BUDGET MINDED: - Illinois College of Optometry

ICO MATTERS FALL 2008
9
CHAIRMAN’S LETTER
I have had the honor of being a
member of ICO’s Board of
Trustees since 2000; in 2007, I
was named Chairman.
This appointment reflected my
enthusiasm for fundraising, as
demonstrated by my pledge of
$150,000 to ICO to help energize
others. This fall, I hosted ICO’s
Donor Recognition Luncheon
during Alumni Weekend. This
celebration of the generosity of
the ICO community was tremendously
inspiring and rewarding.
So is being part of the implementation of ICO’s Strategic Plan. The
Board adopted the five-year plan in March 2007. In just over a yearand-a-half,
we have completed construction of new $7 million laboratories
for our students, one of our first priorities in creating a new
model for optometric education.
This phenomenal project, the Enhanced Learning Center, or
Eyepod as it is called, is the most state-of-the-art optometric teaching
facility in the country. The College is offering naming opportunities
for those who want to underwrite part of the new facility in
2008 FINANCIAL
REPORT
FINANCIAL SUMMARY
REVENUE GAINS
AND OTHER SUPPORT
their name or in recognition of another. Several years ago, I named
the primary eyecare clinic on the first floor. The Kattouf Family
Primary Eye Care Suite honors my wife, Jackie, daughter, Dr.
Valerie Kattouf Sosne, my son, Dr. Richard S. Kattouf II and
myself.
The Board of Trustees has also approved the formation of the
Illinois Eye Institute Foundation. The sole purpose of this foundation
is to raise funds from the optometric and local civic communities
to support our clinical activities. The IEI Foundation will hold
its first annual fundraising banquet on May 16, 2009. As Chairman
of the Board of Trustees, I urge you to attend this benefit gala and
support our development efforts. For more details, contact David
Korajczyk at (312) 949-7075, dkorajczyk@ico.edu, or me at 330-
219-5094, advancedeyecare@hotmail.com.
As a private institution, ICO depends on tuition fees as our main
source of income. Your contribution can significantly lessen the
burden on student tuition. My plea to our 8,000 alumni is that you
participate in donating to your alma mater, where you received the
educational base for your success. It is your participation in paying
forward that keeps ICO as the premier optometric college.
Fraternally Yours,
Richard S. Kattouf, OD ’72, DOS
Percent of 2008 Total
Operating Activity Unrestricted
Tuition and Fees 62% $19,023,178
Patient Care Services and Materials 16.1% 4,925,182
Grants and Contributions 5.6% 1,704,318
Other 1.0% 297,739
Interest and Dividends 7.1% 2,165,162
Auxiliary Enterprises 5.2% 1,593,206
Funds Released from Restriction 3.0% 915,294
EXPENSES
Total 100.0% $30,624,079
Education 42.3% 11,841,875
Patient Care Operations 27.5% 7,706,871
Auxiliary Enterprises 5.8% 1,619,840
Institutional Support 24.4% 6,816,108
Total 100.0% $27,984,694
Change in Net Assets
From Operating Activities $2,639,385
Non Operating Activities ($3,757,866)
Total Change in Net Assets ($1,118,481)
Net Assets at Beginning of Year $30,105,165
Net Assets at End of Year $28,986,684