2023-05-02T11:44:03-04:00 2022-06-30 591152714 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 329407984 990 2021-07-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY INC FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 KATHLEEN MCDERMOTT INTERIM CFO 3216747342 2023-04-24 true KATHLEEN MCDERMOTT 999009999 ABBEY K REDDEN CPA P00189512 3217572020 2023-04-29 2021 2023-04-26 12:10:37Z MR ROBERT KING 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 255596997 false X WWW.FIT.EDU X 1958 FL FLORIDA INSTITUTE OF TECHNOLOGY'S MISSION IS TO PROVIDE HIGH-QUALITY EDUCATION TO A CULTURALLY DIVERSE STUDENT BODY IN ORDER TO PREPARE STUDENTS FOR ENTERING THE GLOBAL WORKFORCE, SEEKING HIGHER-EDUCATION OPPORTUNITIES, AND SERVING WITHIN THEIR COMMUNITIES. THE UNIVERSITY ALSO SEEKS TO EXPAND KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH AND TO SERVE THE DIVERSE ECONOMIC, CULTURAL, AND SOCIETAL NEEDS OF OUR LOCAL, STATE, NATIONAL AND INTERNATIONAL CONSTITUENCIES. 35 35 2753 34 9975554 27538433 29346904 160259285 173595201 2777191 8071462 850190 891463 191425099 211905030 0 0 102326182 95847524 0 4057672 77547832 83012090 179874014 178859614 11551085 33045416 380099144 365997588 166241362 145565436 213857782 220432152 X FLORIDA INSTITUTE OF TECHNOLOGY'S MISSION IS TO PROVIDE HIGH-QUALITY EDUCATION TO A CULTURALLY DIVERSE STUDENT BODY IN ORDER TO PREPARE STUDENTS FOR ENTERING THE GLOBAL WORKFORCE, SEEKING HIGHER-EDUCATION OPPORTUNITIES, AND SERVING WITHIN THEIR COMMUNITIES. THE UNIVERSITY ALSO SEEKS TO EXPAND KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH AND TO SERVE THE DIVERSE ECONOMIC, CULTURAL, AND SOCIETAL NEEDS OF OUR LOCAL, STATE, NATIONAL AND INTERNATIONAL CONSTITUENCIES. false false 81905706 153402737 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,496 UNDERGRADUATE, 1,648 GRADUATE AND 549 DOCTORATE STUDENTS ON CAMPUS AND OFF CAMPUS SITES. IN ADDITION, THERE WERE 3,623 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: ENGINEERING, SCIENCE, AERONAUTICS, PSYCHOLOGY, LIBERAL ARTS, BUSINESS, AVIATION. 53627971 20192464 STUDENT SERVICES, AUXILIARY ENTERPRISES, AND OTHER REVENUES MAJOR SERVICES PROVIDED ARE HOUSING AND DINING. IN ADDITION, CAMPUS LIFE REVOLVES AROUND THE CLEMENTE CENTER FOR SPORTS AND RECREATION, THE DENIUS STUDENT CENTER AND PANTHER PLAZA. STUDENTS PARTICIPATE IN A WIDE VARIETY OF INTRAMURAL SPORTS, MORE THAN 100 STUDENT ORGANIZATIONS AND 19 INTERCOLLEGIATE SPORTS. FROM GREEK LIFE TO THE COLLEGE PLAYERS THEATRICAL ORGANIZATION, STUDENTS ARE ACTIVELY INVOLVED IN THE LIFE OF THE CAMPUS COMMUNITY. 135533677 true true false true false false false true false true true true false false true true false true true false true false false false true true false false false true true false false false false false false false false false false true false false false true true false false false true 218 13 true 2753 true true true false false false false false false false false false false false X 35 35 false false false false false false false true true false false true true true true true true true true false FL X X KATHLEEN MCDERMOTT 3216748837 150 W UNIVERSITY BLVD MELBOURNE FL 32901 T DWAYNE MCCAY PRESIDENT/ C 40.00 X 759783 0 51654 MARCO CARVALHO EVP/ PROVOST 40.00 X 383135 0 49369 GARY GRANT SVP 40.00 X 277866 0 47485 ALBINO CAMPANINI SVP 40.00 X 260282 0 40472 MICHAEL GRIEVES FORMER INTER 40.00 X 262115 0 26763 STEVEN SHAW VISITING PRO 40.00 X 227494 0 39940 HECTOR GUTIERREZ PROFESSOR 40.00 X 199789 0 41574 RICHARD ARONSON PROFESSOR 40.00 X 197293 0 42294 BRIAN EHRLICH VP 40.00 X 191351 0 42137 DANIEL KIRK PROFESSOR 40.00 X 191031 0 30778 LISA STEELMAN DEAN 40.00 X 185260 0 32628 THEODORE RICHARDSON DEAN 40.00 X 185871 0 28938 MING ZHANG PROFESSOR 40.00 X 183554 0 29218 MICHAEL JONES SVP - JULY 1 40.00 X 179252 0 27488 DR RAYMOND A ARMSTRONG TRUSTEE EMER 2.00 2.00 X 0 0 0 DR RICHARD N BANEY TRUSTEE EMER 2.00 2.00 X 0 0 0 MR JOSEPH CARUSO TRUSTEE 2.00 2.00 X 0 0 0 MR BRIAN CRANE TRUSTEE 2.00 2.00 X 0 0 0 MR DALE DETMER TRUSTEE 2.00 2.00 X 0 0 0 MS KRISTEN DREGGORS TRUSTEE 2.00 2.00 X 0 0 0 GE ANN DUNWOODY TRUSTEE 2.00 2.00 X 0 0 0 MS BOBBIE DYER TRUSTEE 2.00 2.00 X 0 0 0 MR JOSEPH M FLAMMIO TRUSTEE EMER 2.00 2.00 X 0 0 0 MR DOUG FLUTIE TRUSTEE 2.00 2.00 X 0 0 0 MR THOMAS FOLLIARD TRUSTEE 2.00 2.00 X 0 0 0 MR STEVEN FREEMAN TRUSTEE 2.00 2.00 X 0 0 0 DR SVAFA GRONFELDT TRUSTEE 2.00 2.00 X 0 0 0 MR JOHN R HEWITT TRUSTEE 2.00 2.00 X 0 0 0 MR ERIK E JOH TRUSTEE EMER 2.00 2.00 X 0 0 0 MS DANA KILBOURNE TRUSTEE 2.00 2.00 X 0 0 0 MR RICHARD P MCNEIGHT TRUSTEE 2.00 2.00 X 0 0 0 MR KENDALL T MOORE TRUSTEE 2.00 2.00 X 0 0 0 MR WILLIAM R MUNS TRUSTEE 2.00 2.00 X 0 0 0 MR JAMES L FISHER PHD TRUSTEE EMER 2.00 2.00 X 0 0 0 MR ROBERT L PHEBUS TRUSTEE 2.00 2.00 X 0 0 0 MR RICHARD R PORTER TRUSTEE 2.00 2.00 X 0 0 0 MR WILLIAM C POTTER TRUSTEE EMER 2.00 2.00 X 0 0 0 MR ALAN L PRESTWOOD TRUSTEE 2.00 2.00 X 0 0 0 MR D TRAVIS PROCTOR TRUSTEE 2.00 2.00 X 0 0 0 MR JAMES E PRUITT TRUSTEE EMER 2.00 2.00 X 0 0 0 MR MICHAEL SCAFATI TRUSTEE 2.00 2.00 X 0 0 0 MR SCOTT J SEYMOUR TRUSTEE 2.00 2.00 X 0 0 0 MR MAHESH SHAH TRUSTEE 2.00 2.00 X 0 0 0 MR F ALAN SMITH TRUSTEE 2.00 2.00 X 0 0 0 MRS ELIZABETH J SWANN TRUSTEE 2.00 2.00 X 0 0 0 MR VIKRAM VERMA TRUSTEE 2.00 2.00 X 0 0 0 MR TIM WAKEFIELD TRUSTEE 2.00 2.00 X 0 0 0 MR DAVID WELDON TRUSTEE 2.00 2.00 X 0 0 0 MR JAMES WONG TRUSTEE 2.00 2.00 X 0 0 0 3684076 530738 173 false true false IVEY'S CONSTRUCTION INC 4060 N COURTENAY PKWY MERRITT ISLAND FL 32953 CONSTRUCTION 12215816 ABA TECHNOLOGIES INC 930 S HARBOUR CITY BLVD STE 402 MELBOURNE FL 32901 ONLINE ED. 7942327 BISK EDUCATION INC 10002 PRINCESS PALM AVE TAMPA FL 33619 ONLINE ED. 7496944 NATIONAL MANAGEMENT RESOURCES CORP PO BOX 1224 LAGRANGE GA 30241 JANITORIAL 2576151 ELLUCIAN CO LP 2300 MAITLAND CENTER MAITLAND FL 32751 SOFTWARE 1778772 39 25342524 4004380 1265924 29346904 TUITION & FEES 138859201 138859201 HOUSING & FOOD SERVICE 20192464 20192464 FIT AVIATION, LLC 611710 9933789 9933789 OTHER 4609747 4609747 173595201 3582938 3582938 623699 623699 623699 623699 47646754 295186 43174178 279238 4472576 15948 4488524 -25817 41765 4472576 290555 152085 138470 138470 177500 86466 91034 91034 INSURANCE RECOVERY 38260 38260 38260 211905030 163673855 9975554 8908717 2684914 438641 2004468 241805 73063379 64106577 7578832 1377970 2674302 2346455 277409 50438 11630273 10196217 1206422 227634 5794656 4937621 733122 123913 1462991 551247 897114 14630 81695 37470 44225 118322 118322 5054086 4031999 923370 98717 2631482 1348487 230402 1052593 9308467 4868388 4190478 249601 3969009 3028728 861953 78328 6667 6667 25426392 16632380 8443430 350582 1699203 1514472 117556 67175 331401 238609 16570 76222 3993661 3993661 9915152 8829764 1085388 5110847 929303 4133480 48064 SCHOLARSHIP 5899413 5899413 DINING SERVICES 2879262 2879262 COGS 2405396 2405396 LIBRARY RESOURCES 1959239 1959239 759405 759405 178859614 135533677 39268265 4057672 31843340 18778635 1707645 1641002 7002291 6160405 2587569 1940919 1403357 1522013 5400900 4458663 327384602 116549649 199158820 210834953 129212083 120589558 85096 71440 1698043 380099144 365997588 34527131 18341194 5035638 5901717 106886415 103461247 1508425 1398666 18283753 16462612 166241362 145565436 X 107574284 132341340 106283498 88090812 213857782 220432152 380099144 365997588 X 33045416 -26215771 -1130983 875708 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 363928 363928 false SCHEDULE C, PART II-B, LINE 1 FLORIDA INSTITUTE OF TECHNOLOGY CONTRACTED WITH OUTSIDE VENDORS TO SPEAK DIRECTLY TO LEGISLATORS ON ITS BEHALF. X false 107867599 4085745 -14008702 -3590657 -4463542 -448406 89442037 81763706 2068809 31021858 -1441209 -5034180 -511385 107867599 86645075 1033655 -2335108 -947072 -2239414 -393430 81763706 79818146 4450460 6116499 -1026795 -2327359 -385876 86645075 70778448 4470015 7959659 -973942 -2057906 -358128 79818146 0.12300 0.87700 false false 8245413 8245413 200550560 56676900 143873660 51711492 21844659 29866833 46457936 25783433 20674503 20419201 12244657 8174544 210834953 EQUITY MUTUAL FUNDS 30706781 F COMMON STOCKS 29821479 F SHORT TERM INVESTMENTS 29512409 F CORPORATE BONDS 8788352 F DEBT MUTUAL FUNDS 7000481 F MORTGAGE/ASSET BACKED SECURITIES 4640079 F US GOVERNMENT NOTES AND BONDS 4105507 F ALTERNATIVE INVESTMENTS 2746613 F MUNICIPAL BONDS 2437645 F SURPLUS NOTES 830212 F 120589558 CAPITAL LEASE OBLIGATIONS 12025637 REFUNDABLE GOVERNMENT LOANS 2648587 ANNUITIES PAYABLE 1788388 16462612 X SCHEDULE D, PAGE 1, PART III, LINE 1A THE UNIVERSITY HAS ELECTED TO EXCLUDE THE VALUE OF THE COLLECTIONS FROM THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION, AND THE VALUE OF DONATIONS OF COLLECTIONS FROM REVENUE IN THE CONSOLIDATED STATEMENTS OF ACTIVITIES. SCHEDULE D, PAGE 2, PART III, LINE 4 TIME PERIOD CLOTHING, PIECES OF HAND WOVEN TEXTILES, ORIGINAL COLLAGE ARTWORK, POETRY COLLECTION, DISPLAYS OF INTERNATIONAL ART WORK USED TO FURTHER THE UNDERSTANDING OF CULTURAL AND CREATIVE ACHIEVEMENTS. SCHEDULE D, PAGE 2, PART V, LINE 4 ENDOWMENT SPENDING POLICY - AN ANNUAL ALLOCATION TO THE OPERATING FUND IS CALCULATED AS A PERCENTAGE OF THE ENDOWMENT MARKET VALUE. THE POLICY IS TO TRANSFER 5% OF THE MARKET VALUE DURING THE SUBSEQUENT FISCAL YEAR BY USING A MOVING AVERAGE, COMPUTED ON THE LAST THREE CALENDAR YEARS OF ENDOWMENT MARKET VALUES. SCHEDULE D, PAGE 3, PART X THE UNIVERSITY IS A TAX-EXEMPT INSTITUTION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE UNIVERSITY IS CLASSIFIED AS AN ORGANIZATION WHEREBY CONTRIBUTIONS TO IT QUALIFY FOR DEDUCTIONS AS CHARITABLE CONTRIBUTIONS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS. NO ASSESSMENTS ARE OUTSTANDING, AND THE UNIVERSITY'S MANAGEMENT BELIEVES THAT THE UNIVERSITY HAS OPERATED IN ACCORDANCE WITH ITS TAX-EXEMPT STATUS. HOWEVER, THE UNIVERSITY DOES ENGAGE IN ACTIVITIES THAT MAY GIVE RISE TO UNRELATED BUSINESS INCOME TAX. AS SUCH, THE UNIVERSITY FILES AN UNRELATED BUSINESS INCOME TAX RETURN THAT INCLUDES FIT AVIATION, LLC AND OTHER ACTIVITIES SUBJECT TO UNRELATED BUSINESS INCOME TAX. DEFERRED INCOME TAXES ARE PROVIDED ON A METHOD WHEREBY DEFERRED TAX ASSETS ARE RECOGNIZED FOR TEMPORARY DIFFERENCES, WHICH ARE THE DIFFERENCES BETWEEN THE REPORTED AMOUNT OF ASSETS AND LIABILITIES AND THEIR TAX BASIS AND ARISE PREDOMINANTLY FROM NET OPERATING LOSSES AND THE ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE. DEFERRED TAX ASSETS ARE REDUCED BY A VALUATION ALLOWANCE WHEN, IN THE OPINION OF MANAGEMENT, IT IS MORE LIKELY THAN NOT THAT SOME PORTION OR ALL OF THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MEASUREMENT OF DEFERRED INCOME TAX IS BASED ON ENACTED TAX RATES AND LAWS THAT WILL BE IN EFFECT WHEN THE DIFFERENCES ARE EXPECTED TO REVERSE. THE UNIVERSITY ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION ("FASB ASC") 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING AND DISCLOSURE REQUIREMENTS FOR UNCERTAINTY IN TAX POSITIONS. IT REQUIRES A TWO-STEP APPROACH TO EVALUATE TAX POSITIONS AND DETERMINE IF THEY SHOULD BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE TWO-STEP APPROACH INVOLVES RECOGNIZING ANY TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO OCCUR AND THEN MEASURING THOSE POSITIONS TO DETERMINE IF THEY ARE RECOGNIZABLE IN THE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT REGULARLY REVIEWS AND ANALYZES ALL TAX POSITIONS AND HAS DETERMINED THAT NO UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION HAVE OCCURRED. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE UNIVERSITY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR FISCAL YEARS PRIOR TO 2019. true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 ALL ADVERTISEMENTS FOR FLORIDA INSTITUTE OF TECHNOLOGY INCLUDE THE NECESSARY INFORMATION REGARDING THE UNIVERSITY'S NON-DISCRIMINATION POLICY. SCHEDULE E, LINE 6 THE UNIVERSITY PARTICIPATES IN NUMEROUS FEDERAL AND STATE PROGRAMS AS LISTED BELOW: FEDERAL PROGRAMS: NATIONAL AERONAUTICS AND SPACE ADMINISTRATION U.S. DEPARTMENT OF AGRICULTURE U.S. DEPARTMENT OF COMMERCE U.S. DEPARTMENT OF DEFENSE U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES U.S. DEPARTMENT OF JUSTICE U.S. DEPARTMENT OF TRANSPORTATION U.S. DEPARTMENT OF THE INTERIOR U.S. INTELLIGENCE COMMUNITY NATIONAL SCIENCE FOUNDATION UNITED NATIONS, COMPREHENSIVE NUCLEAR-TEST BAN TREATY ORGANIZATION U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT U.S. ARMY U.S. SPECIAL OPERATIONS COMMAND U.S. SMALL BUSINESS ADMINISTRATION U.S. DEPARTMENT OF ENERGY OTHER FEDERAL PROGRAMS CORPORATION FOR PUBLIC BROADCASTING U.S. DEPARTMENT OF VETERAN AFFAIRS U.S. DEPARTMENT OF EDUCATION STATE PROGRAMS: FLORIDA DEPARTMENT OF EMERGENCY MANAGEMENT INDIAN RIVER NATIONAL ESTUARY PROGRAM FLORIDA OFFICE OF INSURANCE REGULATION FLORIDA DEPARTMENT OF EDUCATION FLORIDA DEPARTMENT OF TRANSPORTATION FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA DEPARTMENT OF HEALTH SEBASTION INLET TAX DISTRICT OTHER STATE STUDENT FINANCIAL ASSISTANCE FLORIDA STUDENT FINANCIAL ASSISTANCE false EAST ASIA AND THE PACIFIC 1 3 PROGRAM SERVICE PROFESSIONAL SERVICE 94876 EUROPE 8 PROGRAM SERVICE PROFESSIONAL SERVICE 71701 MIDDLE EAST AND NORTH AFRICA 5 PROGRAM SERVICE STUDENT RECRUITMENT 76560 NORTHERN EUROPE 1 PROGRAM SERVICE PROFESSIONAL SERVICE 7000 SOUTH AMERICA 4 PROGRAM SERVICE TRAVEL 51460 SOUTH ASIA 3 PROGRAM SERVICE STUDENT RECRUITMENT 98500 SUB-SAHARAN AFRICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 4500 NORTH AMERICA 9 PROGRAM SERVICE VARIOUS 396537 1 34 1 34 801134 801134 false false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA AND THE PACIFIC 94,876 0 EUROPE 71,701 0 MIDDLE EAST AND NORTH AFRICA 76,560 0 NORTHERN EUROPE 7,000 0 SOUTH AMERICA 51,460 0 SOUTH ASIA 98,500 0 SUB-SAHARAN AFRICA 4,500 0 NORTH AMERICA 396,537 0 WINE, WOMEN, AN 234455 234455 115000 EVENING OF HOPE 56100 56100 19561 17524 290555 290555 19561 132524 152085 138470 false false 177500 74000 12466 false 177500 74000 12466 86466 91034 false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false GARY GRANT 150 W UNIVERSITY BLVD MELBOURNE FL 32901 false GARY GRANT TRACK/TABULATE RESULTS X false X X X X true true X X X X X false false false false false false false false false T DWAYNE MCCAY PRESIDENT/ CEO 613083 92700 54000 26000 25654 811437 MARCO CARVALHO EVP/ PROVOST 342935 40200 26000 23369 432504 GARY GRANT SVP 261666 10200 6000 18760 28725 325351 ALBINO CAMPANINI SVP 250082 10200 20258 20214 300754 MICHAEL GRIEVES FORMER INTERIM CFO 261915 200 12981 13782 288878 STEVEN SHAW VISITING PROFESSOR 227294 200 17860 22080 267434 HECTOR GUTIERREZ PROFESSOR 184589 15200 9218 32356 241363 RICHARD ARONSON PROFESSOR 197093 200 10002 32292 239587 BRIAN EHRLICH VP 181151 10200 9506 32631 233488 DANIEL KIRK PROFESSOR 180831 10200 19500 11278 221809 LISA STEELMAN DEAN 185060 200 15274 17354 217888 THEODORE RICHARDSON DEAN 185671 200 28938 214809 MING ZHANG PROFESSOR 183354 200 17505 11713 212772 MICHAEL JONES SVP - JULY 1 169052 10200 9574 17914 206740 SCHEDULE J, PAGE 1, PART I, LINE 1A -FIRST CLASS TRAVEL MAY OCCUR BASED UPON THE LENGTH OF TRAVEL TIME. -THE PRESIDENT'S SPOUSE MAY, ON OCCASSION, ACCOMPANY THE PRESIDENT ON BUSINESS TRIPS ON BEHALF OF THE UNIVERSITY. -THE PRESIDENT OF THE UNIVERSITY RECEIVES A HOUSING ALLOWANCE OF 54,000 PER YEAR. THIS AMOUNT IS INCLUDED IN HIS SALARY AS REPORTED ON FORM 990, PART VII. A HIGHER EDUCATIONAL FACILITIES AUTH 900058227 34073TNC7 2019-10-30 110862161 SEE SUPPLEMENTAL HIGHER EDUCATIONAL FACILITIES AUTH. PART I, LINE A, COLUMN (F): ACQUIRE 100% INTERE false false false A 2435914 110862161 6718341 929749 77500000 25714074 true false true true A false true false true true 0.00700 0.00100 0.00800 false false true A false false false false false false false false true A true PURPOSE OF ISSUE DESCRIPTION HIGHER EDUCATIONAL FACILITIES AUTH. SEE SUPPLEMENTAL HIGHER EDUCATIONAL FACILITIES AUTH. PART I, LINE A, COLUMN (F): ACQUIRE 100% INTEREST IN TUFF FLORIDA TECH, LLC, FINANCE NEW CAPITAL EXPENDITURES AND REFUND BONDS ISSUED ON 02/01/2013. X 11 1190374 FMV - PUBLICLY TRADED X 1 75550 FMV - SALE false false false FORM 990 - ORGANIZATION'S MISSION FLORIDA INSTITUTE OF TECHNOLOGY'S MISSION IS TO PROVIDE HIGH-QUALITY EDUCATION TO A CULTURALLY DIVERSE STUDENT BODY IN ORDER TO PREPARE STUDENTS FOR ENTERING THE GLOBAL WORKFORCE, SEEKING HIGHER-EDUCATION OPPORTUNITIES, AND SERVING WITHIN THEIR COMMUNITIES. THE UNIVERSITY ALSO SEEKS TO EXPAND KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH AND TO SERVE THE DIVERSE ECONOMIC, CULTURAL, AND SOCIETAL NEEDS OF OUR LOCAL, STATE, NATIONAL AND INTERNATIONAL CONSTITUENCIES. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS REVIEWED INTERNALLY BY THE CONTROLLER AND THE EXECUTIVE VICE PRESIDENT & CFO. A COPY OF THE 990 IS SENT TO ALL BOARD OF TRUSTEE MEMBERS FOR REVIEW. DURING THE AUDIT COMMITTEE MEETING THE 990 IS REVIEWED AND APPROVED FOR FILING. FORM 990, PAGE 6, PART VI, LINE 12C FLORIDA INSTITUTE OF TECHNOLOGY HAS IN PLACE A "CONFLICT OF INTEREST POLICY." THE POLICY REQUIRES EACH EMPLOYEE AND BOARD OF TRUSTEE MEMBER TO DISCLOSE ALL ACTIVITIES THAT ADVERSELY INFLUENCE THE INDIVIDUALS JUDGEMENT WITH RESPECT TO PROMOTING THE BEST INTEREST OF THE UNIVERSITY, ANY ACTIVITIES THAT INFLUENCE THEIR PERFORMANCE, AND ANY ACTIVITIES THAT FINANCIALLY BENEFIT THE INDIVIDUAL AS A RESULT OF THEIR EMPLOYMENT/ AFFILIATION WITH THE UNIVERSITY. EACH YEAR A "CONFLICT OF INTEREST" QUESTIONNAIRE IS DISTRIBUTED TO EMPLOYEES AND BOARD OF TRUSTEE MEMBERS. AN ANNUAL REPORT IS MAINTAINED DISCLOSING ANY CONFLICTS. FORM 990, PAGE 6, PART VI, LINE 15A THE UNIVERSITY'S BOARD OF TRUSTEES COMPLETES A PROCESS THAT REQUIRES A REVIEW OF THE EXECUTIVE'S COMPENSATION, DETERMINATIONS BY THE DISINTERESTED PERSONS, USE OF APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE PROCESS. FORM 990, PAGE 6, PART VI, LINE 15B THE UNIVERSITY'S BOARD OF TRUSTEES COMPLETES A PROCESS THAT REQUIRES A REVIEW OF THE OFFICER'S COMPENSATION, DETERMINATIONS BY THE DISINTERESTED PERSONS, USE OF APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE PROCESS. FORM 990, PAGE 6, PART VI, LINE 19 THE UNIVERSITY MAKES AVAILABLE FORM 990 TO THE PUBLIC FOR INSPECTION THROUGH THE GUIDESTAR WEBSITE - WWW.GUIDESTAR.ORG. THE FORM 990 AND 990-T ARE ALSO PROVIDED UPON REQUEST. THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY, AND OTHER DOCUMENTS CAN BE FOUND AT WWW.FIT.EDU/HR/POLICIES. FORM 990, PART XI, LINE 9 RELATED PARTY TRANSACTIONS 875,708 FIT AVIATION LLC FIT AVIATION LLC 801 HARRY GOODE WAY MELBOURNE FL 32901 593746142 FLIGHT INS FL 676805 5714510 NA FIT MUSEUM OF ART INC 150 W UNIVERSITY BLVD MELBOURNE FL 32901 591804524 MUSEUM FL 501 10 N/A false false false false true false false false false false false false false false false false false false false true FIT MUSEUM OF ART INC D 75275 COST FIT MUSEUM OF ART INC S 2649295 COST