Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $706,323

• 1f · All other contributions, gifts and grants

  $19,594,215

• 3 · Investment income

  total $1,532,089 · excluded $1,532,089

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

  total $0

• 5 · Royalties

  total $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7d · Net gain or loss

  total $0

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: GAIN ON EXTINGUISHMENT OF LIABILITY

  total $8,053,155 · excluded $8,053,155

• 11b · Other revenue: OTHER INCOME

  total $165,608 · excluded $165,608

• 11e · Other revenue, total

  $8,218,763

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $116,058 · program services $116,058

• 2 · Grants to domestic individuals

  total $0

• 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 $0 · program services $0

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $2,883,231 · program services $821,688 · management and general $2,061,543

• 8 · Pension plan contributions

  total $439,037 · program services $212,475 · management and general $226,562

• 9 · Other employee benefits

  total $2,217,684 · program services $1,725,352 · management and general $492,332

• 10 · Payroll taxes

  total $248,004 · program services $120,002 · management and general $128,002

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $940,100 · program services $940,100

• 11c · Fees: accounting

  total $265,290 · management and general $265,290

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $258,735 · program services $224,058 · management and general $34,677

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $63,202 · program services $52,355 · management and general $10,847

• 14 · Information technology

  total $395,265 · program services $327,160 · management and general $68,105

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $1,895,157 · program services $1,691,856 · management and general $203,301

• 17 · Travel

  total $151,998 · program services $121,531 · management and general $30,467

• 18 · Travel or entertainment for public officials

  total $70 · program services $58 · management and general $12

• 19 · Conferences, conventions and meetings

  total $64,989 · program services $55,268 · management and general $9,721

• 20 · Interest

  total $1,581,001 · program services $1,562,073 · management and general $18,928

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $273,026 · program services $244,063 · management and general $28,963

• 23 · Insurance

  total $366,093 · program services $303,014 · management and general $63,079

• 24a · Other expenses: SUBCONTRACTS

  total $3,431,559 · program services $2,269,176 · management and general $1,162,383

• 24b · Other expenses: PROPERTY TAX

  total $200,979 · program services $191,224 · management and general $9,755

• 24c · Other expenses: SUPPLIES

  total $165,496 · program services $145,446 · management and general $20,050

• 24d · Other expenses: COMMUNICATION EXPENSE

  total $43,294 · program services $35,834 · management and general $7,460

• 24e · All other expenses

  total $100,048 · program services $86,278 · management and general $13,770

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,594,788 · end of year $6,772,792

• 2 · Savings and temporary cash investments

  beginning of year $41,926,889 · end of year $30,458,958

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $1,741 · end of year $628,986

• 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 $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $761,499 · end of year $738,947

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

  $2,575,744

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

  $1,862,465

• 10c · Land, buildings and equipment, net

  beginning of year $970,641 · end of year $713,279

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 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 $171,813,047 · end of year $191,880,461

• 17 · Accounts payable and accrued expenses

  beginning of year $3,009,285 · end of year $2,762,872

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 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 $30,461,967 · end of year $22,882,124

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $191,597,353 · end of year $205,548,427

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 1A

ONE OFFICER RECEIVED A TAX GROSS UP PAYMENT AND A HOUSING ALLOWANCE WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B) (III). ONE OFFICER HAD TRAVEL FOR HIS COMPANION IN 2023. THIS WAS A BUSINESS EXPENSE AND NOT INCLUDED IN THE EMPLOYEE'S COMPENSATION. FORM 990, SCHEDULE J, PART I, LINE 1B TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE SUBJECT TO MANAGEMENT APPROVAL.

FORM 990, SCHEDULE J, PART II

FENGCHUAN LIU AND ROBERT KIRSHNER ARE COMPENSATED BY CALIFORNIA INSTITUTE OF TECHNOLOGY, AN UNRELATED ORGANIZATION. TIO REIMBURSES THE CALIFORNIA INSTITUTE OF TECHNOLOGY FOR THE COSTS OF THOSE EMPLOYEES RELATED TO THE SERVICES PROVIDED TO TIO. THE AMOUNTS INCLUDED IN PART VII AND SCHEDULE J, PART II REPRESENT THEIR COMPENSATION IN CONNECTION WITH THEIR SERVICES TO TIO.