Civic Intelligence

Indiana Institute of Technology Inc

EIN 35-0845258 • 501(c)3 • Fort Wayne, IN

Profile

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.

1600 East Washington BlvdFort Wayne, IN 46803

www.indianatech.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

33rd percentile

0.15x

Higher debt load relative to assets than 33% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

42nd percentile

0.37x

Higher debt load relative to revenue than 42% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Net Margin

72nd percentile

13%

Higher net margin than 72% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

42nd percentile

$693,403

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Asset Growth

42nd percentile

4.6%

Faster asset growth than 42% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

87th percentile

42%

Faster revenue growth than 87% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Assets

Up

$347,832,960

Up $15,184,579 (+4.6%) from 2024

Liabilities

Down

$53,188,607

Down $6,458,242 (-11%) from 2024

Net Assets

Up

$294,644,353

Up $21,642,821 (+7.9%) from 2024

Revenue

Up

$144,228,618

Up $42,532,093 (+42%) from 2024

Expenses

Up

$125,056,129

Up $15,473,019 (+14%) from 2024

Net Income

Up

$19,172,489

Up $27,059,074 (+343%) from 2024

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400M$300M$200M$100M$0Assets 2010: $101,759,040Liabilities 2010: $23,617,335Net Assets 2010: $78,141,7052010Assets 2011: $122,696,197Liabilities 2011: $24,687,946Net Assets 2011: $98,008,2512011Assets 2012: $138,916,759Liabilities 2012: $24,467,080Net Assets 2012: $114,449,6792012Assets 2013: $165,852,677Liabilities 2013: $26,706,191Net Assets 2013: $139,146,4862013Assets 2014: $189,431,216Liabilities 2014: $22,504,378Net Assets 2014: $166,926,8382014Assets 2015: $206,134,493Liabilities 2015: $20,006,008Net Assets 2015: $186,128,4852015Assets 2016: $214,532,835Liabilities 2016: $16,209,779Net Assets 2016: $198,323,0562016Assets 2017: $230,395,593Liabilities 2017: $17,759,566Net Assets 2017: $212,636,0272017Assets 2018: $245,356,339Liabilities 2018: $13,359,957Net Assets 2018: $231,996,3822018Assets 2019: $276,713,412Liabilities 2019: $35,977,639Net Assets 2019: $240,735,7732019Assets 2020: $274,881,086Liabilities 2020: $33,337,638Net Assets 2020: $241,543,4482020Assets 2021: $325,851,841Liabilities 2021: $45,527,519Net Assets 2021: $280,324,3222021Assets 2022: $320,737,366Liabilities 2022: $44,960,463Net Assets 2022: $275,776,9032022Assets 2023: $320,817,510Liabilities 2023: $48,786,762Net Assets 2023: $272,030,7482023Assets 2024: $332,648,381Liabilities 2024: $59,646,849Net Assets 2024: $273,001,5322024Assets 2025: $347,832,960Liabilities 2025: $53,188,607Net Assets 2025: $294,644,3532025

Highlighted filing

2025

Assets$347,832,960
Liabilities$53,188,607
Net Assets$294,644,353

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0-$50MExpenses 2010: $44,616,5222010Expenses 2011: $49,127,8702011Expenses 2012: $55,779,7122012Expenses 2013: $62,165,9522013Revenue 2014: $91,166,740Expenses 2014: $69,644,017Net Income 2014: $21,522,7232014Revenue 2015: $106,307,513Expenses 2015: $81,074,472Net Income 2015: $25,233,0412015Revenue 2016: $102,198,553Expenses 2016: $86,843,702Net Income 2016: $15,354,8512016Revenue 2017: $110,020,398Expenses 2017: $101,790,773Net Income 2017: $8,229,6252017Revenue 2018: $116,308,558Expenses 2018: $91,406,100Net Income 2018: $24,902,4582018Revenue 2019: $102,126,239Expenses 2019: $93,738,068Net Income 2019: $8,388,1712019Revenue 2020: $97,349,817Expenses 2020: $93,576,478Net Income 2020: $3,773,3392020Revenue 2021: $108,107,562Expenses 2021: $95,245,973Net Income 2021: $12,861,5892021Revenue 2022: $115,536,261Expenses 2022: $98,047,098Net Income 2022: $17,489,1632022Revenue 2023: $87,182,224Expenses 2023: $94,726,379Net Income 2023: -$7,544,1552023Revenue 2024: $101,696,525Expenses 2024: $109,583,110Net Income 2024: -$7,886,5852024Revenue 2025: $144,228,618Expenses 2025: $125,056,129Net Income 2025: $19,172,4892025

Highlighted filing

2025

Revenue$144,228,618
Expenses$125,056,129
Net Income$19,172,489

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$348$53.2$295$144$125$19.2
2024Detailed filing. Detailed filing data is available for this year.$333$59.6$273$102$110$7.89
2023Detailed filing. Detailed filing data is available for this year.$321$48.8$272$87.2$94.7$7.54
2022Detailed filing. Detailed filing data is available for this year.$321$45.0$276$116$98.0$17.5
2021Detailed filing. Detailed filing data is available for this year.$326$45.5$280$108$95.2$12.9
2020Detailed filing. Detailed filing data is available for this year.$275$33.3$242$97.3$93.6$3.77
2019Detailed filing. Detailed filing data is available for this year.$277$36.0$241$102$93.7$8.39
2018Detailed filing. Detailed filing data is available for this year.$245$13.4$232$116$91.4$24.9
2017Detailed filing. Detailed filing data is available for this year.$230$17.8$213$110$102$8.23
2016Detailed filing. Detailed filing data is available for this year.$215$16.2$198$102$86.8$15.4
2015Detailed filing. Detailed filing data is available for this year.$206$20.0$186$106$81.1$25.2
2014Detailed filing. Detailed filing data is available for this year.$189$22.5$167$91.2$69.6$21.5
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$166$26.7$139$62.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$24.5$114$55.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$123$24.7$98.0$49.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$102$23.6$78.1$44.6
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 2, 2026
Return Version
2024v5.1
Gross Receipts
$190,596,154
Mission and Program Overview

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.

Provides learners with career-focused, professional education in the areas of business, computer studies, engineering, criminal science, and general studies.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$158,129,456$174,663,314▲ $16,533,858
Land, Buildings, and Equipment, Net$149,193,361$147,784,162▼ $1,409,199
Pledges and Grants Receivable$7,383,488$9,212,214▲ $1,828,726
Savings and Temporary Cash Investments$8,827,315$8,064,454▼ $762,861
Accounts Receivable$1,690,691$1,861,538▲ $170,847
Prepaid Expenses and Deferred Charges$1,948,184$1,690,058▼ $258,126
Inventories for Sale or Use$524,276$515,860▼ $8,416
Cash and Non-Interest-Bearing Accounts$5,350$5,250▼ $100
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$332,648,381$347,832,960▲ $15,184,579
Other Assets Total$4,946,260$4,036,110▼ $910,150
Liabilities
Tax Exempt Bond Liabilities$48,004,910$46,007,218▼ $1,997,692
Accounts Payable and Accrued Expenses$4,477,835$3,641,724▼ $836,111
Deferred Revenue$2,338,987$2,541,878▲ $202,891
Other Liabilities$4,825,117$997,787▼ $3,827,330
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$59,646,849$53,188,607▼ $6,458,242
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$237,086,381$236,339,390▼ $746,991
Net Assets With Donor Restrictions$35,915,151$58,304,963▲ $22,389,812
Total Net Assets Fund Balance$273,001,532$294,644,353▲ $21,642,821
Total Liabilities and Net Assets / Fund Balance$332,648,381$347,832,960▲ $15,184,579

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$112,148,608$49,322,354$161,470,962
Equipment$8,425,258$36,717,146$45,142,404
Other Land Buildings$13,843,421-$13,843,421
Land$13,366,875-$13,366,875

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$165,897,129$1,005,089▲ $15,174,144$14,367,701$165,929,794
2023$160,770,232$3,247,492▲ $13,686,758$10,008,151$165,897,129
2022$164,687,448$1,248,572▲ $8,427,433$11,862,733$160,770,232
2021$170,407,145$293,529▼ $4,161,210$229,427$164,687,448
2020$137,645,960$223,341▲ $33,618,496$116,475$170,407,145
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Karl W EinolfPresidentFT$471,411$221,992$693,403
Judy K RoyTreasurerFT$267,710$54,753$322,463
Steve A HerendeenVP Enrollment ManagementFT$223,536$84,710$308,246
Kathleen H WatlandVpaaFT$201,613$64,206$265,819
Daniel J StokerVP Student AffairsFT$175,372$48,168$223,540
Stephanos MavromoustakosAssociate DeanFT$164,428$53,585$218,013
Lori A FincannonDean College of BusinessFT$155,828$51,306$207,134
Jeffrey S LeichtyVP/CIOFT$142,465$55,370$197,835
Brian W EngelhartVP/Exec Director Junction 36FT$138,015$58,143$196,158
Michelle R MusolfAVP/ControllerFT$146,982$47,737$194,719
Jack PhlipotAssociate ProfessorFT$120,190$40,972$161,162

Highest Paid Contractors

ContractorServicesLocationCompensation
Parkhurst Dining LLCDining Services285 E Waterfront Drive, STE 200, Homestead, PA 15120$1,866,187
EAB Global IncAdvertising2445 M Street W, Suite 530, Washington, DC 20037$845,872
My Footpath LLCStudent Recruiting820 W Jackson, Chicago, IL 60607$723,970
Jenzabar IncHosted Service111 Huntington Avenue, Boston, MA 02199$658,331
Asher Agency IncAdvertising535 W Wayne St, Fort Wayne, IN 46802$464,643
Revenue and Support

Revenue Composition

Contributions and Grants
$28,107,769
Program Service Revenue
$102,671,116
Investment Income
$13,389,815
Other Revenue
$59,918
All Other Contributions
$28,083,941
Change in Net Assets
$19,172,489

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$35,438Market value
Total Noncash Contributions1$35,438-

Audited Revenue Reconciliation

Revenue per Audited Statements
$96,784,230
Revenue Not Reported on Financial Statements
$47,444,388
Revenue Not Reported on Form 990
$2,585,022
Other Revenue Adjustments
$46,669,819
Total Revenue per Audited Statements
$99,369,252
Total Revenue per Form 990
$144,228,618
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$46,696,519
Other Expenses$43,356,845
Salaries, Compensation, and Employee Benefits$34,881,565
Total Fundraising Expense$2,605,728
Professional Fundraising Fees$121,200

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$46,669,819--$46,669,819
Other Salaries and Wages$20,699,593$5,131,397$635,943$26,466,933
Fees for Services Other$5,014,698$2,930,843$71,696$8,017,237
Depreciation Depletion$7,112,373$305,650-$7,418,023
All Other Expenses$1,271,315$4,612,213$1,482,470$7,365,998
Advertising$194,393$3,346,614$29,493$3,570,500
Occupancy$2,908,196$96,762$0$3,004,958
Other Employee Benefits$2,327,176$576,903$71,497$2,975,576
Information Technology$96,303$2,574,412-$2,670,715
Pension Plan Contributions$1,671,030$414,246$51,338$2,136,614
Payroll Taxes$1,528,532$378,921$46,960$1,954,413
Interest$1,371,300$109,654-$1,480,954
Current Officers, Directors, Trustees, and Key Employees$121,369$1,226,660-$1,348,029
Other Expenses$1,226,557$20,952-$1,247,509
Fees for Service Investment Mgmnt Fees-$774,569-$774,569
Travel$420,914$138,710$85,458$645,082
Insurance-$505,257-$505,257
Office Expenses$336,213$22,345$1,606$360,164
Conferences and Meetings$80,303$89,152$8,067$177,522
Fees for Services Professional Fundraising--$121,200$121,200
Fees for Services Accounting-$77,224-$77,224
Fees for Services Legal-$46,525-$46,525
Grants to Domestic Orgs$26,700--$26,700
Total Functional Expenses$99,071,392$23,379,009$2,605,728$125,056,129

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$125,056,129
Total Expenses per Audited Statements$77,726,431
Expenses per Audited Statements$77,611,741
Expenses Not Reported on Financial Statements$47,444,388
Other Expense Adjustments$46,669,819
Expenses Not Reported on Form 990$114,690
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Love Fort Wayne IncFort Wayne, IN501(c)(3)Sponsorship$13,500
Habitat for Humanity of Greater Fort Wayne IncFort Wayne, IN501(c)(3)Sponsorship$6,700
Startedup Foundation IncNoblesville, IN501(c)(3)Sponsorship$6,500

International Summary

Offices
0
Employees
13
Spending
$15,627,645

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$15,215,245
South AsiaProgram ServicesStudent Recruitment013$412,400
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$121,200
Fundraising Direct Expenses$13,139
Fundraising Gross Income$8,024

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$23,524$8,024$163$7,861
Event 2-$0-$0
Total Events$23,524$8,024$13,139$-5,115
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance From Federal Agency$993,057
Federal Income Taxes$4,730
Operating Lease Liabilities-

Bond Issues

BondIssuerIssuedIssue PricePurpose
BIndiana Finance Authority2018-01-02$29,045,000Capital projects & partial refinance
AIndiana Finance Authority 20202020-12-30$21,725,000Capital projects and refinance 2018b series
CIndiana Finance Authority 20232023-04-01$14,000,000CAPITAL PROJECTS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$29,045,000-$5,525,000$285,106
A$21,725,000-$11,510,000$175,000
C$14,000,000-$320,000$150,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 1B NON-INDEPENDENT VOTING MEMBERS

Karl w. Einolf and jack philpot are paid employees of indiana institute of technology and are therefore considered non-independent voting members of the board.

Form 990, Part VI, Line 11B Review of form 990 by governing body

An independent cpa firm compiles information for the form 990 and related schedules using information provided by the organization. The form and related schedules are reviewed by management and provided to all board members for their review prior to filing. After board approval, form 990 and schedules are filed with the irs.

Form 990, Part VI, Line 12C Conflict of interest policy

An annual conflict of interest questionnaire is sent to all interested persons. If a matter arises at a meeting of the board or one of its committees, every trustee shall disclose any possible conflict of interest at the onset of the discussion. Further, the trustee shall excuse himself or herself from discussions of, and abstain from voting on, all such matters under consideration by the board of trustees or any of its committees. The minutes of such meetings shall reflect that disclosure was made and that the trustee with a conflict or possible conflict was absent from discussions and voting.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

An annual compensation review is performed for the president and key employees. For the president, the review includes a comparability study of similar not-for-profit colleges and their associated compensation ranges, as well as a review of goals set forth and achieved. The board of directors oversees this review. The president performs the reviews for key employees. This includes a review of goals set forth and achieved. This process is performed annually.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

There is an annual performance review performed by the president for employees who are officers or key employees. A compensation review is completed as part of this process. The last review was done in june 2025.

Form 990, Part VI, Line 19 Required documents available to the public

The form 990, conflict of interest policy, financial statements and governing documents are all available upon request.

Filing and Contact Details

Filer

Filer Name
Indiana Institute of Technology Inc
EIN
35-0845258
Phone
2604425561
Address
1600 EAST WASHINGTON BLVD, FORT WAYNE, IN 46803
Doing Business As
Indiana Tech

Signing Officer

Name
Judy K Roy
Title
Treasurer
Phone
2604425561
Signed
2026-02-02
Discuss with paid preparer
Yes

Organization Details

Formed
1948
Legal Domicile
In
Voting Board Members
21
Independent Board Members
19
Employees
1,052
Volunteers
50

Preparer

Firm
Forvis Mazars LLP
Address
111 E Wayne Street Suite 600, Fort Wayne, IN 46802
Preparer
Lauren Denton
Phone
2604604000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

CHANGE IN VALUE OF PERPETUAL TRUST - 16323; Total - 16323;

Financial Statement Notes

Schedule D, Part X, Line 2 ASC 740 FOOTNOTE

Management has evaluated their income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

Schedule D, Part III, Line 4 Collections of art - description of collections

The university art gallery, franco d'agostino art gallery, holds works of art for the public exhibition. Donated pieces are displayed for viewers to enjoy. On occasion, traveling collections are available to view for a limited time. The art gallery provides culture to help round a student's full education at indiana institute of technology.

Schedule D, Part V, Line 4 Intended uses of endowment funds

Permanently restricted net assets are restricted to investment in perpetuity, the income of which is expendable to support any activity of the institute, scholarships, faculty development, engineering and science chair, school of business, and school of engineering activities. Temporarily restricted net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes or by the occurrence of other events specified by donors. Board-designated or quasi-endowment funds are those available for use for purposes determined by board action.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Rent expense - 22026 change in value of perpetual trust - 16323 special events expense - 13139 cost of goods sold - 79525

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

STUDENT AID - 46669819

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Rent expense - 22026 special events expense - 13139 cost of goods sold - 79525

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

STUDENT AID - 46669819

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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