Illinois College of Optometry
3241 S Michigan Ave, Chicago, IL · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $45,393,261 | $38,943,127 | $78,218,240 |
| FY2024 | $37,146,736 | $38,523,194 | $69,904,834 |
| FY2023 | $38,494,231 | $36,782,950 | $67,202,557 |
| FY2022 | $38,134,437 | $35,579,382 | $65,571,711 |
| FY2021 | $41,438,897 | $36,541,143 | $70,899,360 |
| FY2020 | $36,498,150 | $36,158,154 | $56,556,996 |
| FY2019 | $41,033,747 | $38,852,171 | $57,250,868 |
| FY2018 | $40,417,486 | $39,098,471 | $53,541,859 |
| FY2017 | $41,663,314 | $40,395,895 | $50,767,391 |
| FY2016 | $39,263,806 | $39,122,743 | $46,199,758 |
| FY2015 | $39,049,036 | $38,135,104 | $46,386,520 |
| FY2014 | $39,454,890 | $37,940,927 | $44,770,600 |
| FY2013 | $36,017,407 | $34,856,277 | $40,497,243 |
| FY2012 | $36,769,380 | $32,952,850 | $36,447,097 |
Form 990 filings
The returns filed by Illinois College of Optometry (EIN 36-2310478), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $6,622,457 | 15% |
| Program service revenue | $33,852,796 | 75% |
| Other revenue | $4,918,008 | 11% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $29,828,068 | 77% |
| Management & general | $8,813,712 | 23% |
| Fundraising | $301,347 | 1% |
What the numbers show
- Program service revenue made up 75% of total revenue in FY2025.
- Program services accounted for 77% of functional expenses, management & general 23%, and fundraising 1%.
- 77% of functional expenses went to program services in FY2025. That is higher than 22.8% of 123 Education organizations in IL.
- Net assets covered about 24.1 months of expenses at the end of the reporting year. That puts it in the 60th percentile among 2303 Education organizations in IL.
- Total revenue was higher than 97.9% of 2338 Education organizations in IL.
- Total revenue rose from $36,769,380 in FY2012 to $45,393,261 in FY2025. Revenue increased in 7 and decreased in 6 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 1 of 14 reported years (FY2024).
- Net assets grew from $36,447,097 to $78,218,240 between FY2012 and FY2025.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
The mission of the Illinois College of Optometry is to develop highly qualified clinical optometrists through excellence in optometric education who will strive to "seek that all will receive optimal healthcare".
IRS status
| Ruling year | 1956 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B500 — Education (in IL) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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