Form 990 for tax year 2024
Filed by INDIANA INSTITUTE OF TECHNOLOGY INC.
Totals
- Total revenue
- $144,228,618
- Total expenses
- $125,056,129
- Contributions and grants received
- $28,107,769
- Grants paid
- $46,696,519
- Program service revenue
- $102,671,116
- Investment income
- $13,389,815
- Other revenue
- $59,918
- Total assets, end of year
- $347,832,960
- Total liabilities, end of year
- $53,188,607
- Net assets or fund balances, end of year
- $294,644,353
- Program services expenses (Part IX)
- $99,071,392
- Management and general expenses
- $23,379,009
- Fundraising expenses
- $2,605,728
- Program service expenses (Part III)
- $99,071,392
Program services were 79.2% 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
$15,500
-
1d · Related organizations
$8,328
-
1f · All other contributions, gifts and grants
$28,083,941
-
1g · Noncash contributions included above
$35,438
-
2a · Program service revenue: TUITION & FEES
total $91,349,822 · related or exempt $91,349,822
-
2b · Program service revenue: RESIDENCE HALLS
total $9,860,503 · related or exempt $9,860,503
-
2c · Program service revenue: MISCELLANEOUS
total $1,460,791 · related or exempt $1,191,243 · unrelated business $269,548
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $9,246,020 · unrelated business $150,272 · excluded $9,095,748
-
6a · Gross rents
real property $22,026
-
6b · Less rental expenses
real property $22,026
-
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 $50,396,641 · other assets $0
-
7b · Less cost or other basis and sales expenses
securities $46,224,483 · other assets $28,363
-
7c · Gain or loss
securities $4,172,158 · other assets -$28,363
-
7d · Net gain or loss
total $4,143,795 · excluded $4,143,795
-
8a · Fundraising events: gross income
$8,024
-
8a · Fundraising events: contributions included on line 1c
$15,500
-
8b · Fundraising events: direct expenses
$13,139
-
8c · Net income from fundraising events
total -$5,115 · excluded -$5,115
-
10a · Gross sales of inventory
$138,801
-
10b · Cost of goods sold
$79,525
-
10c · Net income from sales of inventory
total $59,276 · excluded $59,276
-
11a · Other revenue: VENDING COMMISSION
total $3,418 · excluded $3,418
-
11b · Other revenue: WELLNESS CENTER
total $2,339 · excluded $2,339
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$5,757
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $26,700 · program services $26,700
-
2 · Grants to domestic individuals
total $46,669,819 · program services $46,669,819
-
5 · Compensation of officers, directors and key employees
total $1,348,029 · program services $121,369 · management and general $1,226,660
-
7 · Other salaries and wages
total $26,466,933 · program services $20,699,593 · management and general $5,131,397 · fundraising $635,943
-
8 · Pension plan contributions
total $2,136,614 · program services $1,671,030 · management and general $414,246 · fundraising $51,338
-
9 · Other employee benefits
total $2,975,576 · program services $2,327,176 · management and general $576,903 · fundraising $71,497
-
10 · Payroll taxes
total $1,954,413 · program services $1,528,532 · management and general $378,921 · fundraising $46,960
-
11b · Fees: legal
total $46,525 · management and general $46,525
-
11c · Fees: accounting
total $77,224 · management and general $77,224
-
11e · Fees: professional fundraising services
total $121,200 · fundraising $121,200
-
11f · Fees: investment management
total $774,569 · management and general $774,569
-
11g · Fees: other
total $8,017,237 · program services $5,014,698 · management and general $2,930,843 · fundraising $71,696
-
12 · Advertising and promotion
total $3,570,500 · program services $194,393 · management and general $3,346,614 · fundraising $29,493
-
13 · Office expenses
total $360,164 · program services $336,213 · management and general $22,345 · fundraising $1,606
-
14 · Information technology
total $2,670,715 · program services $96,303 · management and general $2,574,412
-
16 · Occupancy
total $3,004,958 · program services $2,908,196 · management and general $96,762 · fundraising $0
-
17 · Travel
total $645,082 · program services $420,914 · management and general $138,710 · fundraising $85,458
-
19 · Conferences, conventions and meetings
total $177,522 · program services $80,303 · management and general $89,152 · fundraising $8,067
-
20 · Interest
total $1,480,954 · program services $1,371,300 · management and general $109,654
-
22 · Depreciation, depletion and amortization
total $7,418,023 · program services $7,112,373 · management and general $305,650
-
23 · Insurance
total $505,257 · management and general $505,257
-
24a · Other expenses: ATHLETIC PROGRAMS
total $2,606,378 · program services $2,606,378
-
24b · Other expenses: SUPPLIES
total $2,129,158 · program services $2,129,158
-
24c · Other expenses: BAD DEBTS
total $1,259,072 · program services $1,259,072
-
24d · Other expenses: STUDENT SUPPORT
total $1,247,509 · program services $1,226,557 · management and general $20,952
-
24e · All other expenses
total $7,365,998 · program services $1,271,315 · management and general $4,612,213 · fundraising $1,482,470
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,350 · end of year $5,250
-
2 · Savings and temporary cash investments
beginning of year $8,827,315 · end of year $8,064,454
-
3 · Pledges and grants receivable
beginning of year $7,383,488 · end of year $9,212,214
-
4 · Accounts receivable
beginning of year $1,690,691 · end of year $1,861,538
-
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 $524,276 · end of year $515,860
-
9 · Prepaid expenses and deferred charges
beginning of year $1,948,184 · end of year $1,690,058
-
10a · Land, buildings and equipment: cost or other basis
$233,823,662
-
10b · Land, buildings and equipment: accumulated depreciation
$86,039,500
-
10c · Land, buildings and equipment, net
beginning of year $149,193,361 · end of year $147,784,162
-
11 · Investments: publicly traded securities
beginning of year $158,129,456 · end of year $174,663,314
-
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 $4,946,260 · end of year $4,036,110
-
17 · Accounts payable and accrued expenses
beginning of year $4,477,835 · end of year $3,641,724
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $2,338,987 · end of year $2,541,878
-
20 · Tax-exempt bond liabilities
beginning of year $48,004,910 · end of year $46,007,218
-
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 $4,825,117 · end of year $997,787
-
27 · Net assets without donor restrictions
beginning of year $237,086,381 · end of year $236,339,390
-
28 · Net assets with donor restrictions
beginning of year $35,915,151 · end of year $58,304,963
Mission and programs · 2024
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 $99,071,392 · Grants $46,669,819 · Revenue $102,671,116
As filed on the 2024 return.
Listed in Part VII
-
Karl W Einolf
President
- Total calculated
- $693,403
- From this org
- $551,991
- From related orgs
- $0
- Other
- $141,412
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $471,411
- Bonus
- $79,278
- Other
- $1,302
- Deferred
- $100,819
- Nontaxable benefits
- $40,593
- Filer's total
- $693,403
-
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
-
Crystal ThomasCRYSTAL THOMAS
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
- $161,162
- From this org
- $121,369
- From related orgs
- $0
- Other
- $39,793
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $120,190
- Bonus
- $0
- Other
- $1,179
- Deferred
- $11,511
- Nontaxable benefits
- $28,282
- Filer's total
- $161,162
-
Jarrod R Stoller
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey A Benzing
Trustee
- Total calculated
- $0
- Hours/week
- 1
-
Jeffrey WitteJEFFREY WITTE
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
- $322,463
- From this org
- $274,129
- From related orgs
- $0
- Other
- $48,334
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $267,710
- Bonus
- $4,565
- Other
- $1,854
- Deferred
- $27,454
- Nontaxable benefits
- $20,880
- Filer's total
- $322,463
-
Daniel J Stoker
VP Student Affairs
- Total calculated
- $223,540
- From this org
- $176,182
- From related orgs
- $0
- Other
- $47,358
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $175,372
- Bonus
- $0
- Other
- $810
- Deferred
- $17,537
- Nontaxable benefits
- $29,821
- Filer's total
- $223,540
-
Kathleen H Watland
VPAA
- Total calculated
- $265,819
- From this org
- $204,931
- From related orgs
- $0
- Other
- $60,888
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $201,613
- Bonus
- $0
- Other
- $3,318
- Deferred
- $20,763
- Nontaxable benefits
- $40,125
- Filer's total
- $265,819
-
Steve A Herendeen
VP Enrollment Management
- Total calculated
- $308,246
- From this org
- $224,358
- From related orgs
- $0
- Other
- $83,888
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $223,536
- Bonus
- $0
- Other
- $822
- Deferred
- $23,428
- Nontaxable benefits
- $60,460
- Filer's total
- $308,246
-
Brian W Engelhart
VP/Exec Director Junction 36
- Total calculated
- $196,158
- From this org
- $143,688
- From related orgs
- $0
- Other
- $52,470
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,015
- Bonus
- $4,562
- Other
- $1,111
- Deferred
- $14,372
- Nontaxable benefits
- $38,098
- Filer's total
- $196,158
-
Jeffrey S Leichty
VP/CIO
- Total calculated
- $197,835
- From this org
- $143,661
- From related orgs
- $0
- Other
- $54,174
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,465
- Bonus
- $0
- Other
- $1,196
- Deferred
- $15,312
- Nontaxable benefits
- $38,862
- Filer's total
- $197,835
-
Lori A Fincannon
Dean College of Business
- Total calculated
- $207,134
- From this org
- $157,620
- From related orgs
- $0
- Other
- $49,514
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $155,828
- Bonus
- $0
- Other
- $1,792
- Deferred
- $16,137
- Nontaxable benefits
- $33,377
- Filer's total
- $207,134
-
Michelle R Musolf
AVP/Controller
- Total calculated
- $194,719
- From this org
- $148,113
- From related orgs
- $0
- Other
- $46,606
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $146,982
- Bonus
- $0
- Other
- $1,131
- Deferred
- $14,615
- Nontaxable benefits
- $31,991
- Filer's total
- $194,719
-
Stephanos Mavromoustakos
Associate Dean
- Total calculated
- $218,013
- From this org
- $165,156
- From related orgs
- $0
- Other
- $52,857
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $164,428
- Bonus
- $0
- Other
- $728
- Deferred
- $10,323
- Nontaxable benefits
- $42,534
- Filer's total
- $218,013
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 · 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.
- Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
- DR. EINOLF HAS A DEFERRED COMPENSATION PLAN AS DESCRIBED IN SECTION 457(F). DURING 2024, AMOUNTS DEFERRED UNDER THE PLAN WERE $66,319. THERE WERE NO AMOUNTS PAID OUT DURING 2024.
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
-
$13,500
SPONSORSHIP
-
SPONSORSHIP
-
$6,500
SPONSORSHIP
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
- 2024
- Filed
- 2 February 2026
- IRS schema version
- 2024v5.1
- Source object
- 202640339349301319
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