Illinois College Of Optometry in Chicago, Illinois (IL)

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Illinois College Of Optometry
Employer Identification Number (EIN)362310478
Name of OrganizationIllinois College Of Optometry
Address3241 S Michigan Ave, Chicago, IL 60616-4201
ActivitiesPrivate school, School, college, trade school, etc.
SubsectionEducational Organization
Ruling Date06/1956
DeductibilityContributions are deductible
FoundationSchool
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2014
Assets$50,000,000 to greater
Income$50,000,000 to greater
Filing Requirement990 (all other) or 990EZ return
Asset Amount$101,590,640
Amount of Income$72,748,857
Form 990 Revenue Amount$39,454,890
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Graduate, Professional Schools (Separate Entities)


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Amount of income in 2014: $72,748,857
Illinois College Of Optometry: 

 $72,748,857
Other organizations performing similar types of work: 

 $34,257,295

Assets in 2014: $101,590,640
This organization: 

 $101,590,640
Other organizations performing similar types of work: 

 $64,480,162

Expenses in 2014: $37,940,927
Illinois College Of Optometry: 

 $37,940,927
Other organizations performing similar types of work: 

 $24,968,416

Income to expenses ratio in 2014: 1.9
This organization: 

 1.9
Other organizations performing similar types of work: 

 1.2

Expenses allocated to program services in 2007: 74.8%
Illinois College Of Optometry: 

 74.8%
Other organizations performing similar types of work: 

 75.4%

Number of employees in 2014: 760
Illinois College Of Optometry: 

 760
Other organizations performing similar types of work: 

 409

Employees paid over $100,000 in 2014: 7.1%
Illinois College Of Optometry: 

 7.1%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2014: 7.3%
Illinois College Of Optometry: 

 7.3%
Other organizations performing similar types of work: 

 10.5%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Checklist
201220132014
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?NoYes
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoYes
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?NoYes
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?YesYes
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?NoNo
Was the organization included in consolidated, independent audited financial statements for the tax year?YesYes
Is the organization a school described in section 170(b)(1)(A)(ii)?NoYes
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?NoNo
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesYes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoNo
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?YesYes
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoNo
Did the organization receive more than $25,000 in non-cash contributions?YesYes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?NoNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?YesYes
Did the organization have a controlled entity within the meaning of section 512(b)(13)?YesYes
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201220132014
The number reported in Box 3 of Form 10964043
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?YesYes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return756760
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesNo
Has it filed a Form 990-T for this year?YesNo
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?NoNo
Did the organization notify the donor of the value of the goods or services provided?NoNo
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
201220132014
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$2,621,165$2,650,332
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$508,064$477,963
Total number of individuals who received more than $100,000 of reportable compensation from the organization4546
Total number of independent contractors who received more than $100,000 of compensation from the organization88
Statement of Revenue
201220132014
Total revenue$36,769,380$36,017,407$39,454,890
Contributions, Gifts, Grants and Other Similar Amounts$3,941,420$1,956,378$2,887,464
Program Service Revenue$31,730,415$32,127,299$33,633,547
Colleges, Universities, and Professional Schools $23,105,257$24,190,142
900099$7,244,778$7,352,853
900099$1,748,134$2,030,423
900099$3,248$33,765
900099$25,882$26,364
All other program service revenue$0$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$997,419$1,112,803$970,448
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental income$0$0$0
Net gain/loss from sales of assets other than inventory$-153,196$556,706$1,634,931
Gross amount from sales of assets other than inventory (Securities / Other)$18,357,587 / $0$12,241,109 / $0$34,928,898 / $0
Less: cost or other basis and sales expenses (Securities / Other)$18,510,783 / $0$11,684,403 / $0$33,293,967 / $0
Gain or (loss) (Securities / Other)$-153,196 / $0$556,706 / $0$1,634,931 / $0
Net income/loss from fundraising events$0$0$0
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$0$0$0
Miscellaneous Revenue$253,322$264,221$328,500
900099$83,968$77,957
900099$82,993$86,395
900099$15,331$25,304
All other revenue$81,929$138,844
Statement of Functional Expenses
201220132014
Total functional expenses$32,952,850$34,856,277$37,940,927
Grants and other assistance to domestic organizations and domestic governments$0$0
Grants and other assistance to domestic individuals$554,458$631,769
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$1,842,698$1,945,833$2,100,999
Compensation not included above, to disqualified persons$174,798$174,559
Other salaries and wages$14,352,987$15,118,881$15,780,394
Pension plan accruals and contributions$1,463,608$1,434,120
Other employee benefits$2,160,187$2,652,504
Payroll taxes$1,032,243$1,117,022$1,149,730
Fees for services (non-employees)
Management$0$0
Legal$129,377$224,838
Accounting$160,926$115,801
Lobbying$133,070$0
Professional fundraising services$0$0$0
Investment management fees$141,062$121,196
Other$1,737,804$1,868,721
Advertising and promotion$58,893$94,597
Office expenses$1,036,840$1,060,501
Information technology$0$0
Royalties$0$0
Occupancy$1,650,075$1,861,357
Travel$614,921$700,631
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$0$0
Interest$704,356$1,067,665
Payments to affiliates$0$0
Depreciation, depletion, and amortization$3,434,673$3,454,480
Insurance$567,723$550,238
Other expenses$768,689$843,775
Other expenses$392,682$285,464
Other expenses$265,305$1,274,834
Other expenses$72,972$92,613
Other expenses$452,122$400,141
Balance Sheet
201220132014
Total assets$95,385,176$97,704,122$101,590,640
Cash - non-interest-bearing$8,879,077$6,994,697
Savings and temporary cash investments$5,148,914$4,512,569
Pledges and grants receivable, net$171,136$262,098
Accounts receivable, net$1,952,105$1,919,426
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$0$0
Inventories for sale or use$109,395$130,804
Prepaid expenses and deferred charges$448,085$902,388
Land, buildings, and equipment: cost or other basis$32,284,924$33,020,761
Investments - publicly traded securities$21,354,685$31,003,460
Investments - other securities$15,588,575$11,559,167
Investments - program-related$10,053,513$10,727,599
Intangible assets$1,224,738$474,555
Other assets$488,975$83,116
Total liabilities$58,938,079$57,206,879$56,820,040
Accounts payable and accrued expenses$4,446,270$4,996,522
Grants payable$0$0
Deferred revenue$1,823,419$1,831,518
Tax-exempt bond liabilities$41,800,000$40,150,000$39,920,000
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$0$0$0
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$10,787,190$10,072,000
Total net assets or fund balances$36,447,097$40,497,243$44,770,600
Unrestricted net assets$37,506,307$41,544,460
Temporarily restricted net assets$2,201,685$2,416,696
Permanently restricted net assets$789,251$809,444
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2014)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
Number of organizations supported0
Sum of amounts of support$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$21,695,676$23,665,784$23,702,619$25,788,840$29,291,278$28,215,653$29,131,832$31,807,745
Contributions, gifts, grants, and similar amounts received$1,218,427$1,640,696$1,512,466$1,790,817$2,378,003$1,944,156$1,911,512$2,386,208
Contributions to donor advised funds$0$0
Direct public support$488,955$439,061$450,372$685,351$1,174,023$964,484$799,193$1,167,178
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$729,472$1,201,635$1,062,094$1,105,466$1,203,980$979,672$1,112,319$1,219,030
Program service revenue including government fees and contracts$21,401,216$21,448,299$23,204,225$23,444,876$22,850,793$23,718,016$24,462,282$25,926,815
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$-1,817,579$0$0$0$0$0$0$152,909
Dividends and interest from securities$714,285$735,882$1,110,617$703,792$652,125$1,134,656$1,467,571$2,232,559
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$-297,157$-2,370,687$-373,454$2,480,835$86,382$323,730$201,857
Gross amount from sales of assets other than inventory$0$14,216,669$24,882,248$15,713,099$95,465,536$15,127,808$12,697,896$12,797,456
Less: cost or other basis and sales expenses$0$14,513,826$27,252,935$16,086,553$92,984,701$15,041,426$12,374,166$12,595,599
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$179,327$138,064$245,998$222,809$929,522$1,332,443$966,737$907,397
Total expenses$24,132,116$23,760,129$24,805,662$25,922,663$28,206,705$28,104,085$28,042,024$28,945,619
Program services$18,099,297$17,561,205$18,269,841$19,350,834$20,837,001$20,380,194$21,280,318$21,654,377
Management and general$5,434,519$5,603,828$5,822,464$6,081,674$6,832,935$7,093,997$6,294,961$6,792,196
Fundraising$598,300$595,096$713,357$490,155$536,769$629,894$466,745$499,046
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$21,759,836$19,162,505$20,542,210$23,116,771$25,068,587$27,523,815$32,489,640$31,393,486
Excess or (deficit) for the year$-2,436,440$-94,345$-1,103,043$-133,823$1,084,573$111,568$1,089,808$2,862,126
Net assets or fund balances at beginning of year$24,196,276$21,759,836$19,162,505$20,542,210$23,116,771$25,068,587$27,523,815$32,489,640
Other changes in net assets or fund balances$0$-2,502,986$2,482,748$2,708,384$867,243$2,343,660$3,876,017$-3,958,280
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$28,945,619$21,654,377$6,792,196$499,046
Grants paid from donor advised funds$0
Other grants and allocations$763,893
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$2,023,582$355,527$1,441,667$226,388
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$11,620,510$9,625,016$1,862,757$132,737
Pension plan contributions not included above$770,282$640,647$125,809$3,826
Employee benefits not included above$1,909,189$1,518,883$359,227$31,079
Payroll taxes$892,741$719,077$156,849$16,815
Professional fundraising fees$0$0$0$0
Accounting fees$77,153$0$77,153$0
Legal fees$75,011$0$75,011$0
Supplies$204,162$148,783$45,060$10,319
Telephone$130,600$51,498$77,677$1,425
Postage and shipping$90,136$49,390$36,093$4,653
Occupancy$1,592,238$1,067,262$518,321$6,655
Equipment rental and maintenance$326,957$177,546$148,732$679
Printing and publications$339,180$251,159$78,653$9,368
Travel$285,831$125,813$151,235$8,783
Conferences, conventions, and meetings$0$0$0$0
Interest$1,991,961$1,730,562$251,505$9,894
Depreciation, depletion, etc.$1,802,937$1,481,349$311,489$10,099
Other expenses not covered above$4,049,256$2,947,972$1,074,958$26,326
Balance Sheets
20002001200220032004200520062007
Total assets$78,928,275$75,985,016$78,335,992$81,154,342$85,156,540$85,094,744$93,294,311$91,476,253
Cash - non-interest-bearing$4,650,685$2,111,490$2,895,808$323,209$142,459$536,490$2,764,125$2,233,385
Savings and temporary cash investments$0$4,212,361$216,544$3,350,580$7,194,231$4,170,856$3,322,035$2,872,801
Accounts receivable less allowance for doubtful accounts$479,107$566,592$944,561$955,280$2,003,405$1,737,233$1,525,294$1,135,562
Pledges receivable less allowance for doubtful accounts$110,606$158,457$167,967$250,774$421,070$523,692$377,180$405,141
Grants receivable$114,343$176,893$720,878$535,861$480,531$37,590$206,896$479,534
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$10,134,860$9,943,991$10,394,248$11,240,567$11,083,636$10,764,012$12,047,822$10,478,345
Inventories for sale or use$187,789$108,406$113,941$164,532$92,513$74,824$72,676$256,300
Prepaid expenses and deferred charges$343,410$349,425$623,715$332,734$437,437$418,977$1,397,566$1,042,529
Investments - publicly-traded securities$0$27,614,896
Investments - other securities$23,177,236$20,920,029$25,549,152$28,647,474$29,925,050$34,983,744$41,028,738$12,275,401
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$36,588,213$34,485,285$33,875,186$32,611,300$30,696,318$29,249,997$27,992,694$30,259,519
Other assets, including program-related investments$3,142,026$2,952,087$2,833,992$2,742,031$2,679,890$2,597,329$2,559,285$2,422,840
Total liabilities$57,168,439$56,822,511$57,793,782$58,037,571$60,087,953$57,570,929$60,804,671$60,082,767
Accounts payable and accrued expenses$2,042,224$1,693,189$1,991,003$11,546,469$3,963,609$12,241,795$15,363,983$14,703,942
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$1,061,771$855,741$1,483,225$1,491,102$1,525,832$1,579,134$1,690,688$1,505,473
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$45,000,000$45,000,000$45,000,000$45,000,000$45,000,000$43,750,000$43,750,000$43,750,000
Mortgages and other notes payable$0$9,273,581$9,319,554$0$9,598,512$0$0$0
Other liabilities$9,064,444$0$0$0$0$0$0$123,352
Total liabilities and net assets/fund balances$78,928,275$75,985,016$78,335,992$81,154,342$85,156,540$85,094,744$93,294,311$91,476,253
Total net assets or fund balances$21,759,836$19,162,505$20,542,210$23,116,771$25,068,587$27,523,815$32,489,640$31,393,486
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$21,695,676$23,665,784$23,702,619$25,788,840$29,291,278$28,215,653$29,131,832$31,807,745
Total revenue, gains, and other support per audited financial statements$21,366,139$20,740,879$25,659,731$27,995,272$29,581,608$30,221,189$32,269,713$26,888,540
Other expenses$0$-2,502,986$2,482,748$2,708,384$867,243$2,343,660$3,876,017$-3,958,280
Net unrealized gains on investments$0$-2,502,986$2,482,748$2,708,384$867,243$2,343,660$3,876,017$-3,958,280
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other revenue$329,537$421,919$525,636$501,952$576,913$338,124$738,136$960,925
Investment expenses$0$0$0$0$0$0$0$197,032
Other$329,537$421,919$525,636$501,952$576,913$338,124$738,136$763,893
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$24,132,116$23,760,129$24,805,662$25,922,663$28,206,705$28,104,085$28,042,024$28,945,619
Total expenses and losses per audited financial statements$23,802,579$23,338,210$24,280,026$25,420,711$27,629,792$27,765,961$27,303,888$27,984,694
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other expenses$329,537$421,919$525,636$501,952$576,913$338,124$738,136$960,925
Investment expenses$0$0$0$0$0$0$0$197,032
Other$329,537$421,919$525,636$501,952$576,913$338,124$738,136$763,893
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
35$174,811$30,140$0
35$156,673$28,533$0
35$150,686$27,944$0
35$114,000$24,400$0
35$125,094$25,737$0
35$589,657$98,352$59,050
35$205,144$15,281$0
35$168,500$29,580$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings19
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006243
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$2,792,750$26,628,787
Program service revenue
Program service revenue 1000000$000$0$19,350,689
Program service revenue 2000000$000$0$4,982,920
Program service revenue 3000000$000$0$1,576,206
Program service revenue 4000000$000$0$17,000
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$152,909$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$2,232,559$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$201,857$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$205,425$701,972
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$157,782$13,411$0
$143,443$12,193$0
$131,644$11,190$0
$128,050$10,884$0
$125,706$10,685$0
Total number of other employees paid over $50,00072
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$4,625
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isSchool
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$28,945,619
Total lobbying expenditures$4,625
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$4,625
Other exempt purpose expenditures$28,940,994
Lobbying nontaxable amount$1,000,000
Grassroots nontaxable amount$250,000
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1President And Fellows Of Harvard College, Harvard VoicelabDudley House Lehman Third Floor Harvard University, Cambridge, MA 02138MA1967-12$83,181,439,574
2Icahn School Of Medicine At Mount SinaiPO BOX 28980, New York, NY 10087-8980NY1964-02$1,650,143,474
3Baylor College Of MedicineOne Baylor Plaza - Ms Bcm 204, Houston, TX 77030-3411TX1969-01$1,481,030,697
4Midwestern University, Kappa Psi Delta Sigma19555 N 59th Avenue, Glendale, AZ 85308AZ1996-09$661,268,091
5Thomas Jefferson University1020 Walnut St Rm 537, Philadelphia, PA 19107-5543PA1996-01$466,277,819
6New York Medical CollegeAdministration Building, Valhalla, NY 10595NY1940-08$366,170,364
7Rhode Island School Of Design, Full-Time Faculty Association2 College St, Providence, RI 02903RI1934-05$360,700,230
8Moody Bible Institute Of Chicago820 N La Salle Dr, Chicago, IL 60610-3214IL1933-12$138,909,870
9Rosalind Franklin University Of Medicine And Science3333 Green Bay Rd, North Chicago, IL 60064-3037IL1945-08$131,932,467
10Illinois College Of Optometry3241 S Michigan Ave, Chicago, IL 60616-4201IL1956-06$72,748,857
11John Marshall Law School315 S Plymouth Ct, Chicago, IL 60604-3907IL1937-11$70,533,832
12Lake Forest Graduate School Of Management1905 W Field Ct, Lake Forest, IL 60045-4824IL1969-03$12,066,864
13Spertus Institute For Jewish Learning And Leadership610 S Michigan Ave, Chicago, IL 60605-1901IL1966-08$7,260,235
14Day School1862 N Dayton St, Chicago, IL 60614-5003IL1949-10$2,529
15The Commonwealth Medical College525 Pine St, Scranton, PA 18509-3240PA2007-12$34,257,295
16Semmes-Murphey Foundation6325 Humphreys Blvd, Memphis, TN 38120-2300TN2010-07$916,657
17Wyoming State Bar FoundationPO BOX 109, Cheyenne, WY 82003-0109WY1982-05$144,184
18Lake County Bar Foundation300 Grand Avenue, Waukegan, IL 60085-4279IL1972-06$59,457
19Houston Institute Of Biblical Development, Hibd5815 Airline Dr, Houston, TX 77076-4922TX2007-08$0
20School Of Communication Information And Library Studies, School Of Communication And Information Alumni Association4 Huntington Street, New Brunswick, NJ 08901NJ2000-04$0
Number of organizations performing similar types of work
Arizona3
California18
Colorado1
Connecticut1
District of Columbia1
Florida2
Georgia2
Iowa3
Illinois8
Indiana1
Kentucky1
Louisiana1
Massachusetts10
Maine3
Michigan4
Minnesota5
Missouri4
Mississippi1
North Carolina2
Nebraska2
New Hampshire2
New Jersey1
Nevada1
New York17
Ohio4
Oregon2
Pennsylvania11
Rhode Island2
South Carolina3
Tennessee6
Texas9
Virginia3
Wisconsin1
Wyoming1
International2
Total138

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