IRS Form 990s
Private, non-profit universities must file a Form 990 annually. These disclosures reveal executive compensation, board members, primary revenue streams, and major expenditures.
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Universities hire independent auditors. Institutions receiving significant federal funding undergo a rigorous "Single Audit," providing much higher financial detail than standard 990s.
Federal Audit ClearinghouseIL State Reports
In Illinois, charitable organizations (including university foundations) must register and file annual financial reports with the Attorney General's Charitable Trust Bureau.
IL AG Charities DatabaseCA State Reports
California requires non-profits to file with the Department of Justice. The Registry of Charities provides public access to their financial filings, including the Annual RRF-1.
CA DOJ Registry SearchPublic v. Private
Private non-profit universities file 990s.
Public (state) universities are government entities and exempt. Look for their "Annual Comprehensive Financial Report" (ACFR) on their website.