Government-backed nonprofit Illinois Institute Of Technology profiled

Illinois Institute Of Technology, a tax-exempt nonprofit that receives significant public funding to perform services also offered by the state, was approved to receive a $200,000 grant in FY2024, according to passed legislation data extracted from the Illinois General Assembly’s FY2024 budget (Public Act 103-0006).

This appropriation represents state-level funding authorized by lawmakers, reflecting what was approved in the budget, not necessarily disbursed. The funds cover only State of Illinois support and exclude federal, local, or other public sources.

Founded in 1940, Illinois Institute Of Technology states that its mission is: “To provide distinctive and relevant education in an environment of scientific, technological, and professional knowledge creation and innovation.”

You can learn more about the organization at its website.

In its most recent IRS Form 990 filing filing for tax year 2024, the organization reported $364,483,000 in total revenue. Of that, $48,828,600 came from government grants including federal, state, or local sources, making up 13.4% of total revenue.

The nonprofit listed $64,715,400 in contributions overall. It also reported $1,881,890 in non-cash contributions, such as donated goods or services, and $15,730,500 categorized under other contributions, which may include restricted donations, pledges, or bequests.

At the beginning of 2024, Illinois Institute Of Technology had $746,056,000 in assets. By the end of 2024, that figure had changed to $706,468,000, indicating a 5.3% decline in overall holdings.

According to its filing, public funding remained fairly steady year-over-year, changing from $47,718,200 in 2023 to $48,828,600 in 2024 (a difference of 2.3%).

However, a Chicago City Wire analysis found that IRS filings frequently contain discrepancies when compared with publicly disclosed government grant reports and budgets.

Illinois Institute Of Technology is one of hundreds of nonprofits across Illinois that receive substantial support from state taxpayers while also fundraising privately.

In 2025, Illinois lawmakers introduced House Bill 1266, also known as the Department of Government Efficiency (DOGE) Act. The proposal would create a new oversight body within the Office of the Auditor General tasked with identifying cost-saving measures, reviewing agency performance, and advising on audit priorities. If passed, DOGE could bring additional scrutiny and performance evaluation to taxpayer-funded organizations.

According to ProPublica, Illinois has more than 78,000 active tax-exempt organizations, including nearly 60,000 classified as charitable nonprofits. In their most recent IRS filings, these groups reported a combined revenue exceeding $156 billion.