated business $118,540 · excluded $45,094,677

• 8a · Fundraising events: gross income

  $42,565

• 8b · Fundraising events: direct expenses

  $40,728

• 8c · Net income from fundraising events

  total $1,837 · unrelated business $0 · excluded $1,837

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11a · Other revenue: RIT Inn and Conference Center

  total $3,646,298 · related or exempt $0 · unrelated business $3,646,298 · excluded $0

• 11b · Other revenue: Margaret's House

  total $866,528 · related or exempt $866,528 · unrelated business $0 · excluded $0

• 11c · Other revenue: Parking

  total $1,805,220 · related or exempt $1,805,220 · unrelated business $0 · excluded $0

• 11d · All other revenue

  total $2,763,138 · related or exempt $2,119,831 · unrelated business $643,307 · excluded $0

• 11e · Other revenue, total

  $9,081,184

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $605,539 · program services $605,539

• 2 · Grants to domestic individuals

  total $420,402,401 · program services $420,402,401

• 5 · Compensation of officers, directors and key employees

  total $6,844,167 · program services $1,534,220 · management and general $3,625,230 · fundraising $1,684,717

• 7 · Other salaries and wages

  total $356,196,553 · program services $322,539,993 · management and general $27,068,829 · fundraising $6,587,731

• 8 · Pension plan contributions

  total $25,518,238 · program services $22,589,205 · management and general $2,356,558 · fundraising $572,475

• 9 · Other employee benefits

  total $68,308,310 · program services $61,977,361 · management and general $4,535,578 · fundraising $1,795,371

• 10 · Payroll taxes

  total $24,125,423 · program services $21,356,260 · management and general $2,227,934 · fundraising $541,229

• 11a · Fees: management

  total $302,180 · program services $111,289 · management and general $190,891

• 11b · Fees: legal

  total $1,725,308 · program services $449,877 · management and general $1,269,682 · fundraising $5,749

• 11c · Fees: accounting

  total $428,864 · management and general $428,864

• 11d · Fees: lobbying

  total $445,018 · program services $9,491 · management and general $427,817 · fundraising $7,710

• 11f · Fees: investment management

  total $403,250 · management and general $403,250

• 11g · Fees: other

  total $52,301,001 · program services $46,413,810 · management and general $5,747,419 · fundraising $139,772

• 12 · Advertising and promotion

  total $9,265,048 · program services $4,213,373 · management and general $4,959,459 · fundraising $92,216

• 13 · Office expenses

  total $36,982,065 · program services $30,835,212 · management and general $5,822,917 · fundraising $323,936

• 14 · Information technology

  total $13,432,800 · program services $11,209,232 · management and general $1,626,998 · fundraising $596,570

• 15 · Royalties

  total $50,690 · program services $50,690

• 16 · Occupancy

  total $11,885,212 · program services $11,119,067 · management and general $752,734 · fundraising $13,411

• 17 · Travel

  total $13,325,891 · program services $10,885,136 · management and general $1,325,062 · fundraising $1,115,693

• 19 · Conferences, conventions and meetings

  total $1,714,226 · program services $1,615,483 · management and general $82,363 · fundraising $16,380

• 20 · Interest

  total $9,226,510 · program services $7,543,428 · management and general $1,683,082

• 22 · Depreciation, depletion and amortization

  total $48,245,930 · program services $43,584,568 · management and general $4,651,219 · fundraising $10,143

• 23 · Insurance

  total $4,140,462 · program services $3,867,650 · management and general $272,812

• 24a · Other expenses: Stipend Participant Support

  total $14,196,260 · program services $14,196,260

• 24b · Other expenses: Maintenance and Repairs

  total $8,715,969 · program services $7,894,553 · management and general $821,416

• 24c · Other expenses: Student Organization Support

  total $2,389,272 · program services $2,351,387 · management and general $37,885

• 24d · Other expenses: Recruiting Expenses

  total $2,141,992 · program services $2,122,474 · management and general $15,820 · fundraising $3,698

• 24e · All other expenses

  total -$7,376,192 · program services -$7,652,717 · management and general $232,116 · fundraising $44,409

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $698,978 · end of year $775,777

• 2 · Savings and temporary cash investments

  beginning of year $160,695,836 · end of year $126,926,749

• 3 · Pledges and grants receivable

  beginning of year $54,991,714 · end of year $60,945,450

• 4 · Accounts receivable

  beginning of year $22,790,330 · end of year $19,140,498

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $1,953,690 · end of year $1,940,483

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,797,037 · end of year $9,519,076

• 10a · Land, buildings and equipment: cost or other basis

  $1,761,651,026

• 10b · Land, buildings and equipment: accumulated depreciation

  $789,307,760

• 10c · Land, buildings and equipment, net

  beginning of year $882,458,303 · end of year $972,343,266

• 11 · Investments: publicly traded securities

  beginning of year $306,077,394 · end of year $295,429,045

• 12 · Investments: other securities

  beginning of year $1,378,503,708 · end of year $1,462,165,244

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $10,630,882 · end of year $18,308,936

• 17 · Accounts payable and accrued expenses

  beginning of year $82,486,199 · end of year $104,199,637

• 19 · Deferred revenue

  beginning of year $32,430,859 · end of year $31,440,517

• 20 · Tax-exempt bond liabilities

  beginning of year $301,209,688 · end of year $296,299,304

• 22 · Loans and payables to officers and key people

  end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $133,618,403 · end of year $124,118,275

• 25 · Other liabilities

  beginning of year $145,310,597 · end of year $132,533,274

• 27 · Net assets without donor restrictions

  beginning of year $1,429,487,139 · end of year $1,518,952,593

• 28 · Net assets with donor restrictions

  beginning of year $702,054,987 · end of year $759,950,924

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

The President, officers, and select highly compensated individuals are required to travel extensively for RIT matters. Due to the amount of travel and the need to coordinate trips with the many other commitments for their positions, the University pays for business class air travel (or its equivalent) for international travel and business/first class travel (or its equivalent) for domestic travel over three hours when these select individuals travel for University business.

Schedule J, Part I, Line 1a Travel for companions

WHEN BUSINESS CIRCUMSTANCES WARRANT, THE UNIVERSITY MAY PAY FOR TRAVEL FOR COMPANIONS OF THE OFFICERS AND/OR HIGHLY COMPENSATED EMPLOYEES WHEN THEIR GUEST IS A FAMILY MEMBER, WHETHER OR NOT FOR BONA FIDE BUSINESS PURPOSES. THE PERSONAL USE PORTION OF THE BENEFIT IS TREATED AS TAXABLE COMPENSATION AND ADDED TO THE EMPLOYEES' FORM W-2.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

DUE TO THE NUMBER OF UNIVERSITY-RELATED ACTIVITIES THAT THE PRESIDENT IS REQUIRED TO HOST, HE IS REQUIRED TO LIVE IN A HOME OWNED AND MAINTAINED BY THE UNIVERSITY. THIS BENEFIT IS NOT DEEMED TO BE TAXABLE COMPENSATION.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

THE UNIVERSITY PAYS SOCIAL CLUB INITIATION FEES AND DUES FOR SELECT OFFICERS AND/OR HIGHLY COMPENSATED EMPLOYEES. THE PERSONAL USE PORTION OF THE BENEFIT IS TREATED AS TAXABLE COMPENSATION AND ADDED TO THE EMPLOYEES' FORM W-2.

Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses

EACH OF THE BENEFITS INDICATED IS AVAILABLE TO THE PRESIDENT; CERTAIN OF THESE BENEFITS ARE AVAILABLE TO SELECT OFFICERS AND HIGHLY COMPENSATED EMPLOYEES. AMOUNTS CONSIDERED TAXABLE ARE REPORTED COMPENSATION INCLUDED ON THE EMPLOYEES' FORM W-2. SINCE THESE BENEFITS ARE LIMITED TO VERY FEW INDIVIDUALS, A WRITTEN POLICY IS NOT CONSIDERED NECESSARY; HOWEVER, THE UNIVERSITY HAS SPECIFIC WRITTEN POLICIES PERTAINING TO TRAVEL EXPENDITURES AND PAYMENTS/REIMBURSEMENTS.

Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization

A PORTION OF AN INDIVIDUAL'S COMPENSATION REPORTED IN SCHEDULE J IS BASED ON PRE-DETERMINED ANNUAL PERFORMANCE METRICS, WITH GROSS REVENUES AS ONE OF THE COMPONENTS.

Schedule J, Part I, Line 3 METHODS USED TO ESTABLISH COMPENSATION

THE UNIVERSITY UTILIZES EACH OF THE METHODS LISTED IN SCHEDULE J, PART I, LINE 3 ON AN ANNUAL BASIS WITH THE EXCEPTION OF REVIEWING FORM 990 OF OTHER ORGANIZATIONS EVERY OTHER YEAR. IN THE YEAR THAT 990 OF OTHER ORGANIZATIONS ARE NOT REVIEWED BY THE UNIVERSITY, A BROADER COMPENSATION SURVEY OR STUDY IS CONDUCTED.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• 5257 W HENRIETTA ROAD LLC

  OWN REAL PROPERTY · NY · income $7,007,368 · assets $22,020,907

  Directly controlled by ROCHESTER INSTITUTE OF TECHNOLOGY

• RIT VENTURE FUND I LLC

  INVESTMENTS · DE · income $504 · assets $199,804

  Directly controlled by ROCHESTER INSTITUTE OF TECHNOLOGY

• RIT VF ARC HOLDINGS LLC

  INVESTMENTS · NY · income $0 · assets $0

  Directly controlled by RIT Venture Fund I LLC