Form 990 for tax year 2022
Filed by INDIANA INSTITUTE OF TECHNOLOGY INC.
Totals
- Total revenue
- $87,182,224
- Total expenses
- $94,726,379
- Contributions and grants received
- $6,082,896
- Grants paid
- $28,672,583
- Program service revenue
- $76,354,806
- Investment income
- $4,695,166
- Other revenue
- $49,356
- Total assets, end of year
- $320,817,510
- Total liabilities, end of year
- $48,786,762
- Net assets or fund balances, end of year
- $272,030,748
- Program services expenses (Part IX)
- $76,461,055
- Management and general expenses
- $17,042,370
- Fundraising expenses
- $1,222,954
- Program service expenses (Part III)
- $76,461,055
Program services were 80.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$4,500
-
1d · Related organizations
$8,287
-
1e · Government grants (contributions)
$4,599,615
-
1f · All other contributions, gifts and grants
$1,470,494
-
1g · Noncash contributions included above
$565,372
-
2a · Program service revenue: TUITION & FEES
total $68,020,448 · related or exempt $68,020,448
-
2b · Program service revenue: RESIDENCE HALLS
total $7,832,811 · related or exempt $7,832,811
-
2c · Program service revenue: MISCELLANEOUS
total $501,547 · related or exempt $243,046 · unrelated business $258,501
-
3 · Investment income
total $7,515,849 · unrelated business $30,183 · excluded $7,485,666
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $13,421
-
6b · Less rental expenses
real property $13,421
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0 · unrelated business $0
-
7a · Gross sales of assets other than inventory
securities $42,405,423
-
7b · Less cost or other basis and sales expenses
securities $45,226,106
-
7c · Gain or loss
securities -$2,820,683
-
7d · Net gain or loss
total -$2,820,683 · excluded -$2,820,683
-
8a · Fundraising events: gross income
$5,964
-
8a · Fundraising events: contributions included on line 1c
$4,500
-
8b · Fundraising events: direct expenses
$9,496
-
8c · Net income from fundraising events
total -$3,532 · excluded -$3,532
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$96,060
-
10b · Cost of goods sold
$53,170
-
10c · Net income from sales of inventory
total $42,890 · excluded $42,890
-
11a · Other revenue: VENDING COMMISSION
total $7,546 · excluded $7,546
-
11b · Other revenue: WELLNESS CENTER
total $2,452 · excluded $2,452
-
11e · Other revenue, total
$9,998
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $28,672,583 · program services $28,672,583
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $1,630,212 · program services $114,623 · management and general $1,311,543 · fundraising $204,046
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $23,531,443 · program services $18,649,855 · management and general $4,398,352 · fundraising $483,236
-
8 · Pension plan contributions
total $1,920,917 · program services $1,522,424 · management and general $359,046 · fundraising $39,447
-
9 · Other employee benefits
total $2,204,097 · program services $1,746,858 · management and general $411,976 · fundraising $45,263
-
10 · Payroll taxes
total $1,783,281 · program services $1,413,340 · management and general $333,320 · fundraising $36,621
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $78,010 · management and general $78,010
-
11c · Fees: accounting
total $104,169 · management and general $104,169
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $140,250 · fundraising $140,250
-
11f · Fees: investment management
total $780,043 · management and general $780,043
-
11g · Fees: other
total $6,903,646 · program services $4,559,336 · management and general $2,288,720 · fundraising $55,590
-
12 · Advertising and promotion
total $3,724,726 · program services $262,680 · management and general $3,428,020 · fundraising $34,026
-
13 · Office expenses
total $315,895 · program services $308,510 · management and general $5,974 · fundraising $1,411
-
14 · Information technology
total $2,020,630 · program services $134,484 · management and general $1,886,146
-
15 · Royalties
total $0
-
16 · Occupancy
total $3,952,437 · program services $3,738,807 · management and general $208,973 · fundraising $4,657
-
17 · Travel
total $454,113 · program services $250,776 · management and general $100,080 · fundraising $103,257
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $357,410 · program services $237,045 · management and general $118,251 · fundraising $2,114
-
20 · Interest
total $834,651 · program services $793,740 · management and general $40,911
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $6,169,570 · program services $5,914,636 · management and general $254,934
-
23 · Insurance
total $502,021 · management and general $502,021
-
24a · Other expenses: BAD DEBTS
total $1,190,328 · program services $1,190,328
-
24b · Other expenses: SUPPLIES
total $1,912,531 · program services $1,912,531
-
24c · Other expenses: STUDENT SUPPORT
total $1,194,819 · program services $1,186,790 · management and general $8,029
-
24d · Other expenses: ATHLETIC PROGRAMS
total $2,997,125 · program services $2,997,125
-
24e · All other expenses
total $1,351,472 · program services $854,584 · management and general $423,852 · fundraising $73,036
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,350 · end of year $5,350
-
2 · Savings and temporary cash investments
beginning of year $16,553,135 · end of year $10,338,792
-
3 · Pledges and grants receivable
beginning of year $5,736,282 · end of year $5,734,783
-
4 · Accounts receivable
beginning of year $1,632,916 · end of year $1,613,895
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $655,641 · end of year $581,776
-
9 · Prepaid expenses and deferred charges
beginning of year $1,897,037 · end of year $2,213,113
-
10a · Land, buildings and equipment: cost or other basis
$208,246,552
-
10b · Land, buildings and equipment: accumulated depreciation
$72,379,551
-
10c · Land, buildings and equipment, net
beginning of year $127,308,265 · end of year $135,867,001
-
11 · Investments: publicly traded securities
beginning of year $163,633,578 · end of year $157,167,490
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $3,315,162 · end of year $7,295,310
-
17 · Accounts payable and accrued expenses
beginning of year $5,106,368 · end of year $4,691,371
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $2,507,078 · end of year $2,256,922
-
20 · Tax-exempt bond liabilities
beginning of year $37,339,985 · end of year $38,688,920
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $7,032 · end of year $3,149,549
-
27 · Net assets without donor restrictions
beginning of year $239,455,463 · end of year $237,031,970
-
28 · Net assets with donor restrictions
beginning of year $36,321,440 · end of year $34,998,778
Mission and programs · 2022
Mission
INDIANA TECH IS A PRIVATE, INDEPENDENT, AND NON-DENOMINATIONAL UNIVERSITY. STUDENTS ARE PREPARED FOR ACTIVE PARTICIPATION IN THE COMPLEX, GLOBAL SOCIETY OF THE 21ST CENTURY AND ARE MOTIVATED TOWARD A LIFE OF SIGNIFICANCE AND WORTH. ABOUT 1,300 STUDENTS ARE ENROLLED IN THE TRADITIONAL DAY SCHOOL, AND THE COLLEGE OF PROFESSIONAL STUDIES HAS ABOUT 5,500 STUDENTS ENROLLED.
Activities or mission (Part I)
PROVIDES LEARNERS WITH CAREER-FOCUSED, PROFESSIONAL EDUCATION IN THE AREAS OF BUSINESS, COMPUTER STUDIES, ENGINEERING, CRIMINAL SCIENCE, AND GENERAL STUDIES.
-
AT INDIANA INSTITUTE OF TECHNOLOGY, WE EXCEL AT EDUCATING STUDENTS FROM ALL WALKS OF LIFE, FOR ALL KINDS OF MEANINGFUL WORK. WE'RE A TRULY INCLUSIVE COMMUNITY OF LEARNERS, ENSURING THAT STUDENTS ARE SUPPORTED, INSPIRED, AND EMPOWERED TO MAXIMIZE THEIR PROFESSIONAL PROSPECTS, ADVANCE IN THEIR CAREERS, AND IMPROVE THEIR LIVES AND THE LIVES OF OTHERS. WE BELIEVE STUDENTS LEARN BEST WHEN THEY MEANINGFULLY ENGAGE WITH A REAL-WORLD PROFESSOR. WITH AN ALUM. WITH A CAUSE. WITH A TEAM. WITH A PEER. SIMPLY PUT, OUR MODEL IS HANDS-ON. INDIANA TECH OFFERS DEGREES AT THE ASSOCIATE, BACHELOR'S, MASTER'S AND DOCTORAL LEVELS, IN FIELDS SUCH AS ENGINEERING, COMPUTER SCIENCES, CYBERSECURITY, BUSINESS, ANALYTICS, CRIMINAL JUSTICE, BIOLOGY, HEALTH SCIENCES, AND MORE. IN ALL, THE UNIVERSITY OFFERS MORE THAN 60 QUALITY DEGREE OPTIONS.
Expenses $76,461,055 · Grants $28,672,583 · Revenue $76,354,806
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Karl W EinolfKARL W EINOLF
PRESIDENT
- Total calculated
- $650,005
- From this org
- $512,936
- From related orgs
- $0
- Other
- $137,069
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $404,481
- Bonus
- $57,743
- Other
- $50,712
- Deferred
- $92,716
- Nontaxable benefits
- $44,353
- Filer's total
- $650,005
-
Judy K RoyJUDY K ROY
TREASURER
- Total calculated
- $298,215
- From this org
- $248,463
- From related orgs
- $0
- Other
- $49,752
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $247,161
- Bonus
- $0
- Other
- $1,302
- Deferred
- $25,522
- Nontaxable benefits
- $24,230
- Filer's total
- $298,215
-
Steve A HerendeenSTEVE A HERENDEEN
VP ENROLLMENT MANAGEMENT
- Total calculated
- $262,416
- From this org
- $203,998
- From related orgs
- $0
- Other
- $58,418
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $203,176
- Bonus
- $0
- Other
- $822
- Deferred
- $0
- Nontaxable benefits
- $37,093
- Filer's total
- $241,091
-
Daniel GriggDANIEL GRIGG
VP INSTITUTIONAL ADVANCEMENT
- Total calculated
- $244,952
- From this org
- $204,046
- From related orgs
- $0
- Other
- $40,906
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $194,974
- Bonus
- $0
- Other
- $9,072
- Deferred
- $20,061
- Nontaxable benefits
- $20,845
- Filer's total
- $244,952
-
Kathlene WatlandKATHLENE WATLAND
VPAA
- Total calculated
- $227,125
- From this org
- $188,322
- From related orgs
- $0
- Other
- $38,803
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $186,468
- Bonus
- $0
- Other
- $1,854
- Deferred
- $19,035
- Nontaxable benefits
- $19,768
- Filer's total
- $227,125
-
Ying ShangYING SHANG
DEAN OF ENGINEERING AND CS
- Total calculated
- $201,517
- From this org
- $160,276
- From related orgs
- $0
- Other
- $41,241
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $159,655
- Bonus
- $0
- Other
- $621
- Deferred
- $16,413
- Nontaxable benefits
- $24,828
- Filer's total
- $201,517
-
Lori A FincannonLORI A FINCANNON
DEAN COLLEGE OF BUSINESS
- Total calculated
- $185,653
- From this org
- $151,201
- From related orgs
- $0
- Other
- $34,452
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $149,519
- Bonus
- $0
- Other
- $1,682
- Deferred
- $15,223
- Nontaxable benefits
- $19,229
- Filer's total
- $185,653
-
Daniel J StokerDANIEL J STOKER
VP OF STUDENT AFFAIRS
- Total calculated
- $184,830
- From this org
- $157,823
- From related orgs
- $0
- Other
- $27,007
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $156,045
- Bonus
- $1,000
- Other
- $778
- Deferred
- $15,605
- Nontaxable benefits
- $11,402
- Filer's total
- $184,830
-
Anne GullANNE GULL
DEAN ARTS & SCIENCE
- Total calculated
- $172,823
- From this org
- $135,289
- From related orgs
- $0
- Other
- $37,534
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $134,479
- Bonus
- $0
- Other
- $810
- Deferred
- $13,795
- Nontaxable benefits
- $23,739
- Filer's total
- $172,823
-
Jeffrey S LeichtyJEFFREY S LEICHTY
VP & CHIEF INFORMATION OFFICER
- Total calculated
- $171,446
- From this org
- $133,665
- From related orgs
- $0
- Other
- $37,781
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,575
- Bonus
- $0
- Other
- $1,090
- Deferred
- $14,166
- Nontaxable benefits
- $23,615
- Filer's total
- $171,446
-
Michelle R MusolfMICHELLE R MUSOLF
CONTROLLER
- Total calculated
- $168,321
- From this org
- $136,750
- From related orgs
- $0
- Other
- $31,571
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $135,756
- Bonus
- $0
- Other
- $994
- Deferred
- $13,187
- Nontaxable benefits
- $18,384
- Filer's total
- $168,321
-
Jack PhlipotJACK PHLIPOT
TRUSTEE
- Total calculated
- $142,906
- From this org
- $114,623
- From related orgs
- $0
- Other
- $28,283
- Hours/week
- 40
-
Dena M JacquayDENA M JACQUAY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Michael H WoodMICHAEL H WOOD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Clifford ClarkCLIFFORD CLARK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Anthony J JulianoANTHONY J JULIANO
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Arnold O PiersonARNOLD O PIERSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Cheri A BeckerCHERI A BECKER
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
D Geoffrey PaddockD GEOFFREY PADDOCK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
David J NashDAVID J NASH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Gregg C SengstackGREGG C SENGSTACK
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jarrod R StollerJARROD R STOLLER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey A BenzingJEFFREY A BENZING
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
John KunzeJOHN KUNZE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Ravi R TalwarRAVI R TALWAR
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Richard J SchulRICHARD J SCHUL
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Thomas L BurnsTHOMAS L BURNS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
Whitney BandemerWHITNEY BANDEMER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
-
William DaughertyWILLIAM DAUGHERTY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 1
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Tax indemnification and gross-up payments
- 1a · Housing allowance or residence for personal use
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- SCHEDULE J, PART I, LINE 1A
- A HOUSING ALLOWANCE IS PROVIDED FOR THE PRESIDENT AND REPORTED ON HIS W-2. THE PRESIDENT ALSO RECEIVES GROSSED UP PAYMENTS ON HIS W-2.
- SCHEDULE J, PART I, LINE 4C
- DR. EINOLF HAS A DEFERRED COMPENSATION PLAN AS DESCRIBED IN SECTION 457(F). during 2022, amounts deferred under the plan were $62,216. There were no amounts paid out during 2022.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
INDEPENDENT COLLEGES OF INDIANA
501(C)(3) · EDUCATION · IN
Directly controlled by NA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 May 2023
- IRS schema version
- 2022v5.0
- Source object
- 202410979349300011
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.