Form 990 for tax year 2023

Filed by INDIANA INSTITUTE OF TECHNOLOGY INC.

Totals

Total revenue: $101,696,525
Total expenses: $109,583,110
Contributions and grants received: $5,089,293
Grants paid: $40,571,110
Program service revenue: $92,256,220
Investment income: $4,338,031
Other revenue: $12,981
Total assets, end of year: $332,648,381
Total liabilities, end of year: $59,646,849
Net assets or fund balances, end of year: $273,001,532
Program services expenses (Part IX): $90,102,279
Management and general expenses: $18,301,250
Fundraising expenses: $1,179,581
Program service expenses (Part III): $90,102,279

Program services were 82.2% 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

$15,830
1d · Related organizations

$10,086
1f · All other contributions, gifts and grants

$5,063,377
1g · Noncash contributions included above

$15,493
2a · Program service revenue: TUITION & FEES

total $83,134,526 · related or exempt $83,134,526
2b · Program service revenue: RESIDENCE HALLS

total $8,119,783 · related or exempt $8,119,783
2c · Program service revenue: MISCELLANEOUS

total $1,001,911 · related or exempt $724,767 · unrelated business $277,144
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $6,626,712 · unrelated business $156,208 · excluded $6,470,504
6a · Gross rents

real property $15,100
6b · Less rental expenses

real property $15,100
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 $36,201,013 · other assets $10,332
7b · Less cost or other basis and sales expenses

securities $38,481,562 · other assets $18,464
7c · Gain or loss

securities -$2,280,549 · other assets -$8,132
7d · Net gain or loss

total -$2,288,681 · excluded -$2,288,681
8a · Fundraising events: gross income

$5,620
8a · Fundraising events: contributions included on line 1c

$15,830
8b · Fundraising events: direct expenses

$13,055
8c · Net income from fundraising events

total -$7,435 · excluded -$7,435
10a · Gross sales of inventory

$84,505
10b · Cost of goods sold

$69,750
10c · Net income from sales of inventory

total $14,755 · excluded $14,755
11a · Other revenue: VENDING COMMISSION

total $3,787 · excluded $3,787
11b · Other revenue: WELLNESS CENTER

total $1,874 · excluded $1,874
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$5,661

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $40,571,110 · program services $40,571,110
5 · Compensation of officers, directors and key employees

total $1,494,243 · program services $114,951 · management and general $1,168,374 · fundraising $210,918
7 · Other salaries and wages

total $24,781,374 · program services $19,497,335 · management and general $4,840,939 · fundraising $443,100
8 · Pension plan contributions

total $2,000,904 · program services $1,574,259 · management and general $390,868 · fundraising $35,777
9 · Other employee benefits

total $2,461,190 · program services $1,936,400 · management and general $480,783 · fundraising $44,007
10 · Payroll taxes

total $1,842,860 · program services $1,449,914 · management and general $359,995 · fundraising $32,951
11b · Fees: legal

total $115,223 · management and general $115,223
11c · Fees: accounting

total $102,820 · management and general $102,820
11e · Fees: professional fundraising services

total $145,700 · fundraising $145,700
11f · Fees: investment management

total $775,407 · management and general $775,407
11g · Fees: other

total $7,768,149 · program services $5,019,892 · management and general $2,687,513 · fundraising $60,744
12 · Advertising and promotion

total $3,547,402 · program services $233,616 · management and general $3,275,097 · fundraising $38,689
13 · Office expenses

total $344,969 · program services $320,585 · management and general $23,229 · fundraising $1,155
14 · Information technology

total $2,616,321 · program services $118,718 · management and general $2,497,603
16 · Occupancy

total $3,234,416 · program services $3,139,856 · management and general $94,560
17 · Travel

total $583,541 · program services $321,228 · management and general $141,467 · fundraising $120,846
19 · Conferences, conventions and meetings

total $246,226 · program services $165,793 · management and general $77,642 · fundraising $2,791
20 · Interest

total $942,581 · program services $884,542 · management and general $58,039
22 · Depreciation, depletion and amortization

total $6,766,041 · program services $6,490,364 · management and general $275,677
23 · Insurance

total $479,195 · management and general $479,195
24a · Other expenses: ATHLETIC PROGRAMS

total $2,654,362 · program services $2,654,362
24b · Other expenses: SUPPLIES

total $2,040,066 · program services $2,040,066
24c · Other expenses: BAD DEBTS

total $1,266,925 · program services $1,266,925
24d · Other expenses: STUDENT SUPPORT

total $1,096,945 · program services $1,082,293 · management and general $14,652
24e · All other expenses

total $1,705,140 · program services $1,220,070 · management and general $442,167 · fundraising $42,903

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 $10,338,792 · end of year $8,827,315
3 · Pledges and grants receivable

beginning of year $5,734,783 · end of year $7,383,488
4 · Accounts receivable

beginning of year $1,613,895 · end of year $1,690,691
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 $581,776 · end of year $524,276
9 · Prepaid expenses and deferred charges

beginning of year $2,213,113 · end of year $1,948,184
10a · Land, buildings and equipment: cost or other basis

$228,038,443
10b · Land, buildings and equipment: accumulated depreciation

$78,845,082
10c · Land, buildings and equipment, net

beginning of year $135,867,001 · end of year $149,193,361
11 · Investments: publicly traded securities

beginning of year $157,167,490 · end of year $158,129,456
12 · Investments: other securities

beginning of year $0
13 · Investments: program-related

beginning of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $7,295,310 · end of year $4,946,260
17 · Accounts payable and accrued expenses

beginning of year $4,691,371 · end of year $4,477,835
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $2,256,922 · end of year $2,338,987
20 · Tax-exempt bond liabilities

beginning of year $38,688,920 · end of year $48,004,910
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 $3,149,549 · end of year $4,825,117
27 · Net assets without donor restrictions

beginning of year $237,031,970 · end of year $237,086,381
28 · Net assets with donor restrictions

beginning of year $34,998,778 · end of year $35,915,151

Mission and programs · 2023

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 $90,102,279 · Grants $40,571,110 · Revenue $92,256,220

As filed on the 2023 return.

Listed in Part VII

Karl W Einolf

President

Total calculated

$676,728

From this org

$533,390

From related orgs

$0

Other

$143,338

Hours/week

40

Schedule J breakdown matched by us

Base

$416,459

Bonus

$69,357

Other

$47,574

Deferred

$97,387

Nontaxable benefits

$45,951

Filer's total

$676,728
Anthony J Juliano

Trustee

Total calculated

$0

Hours/week

1
Arnold O Pierson

Trustee

Total calculated

$0

Hours/week

1
Cheri A Becker

Trustee

Total calculated

$0

Hours/week

1
Clifford M Clark

Trustee

Total calculated

$0

Hours/week

1
D Geoffrey Paddock

Trustee

Total calculated

$0

Hours/week

1
David J Nash

Trustee

Total calculated

$0

Hours/week

1
Dena M Jacquay

Trustee

Total calculated

$0

Hours/week

1
Gregg C Sengstack

Trustee

Total calculated

$0

Hours/week

1
Jack Phlipot

Associate Professor

Total calculated

$143,755

From this org

$114,951

From related orgs

$0

Other

$28,804

Hours/week

40
Jarrod R Stoller

Trustee

Total calculated

$0

Hours/week

1
Jeffrey A Benzing

Trustee

Total calculated

$0

Hours/week

1
John Kunze

Trustee

Total calculated

$0

Hours/week

1
Mark Dely

Trustee

Total calculated

$0

Hours/week

1
Richard J Schul

Trustee

Total calculated

$0

Hours/week

1
Thomas L Burns

Trustee

Total calculated

$0

Hours/week

1
Wendy Kobler

Trustee

Total calculated

$0

Hours/week

1
Whitney Bandemer

Trustee

Total calculated

$0

Hours/week

1
William Daugherty

Trustee

Total calculated

$0

Hours/week

1
Judy K Roy

Treasurer

Total calculated

$308,902

From this org

$260,452

From related orgs

$0

Other

$48,450

Hours/week

40

Schedule J breakdown matched by us

Base

$259,150

Bonus

$0

Other

$1,302

Deferred

$26,523

Nontaxable benefits

$21,927

Filer's total

$308,902
Daniel Grigg

VP Insitutional Advancement

Total calculated

$253,597

From this org

$210,918

From related orgs

$0

Other

$42,679

Hours/week

40

Schedule J breakdown matched by us

Base

$201,490

Bonus

$0

Other

$9,428

Deferred

$20,749

Nontaxable benefits

$21,930

Filer's total

$253,597
Daniel J Stoker

VP Student Affairs

Total calculated

$190,537

From this org

$162,122

From related orgs

$0

Other

$28,415

Hours/week

40

Schedule J breakdown matched by us

Base

$161,322

Bonus

$0

Other

$800

Deferred

$16,132

Nontaxable benefits

$12,283

Filer's total

$190,537
Kathleen H Watland

VPAA

Total calculated

$233,264

From this org

$193,215

From related orgs

$0

Other

$40,049

Hours/week

40

Schedule J breakdown matched by us

Base

$191,361

Bonus

$0

Other

$1,854

Deferred

$19,641

Nontaxable benefits

$20,408

Filer's total

$233,264
Steve A Herendeen

VP Enrollment Management

Total calculated

$272,979

From this org

$212,410

From related orgs

$0

Other

$60,569

Hours/week

40

Schedule J breakdown matched by us

Base

$209,267

Bonus

$0

Other

$3,143

Deferred

$22,161

Nontaxable benefits

$38,408

Filer's total

$272,979
Anne M Gull

Dean of COAS

Total calculated

$178,593

From this org

$140,504

From related orgs

$0

Other

$38,089

Hours/week

40

Schedule J breakdown matched by us

Base

$139,649

Bonus

$0

Other

$855

Deferred

$14,371

Nontaxable benefits

$23,718

Filer's total

$178,593
Jeff S Leichty

VP/CIO

Total calculated

$177,035

From this org

$138,731

From related orgs

$0

Other

$38,304

Hours/week

40

Schedule J breakdown matched by us

Base

$137,592

Bonus

$0

Other

$1,139

Deferred

$14,721

Nontaxable benefits

$23,583

Filer's total

$177,035
Lori A Fincannon

Dean College of Business

Total calculated

$188,035

From this org

$152,986

From related orgs

$0

Other

$35,049

Hours/week

40

Schedule J breakdown matched by us

Base

$151,249

Bonus

$0

Other

$1,737

Deferred

$15,671

Nontaxable benefits

$19,378

Filer's total

$188,035
Michelle R Musolf

Controller

Total calculated

$178,716

From this org

$146,136

From related orgs

$0

Other

$32,580

Hours/week

40

Schedule J breakdown matched by us

Base

$145,089

Bonus

$0

Other

$1,047

Deferred

$13,726

Nontaxable benefits

$18,854

Filer's total

$178,716
Ying Shang

Dean of Engineering

Total calculated

$209,156

From this org

$166,756

From related orgs

$0

Other

$42,400

Hours/week

40

Schedule J breakdown matched by us

Base

$166,126

Bonus

$0

Other

$630

Deferred

$17,080

Nontaxable benefits

$25,320

Filer's total

$209,156

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 Housing allowance or residence for personal use: 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 4b Supplemental nonqualified retirement plan: DR. EINOLF HAS A DEFERRED COMPENSATION PLAN AS DESCRIBED IN SECTION 457(F). DURING 2023, AMOUNTS DEFERRED UNDER THE PLAN WERE $64,387. THERE WERE NO AMOUNTS PAID OUT DURING 2023.

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: 2023
Filed: 4 February 2025
IRS schema version: 2023v6.0
Source object: 202500359349300230

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