Illinois College of Optometry
Illinois College of Optometry reported $45.4 million in revenue and $38.9 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $76.60 went to program services, $22.63 to management and general costs and $0.77 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 74.6% of the total. The highest compensation it reported for one person was $491,412 (President). 64 people received more than $100,000 in reportable compensation. Revenue rose 24% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $39MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $45MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 76.6% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 22.6% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.8% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.05 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 14.6% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 3.7% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 74.6% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $491,412 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.26% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 64 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 24.1 | 13.3 |
| Independent voting board members Part VI 1a–1b | 15 of 17 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseGENERAL EDUCATIONAL SERVICES AT THE ILLINOIS COLLEGE OF OPTOMETRY (ICO): Classroom instruction for Doctor of Optometry Degree; Continuing Education and Faculty Research serving approximately 480 students per year. ICO's 4-year program is focused entirely on optometry. Our students receive robust clinical experience, including hands-on patient care in the IEI beginning in their very first year. Understanding that being a doctor extends beyond eye care, ICO offers courses in financial literacy, practice management, and other real-world aspects of optometry. Our top-notch resources expose…
CLINIC: The Illinois Eye Institute (IEI) acts as a safety net provider of eye and vision services for the Chicago area, serving diverse patients with complex needs. The clinic received approximately 85,000 patient visits in the previous year (48,000 to providers, 37,000 to optical). The site is a vital community resource for Medicaid and Medicare patients, as well as underinsured and uninsured patients. Specialty areas of the clinic include (but are not limited to) Pediatrics, Developmental Disability Clinics, Binocular Vision Service, Urgent Care, Cornea and Contact Lenses, Glaucoma Care…
DORMITORY: The Residential Complex provides affordable and safe on-campus living quarters for optometry students, prospective students, visitors, and their families. The RC hosts events to promote camaraderie and healthy student life. In addition, exam lanes are available in the RC for the exclusive use of its residents
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| President Officer, 35.0 hrs/week | $414,616 | $0 | $76,796 | $491,412 |
| VP of Academic Affairs Key employee, 35.0 hrs/week | $274,440 | $0 | $43,742 | $318,182 |
| VP of Patient Care Key employee, 35.0 hrs/week | $261,338 | $0 | $43,742 | $305,080 |
| VP of Business and Finance/CFO Officer, 35.0 hrs/week | $244,940 | $0 | $47,069 | $292,009 |
| Professor of Optometry Highest compensated employee, 35.0 hrs/week | $219,790 | $0 | $69,796 | $289,586 |
| Dean for Student Affairs Key employee, 35.0 hrs/week | $221,110 | $0 | $38,946 | $260,056 |
| Professor of Optometry Highest compensated employee, 35.0 hrs/week | $178,908 | $0 | $78,296 | $257,204 |
| Chief Operating Officer at IEI Key employee, 35.0 hrs/week | $229,021 | $0 | $22,999 | $252,020 |
64 people received more than $100,000 in reportable compensation from Illinois College of Optometry (Part VII, line 2). Compensation of current officers, directors and key employees totaled $2.3M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b17 · 15 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5626
- Volunteers Part I, line 619
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses onlyIndividuals listed as contractors are left out. 2 contractors were paid more than $100,000 in all.
Private foundation grants it received
10 private foundations reported grants to Illinois College of Optometry totaling $290K on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Illinois College of Optometry's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Illinois College of Optometry, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Illinois College of Optometry spent in FY2025, $76.60 went to programs. The full breakdown, from its IRS Form 990:
Embed on your site
Similar-sized charities in this cause
- Malone UniversityCanton, OH · revenue $45M · programs 84.6% · FY2025
- Fort Worth Country Day SchoolFort Worth, TX · revenue $45M · programs 76.9% · FY2025
- KIPP Colorado SchoolsDenver, CO · revenue $45M · programs 77.5% · FY2025
- Millbrook SchoolMillbrook, NY · revenue $45M · programs 77.0% · FY2025
- The High Desert Partnership in Academic Excellence FoundationApple Valley, CA · revenue $45M · programs 58.8% · FY2025
Questions people ask
How much of Illinois College of Optometry's spending goes to programs?
In the fiscal year ending June 30, 2025, Illinois College of Optometry reported that 76.6% of its $38.9 million in expenses went to program services, 22.6% to management and general and 0.8% to fundraising (Form 990, Part IX).
How much does Illinois College of Optometry pay its top executive?
The largest total compensation Illinois College of Optometry reported for one person in the fiscal year ending June 30, 2025 was $491,412, for the role of President (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Illinois College of Optometry get its money?
Of $45.4 million in revenue in the fiscal year ending June 30, 2025, 14.6% came from contributions and grants (including 3.7% from government grants) and 74.6% from program service revenue (Form 990, Part VIII).
Is Illinois College of Optometry a registered charity?
The IRS lists EIN 36-2310478 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202631349349312028 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202511339349307781 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202421359349302217 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202331319349307588 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202201319349306170 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202043379349300424 · read the filing
All filings for EIN 36-2310478: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.