Civic Intelligence

Iit Research Institute

EIN 36-2169122 • 501(c)3 • Chicago, IL

Profile

Perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of cancer and infectious disease. Discover new pathways and targets for the design and development of new small molecule therapeutics and biotherapeutic agents.

10 West 35th StreetChicago, IL 60616

www.iitri.org

Siviq Scores

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

Liabilities / Assets

56th percentile

0.28x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

61st percentile

0.41x

Higher debt load relative to revenue than 61% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

51st percentile

4.6%

Higher net margin than 51% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

79th percentile

$451,846

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

19th percentile

-3.4%

Faster asset growth than 19% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

2.9%

Faster revenue growth than 38% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Down

$42,170,000

Down $1,475,000 (-3.4%) from 2023

Liabilities

Down

$11,779,000

Down $2,923,000 (-20%) from 2023

Net Assets

Up

$30,391,000

Up $1,448,000 (+5.0%) from 2023

Revenue

Up

$28,657,000

Up $819,000 (+2.9%) from 2023

Expenses

Up

$27,336,000

Up $1,348,000 (+5.2%) from 2023

Net Income

Down

$1,321,000

Down $529,000 (-29%) from 2023

Trend Graphs

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2020: $32,512,000Liabilities 2020: $12,886,000Net Assets 2020: $19,626,0002020Assets 2021: $42,081,000Liabilities 2021: $19,281,000Net Assets 2021: $22,800,0002021Assets 2022: $44,213,000Liabilities 2022: $17,198,000Net Assets 2022: $27,015,0002022Assets 2023: $43,645,000Liabilities 2023: $14,702,000Net Assets 2023: $28,943,0002023Assets 2024: $42,170,000Liabilities 2024: $11,779,000Net Assets 2024: $30,391,0002024

Highlighted filing

2024

Assets$42,170,000
Liabilities$11,779,000
Net Assets$30,391,000

Operations Trend

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

$30M$20M$10M$0Revenue 2020: $26,941,000Expenses 2020: $25,017,000Net Income 2020: $1,924,0002020Revenue 2021: $29,119,000Expenses 2021: $25,975,000Net Income 2021: $3,144,0002021Revenue 2022: $29,871,000Expenses 2022: $25,493,000Net Income 2022: $4,378,0002022Revenue 2023: $27,838,000Expenses 2023: $25,988,000Net Income 2023: $1,850,0002023Revenue 2024: $28,657,000Expenses 2024: $27,336,000Net Income 2024: $1,321,0002024

Highlighted filing

2024

Revenue$28,657,000
Expenses$27,336,000
Net Income$1,321,000

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Aug 14, 2025
Return Version
2023v6.0
Gross Receipts
$28,657,000
Mission and Program Overview

Mission

Perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of cancer and infectious disease. Discover new pathways and targets for the design and development of new small molecule therapeutics and biotherapeutic agents.

Research and development directed towards the prevention and cure of disease.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$29,525,000$31,367,000▲ $1,842,000
Rtn Earn Endowment Incm Other Fnds$28,943,000$30,391,000▲ $1,448,000
Accounts Receivable$7,174,000$5,598,000▼ $1,576,000
Investments in Publicly Traded Securities$3,732,000$2,982,000▼ $750,000
Prepaid Expenses and Deferred Charges$460,000$402,000▼ $58,000
Savings and Temporary Cash Investments$547,000$316,000▼ $231,000
Cash and Non-Interest-Bearing Accounts$680,000$242,000▼ $438,000
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$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Total Assets$43,645,000$42,170,000▼ $1,475,000
Other Assets Total$1,527,000$1,263,000▼ $264,000
Liabilities
Accounts Payable and Accrued Expenses$4,217,000$5,674,000▲ $1,457,000
Deferred Revenue$6,015,000$2,393,000▼ $3,622,000
Tax Exempt Bond Liabilities$2,840,000$2,320,000▼ $520,000
Other Liabilities$1,630,000$1,392,000▼ $238,000
Total Liabilities$14,702,000$11,779,000▼ $2,923,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$28,943,000$30,391,000▲ $1,448,000
Total Liabilities and Net Assets / Fund Balance$43,645,000$42,170,000▼ $1,475,000

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$25,143,000$26,569,000$0
Other Land Buildings$3,902,000$0$0
Land$0-$0
Equipment$2,298,000$14,353,000$0
Leasehold Improvements$24,000$59,000$0
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David McCormickPresident & DirectorFT$344,556$26,770$371,326
Todd BucciarelliAVP & Business Development ManagerFT$159,660$167,710$327,370
Sudhakar ParthasarathyHead, Analytical ChemistryFT$190,529$50,321$240,850
Robert BakerAVP & Mgr Microbiology & Molecular BiologyFT$205,957$33,329$239,286
David KaplanAssistant Vice President & Director of ContractsFT$186,549$49,935$236,484
Kelly GarciaAttending VeterinarianFT$199,065$36,555$235,620
Nicole KozubLaboratory Biologist IV/SupervisorFT$195,207$36,439$231,646
Thomas HornDeputy Division Manager ToxicologyFT$170,316$15,664$185,980
Landon WestfallDeputy Division ManagerFT$162,253$21,052$183,305
Aleemuddin MuhammadManager of IT & CybersecurityFT$144,911$35,122$180,033
Mary SmeatonManager, Human ResourcesFT$130,277$27,129$157,406

Board Members and Trustees

NameTitle
Rajagopal R EchambadiChairman & CEO
Elizabeth HudsonProvost, SVP Academic Affairs & Member
Walter HazlittSecretary & Interim General Counsel
Jeremy FineTreasurer, VP Finance & CFO

Highest Paid Contractors

ContractorServicesLocationCompensation
Charles RiverPathology services251 Ballardvale St, Wilmington, MA 01887$4,332,000
McCauley Mechanical ConstructionConstruction Services8787 S 78th Ave, Bridgeview, IL 60455$2,504,000
Worldwide Primates INCLab Animal ServicesPO Box 971279, Miami, FL 33197-1279$1,824,000
Petrovic EnterprisesConstruction Services900 Ogden Ave, Downers Grove, IL 60515$601,000
Ridglan Farms IncLab Animal ServicesN6335 Ridge Rd, Glenbeulah, WI 53023$219,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$28,520,000
Investment Income
$137,000
Other Revenue
$0
Change in Net Assets
$1,321,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,657,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$127,000
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$28,784,000
Total Revenue per Form 990
$28,657,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,153,000
Salaries, Compensation, and Employee Benefits$13,183,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,825,000$2,069,000$0$7,894,000
Depreciation Depletion$2,059,000$255,000$0$2,314,000
Other Employee Benefits$1,496,000$472,000$0$1,968,000
Current Officers, Directors, Trustees, and Key Employees$962,000$896,000$0$1,858,000
Occupancy$1,167,000$280,000$0$1,447,000
Payroll Taxes$572,000$191,000$0$763,000
Pension Plan Contributions$555,000$145,000$0$700,000
Fees for Services Other$247,000$16,000$0$263,000
All Other Expenses$147,000$59,000$0$206,000
Insurance-$206,000$0$206,000
Fees for Services Legal$0$174,000$0$174,000
Information Technology$131,000$0$0$131,000
Office Expenses$70,000$55,000$0$125,000
Interest-$122,000$0$122,000
Travel$74,000$23,000$0$97,000
Fees for Services Accounting$0$84,000$0$84,000
Other Expenses$0$68,000$0$68,000
Conferences and Meetings$20,000$14,000$0$34,000
Fees for Service Investment Mgmnt Fees-$15,000$0$15,000
Total Functional Expenses$22,172,000$5,164,000$0$27,336,000

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$27,336,000
Total Expenses per Audited Statements$27,336,000
Total Expenses per Form 990$27,336,000
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Refer to Part V.Refer to Part V.No$610,000

Loans and Receivables

Line ItemBeginningEndChange
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
Operating Lease Obligation$1,392,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
AIllinois Finance Authority-$10,400,000Revenue Refunding Bond

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,400,000$10,374,195$8,080,000$25,805

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
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
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7B

Bylaws changes and mergers or consolidations are subject to member approval.

Form 990, Part VI, Section B, Line 11B

The 990 is sent to the board ahead of time for their review. It's also reviewed internally by multiple people.

Form 990, Part VI, Section B, Line 12C

IIT Research Institute has a Conflict of Interest Policy which is consistent with applicable regulations and is reviewed annually and updated as needed. Annually, we require Board Members, officers and employees to acknowledge receipt and review of this policy, and to complete a disclosure form listing any conflicts of interest (as defined in the Policy). These disclosure forms are reviewed by the Human Resources, and potential conflicts of interest are forwarded to the legal department for further review and management consistent with the Policy and applicable regulations.

Form 990, Part VI, Section B, Line 15

Compensation is reviewed annually by the Compensation Committee of the Board of Governors. The President's compensation is determined by utilizing comparable benchmark statistics. The Board approves the President's compensation at the recommendation of the Compensation Committee. The President presents compensation recommendations for other staff to the the recommendation of the Compensation Committee. The President presents compensation recommendations for other staff to the Committee.

Form 990, Part VI, Section C, Line 19

IIT Research Institute makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Audited financial statements are available at the Federal Audit Clearinghouse.

Filing and Contact Details

Filer

Filer Name
Iit Research Institute
EIN
36-2169122
Phone
3125674000
Address
10 West 35th Street, Chicago, IL 60616

Signing Officer

Name
Robert Baker
Title
Senior Vice President and Director
Phone
3125674923
Signed
2025-08-14

Organization Details

Principal Officer
Robert Baker PhD
Formed
1936
Legal Domicile
Il
Voting Board Members
4
Independent Board Members
0
Employees
127
Volunteers
0
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

IITRI has received a determination letter from the Internal Revenue Service indicating that it is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code except for taxes arising from unrelated business income. IITRI believes that it has, at all times, been organized and operated in conformance with the provisions of the Code and that all income received in performance of its exempt purpose will continue to be exempt from income taxes under IRC Section 501(a). Management believes that IITRI has not engaged in activities that would put its tax-exempt status at risk. IITRI has no uncertain tax positions that IITRI considers to be material.

Raw XML AppendixShowing 400 of 1,004 raw XML fields

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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IRS990/Desc0Working with scientists from the U.S. National Cancer Institute and other organizations, perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of infectious disease, with particular emphasis on pathogenic agents of interest to the biodefense community. Working with the Department of Defense and other agencies, support the development of vaccines and therapeutic entities for infectious agents. Working with scientists from the U.S. National Institutes of Health and other agencies, perform preclinical assessments of small molecule therapeutics and biotherapeutics being developed for the treatment of stroke, tissue fibrosis, neurologic diseases, and other disease entities.
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IRS990/Form990PartVIISectionAGrp/PersonNm2Robert Baker
IRS990/Form990PartVIISectionAGrp/PersonNm3Kelly Garcia
IRS990/Form990PartVIISectionAGrp/PersonNm4Nicole Kozub
IRS990/Form990PartVIISectionAGrp/PersonNm5Thomas Horn
IRS990/Form990PartVIISectionAGrp/PersonNm6David Kaplan
IRS990/Form990PartVIISectionAGrp/PersonNm7Sudhakar Parthasarathy
IRS990/Form990PartVIISectionAGrp/PersonNm8Aleemuddin Muhammad
IRS990/Form990PartVIISectionAGrp/PersonNm9Landon Westfall
IRS990/Form990PartVIISectionAGrp/PersonNm10Mary Smeaton
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IRS990/Form990PartVIISectionAGrp/PersonNm13Jeremy Fine
IRS990/Form990PartVIISectionAGrp/PersonNm14Elizabeth Hudson
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Attending Veterinarian
IRS990/Form990PartVIISectionAGrp/TitleTxt4Laboratory Biologist IV/Supervisor
IRS990/Form990PartVIISectionAGrp/TitleTxt5Deputy Division Manager Toxicology
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Head, Analytical Chemistry
IRS990/Form990PartVIISectionAGrp/TitleTxt8Manager of IT & Cybersecurity
IRS990/Form990PartVIISectionAGrp/TitleTxt9Deputy Division Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt10Manager, Human Resources
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IRS990/Form990PartVIISectionAGrp/TitleTxt13Treasurer, VP Finance & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt14Provost, SVP Academic Affairs & Member
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IRS990/MissionDesc0Perform basic research and preclinical efficacy assessments of new molecular entities being developed for the prevention and treatment of cancer and infectious disease. Discover new pathways and targets for the design and development of new small molecule therapeutics and biotherapeutic agents.
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