2025-05-01T07:13:01-05:00 2024-06-30 135565207 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2023-07-01 135675757 FASHION INSTITUTE OF TECHNOLOGY FOUNDATION FASH 2122177820 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY BRABHAM CFO 2122177820 2025-04-25 1 0 EVAN W SEEKAMP P01907071 2127589700 2025-04-21 2023 2025-03-06 01:10:19Z DR JOYCE F BROWN 227 WEST 27 STREET NEW YORK NY 10001 20280590 0 X WWW.FITNYC.EDU/EFFI X 1944 NY THE FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT (SEE SCH. O)THE FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 29 28 22 34 0 0 3756389 4944142 0 0 1678836 2583325 -182853 -304935 5252372 7222532 2333784 4588454 0 0 1144697 1160361 0 0 174421 2130500 1631507 5608981 7380322 -356609 -157790 68996069 75238646 1319027 2509944 67677042 72728702 THE FIT FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 0 0 2388320 2388320 SCHOLARSHIPS & AWARDS:DURING FY 2024 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 564 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. 3079977 2200134 FUNDRAISING:THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 5468297 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 0 0 1 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 56 0 22 0 0 0 0 0 0 1 1 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X SHELCI J GRAHAM 2122173617 227 WEST 27TH STREET NEW YORK NY 10001 DOUGLAS HAND CHAIR 1.00 0.00 X 0 0 0 SARAH CURTIS HENRY VICE CHAIR 1.00 0.00 X 0 0 0 IVAN BART DIRECTOR (END 10/23) 1.00 0.00 X 0 0 0 ADAM BANFIELD DIRECTOR (START 09/23) 1.00 0.00 X 0 0 0 DAVID CASEY DIRECTOR 1.00 0.00 X 0 0 0 TOM CHU DIRECTOR 1.00 0.00 X 0 0 0 LISA CLYDE DIRECTOR 1.00 0.00 X 0 0 0 SARAH DAVIS DIRECTOR (START 09/23) 1.00 0.00 X 0 0 0 FREDRIC DECHNIK DIRECTOR 1.00 0.00 X 0 0 0 TRISH DONNELLY DIRECTOR (START 12/23) 1.00 0.00 X 0 0 0 ABBEY DONEGER DIRECTOR 1.00 0.00 X 0 0 0 MUGE ERDIRIK DOGAN DIRECTOR (END 11/23) 1.00 0.00 X 0 0 0 SAM HADDAD DIRECTOR 1.00 0.00 X 0 0 0 JANE HERTZMARK HUDIS DIRECTOR 1.00 0.00 X 0 0 0 ERIC FISCH DIRECTOR 1.00 0.00 X 0 0 0 ROBERT FISCH DIRECTOR 1.00 0.00 X 0 0 0 LESLIE GIFFORD DIRECTOR (END 08/23) 1.00 0.00 X 0 0 0 MORRIS GOLDFARB DIRECTOR 1.00 0.00 X 0 0 0 MALONI GOSS DIRECTOR 1.00 0.00 X 0 0 0 GEOFFREY GREENBERG DIRECTOR 1.00 0.00 X 0 0 0 MADELINE GARDNER DIRECTOR (START 09/23) 1.00 0.00 X 0 0 0 GIGI GANATRA DUFF DIRECTOR 1.00 0.00 X 0 0 0 DAYNA ISOM JOHNSON DIRECTOR 1.00 0.00 X 0 0 0 ALLISON LEE DIRECTOR (END 12/23) 1.00 0.00 X 0 0 0 LAURENCE C LEEDS JR DIRECTOR 1.00 0.00 X 0 0 0 KAMIE LIGHTBURN DIRECTOR (START 12/23) 1.00 0.00 X 0 0 0 FERN MALLIS DIRECTOR 1.00 0.00 X 0 0 0 ALEX MONTEFALCO DIRECTOR 1.00 0.00 X 0 0 0 COREY MORAN DIRECTOR 1.00 0.00 X 0 0 0 BRUCE P ROCKOWITZ DIRECTOR (END 12/23) 1.00 0.00 X 0 0 0 ROBERT RIZZOLO DIRECTOR (START 09/23) 1.00 0.00 X 0 0 0 JAMIE SINGLETON DIRECTOR (END 08/23) 1.00 0.00 X 0 0 0 J MICHAEL STANLEY DIRECTOR 1.00 0.00 X 0 0 0 MOLLY TAYLOR DIRECTOR 1.00 0.00 X 0 0 0 AMBER VALLETTA DIRECTOR 1.00 0.00 X 0 0 0 PHILIPS MCCARTY EXECUTIVE DIRECTOR 35.00 0.00 X 0 0 0 DR JOYCE F BROWN CHIEF EXECUTIVE OFFICER 10.00 0.00 X 44672 0 0 SHERRY BRABHAM CHIEF FINANCIAL OFFICER 5.00 0.00 X 10000 0 0 DULCE KONTAK ASSISTANT TO VP 35.00 0.00 X 102373 0 54222 157045 0 54222 1 0 1 0 ARAMARK CORP PO BOX 978839 DALLAS TX 753978839 FOOD SERVICES 210064 DUFOUR & CO 1901 N FORT MYER DR SUITE 502 ARLINGTON VA 22209 EVENT MANAGEMENT 191451 2 45700 810684 4087758 4944142 2097062 2097062 13084153 12597890 486263 486263 486263 155233 810684 460168 -304935 -304935 7222532 0 0 2278390 2200134 2200134 2388320 2388320 457247 457247 190000 190000 69888 69888 394955 394955 48271 48271 1525 27 1498 77000 77000 264701 264701 447236 311572 48806 86858 1150 1000 150 459759 273200 186559 7290 7290 130622 92879 37743 176903 128581 48322 EXHIBITIONS 58733 58733 LIBRARY MATERIALS 6500 6500 MISCELLANEOUS 88 88 7380322 5468297 1737604 174421 11117195 10702778 2643446 1845872 38065 52854 41428520 48121704 13380851 14044326 387992 471112 68996069 75238646 554051 759014 434000 328500 330976 1422430 1319027 2509944 X 1699340 2329989 65977702 70398713 67677042 72728702 68996069 75238646 X -157790 5005187 204263 X 0 1 X 1 0 X 7455389 2228277 8997063 3756389 4944142 27381260 7455389 2228277 8997063 3756389 4944142 27381260 3916976 23464284 1392921 1689755 2533157 2216028 2046148 9878009 3425 232945 236370 37495639 0.62580 0.62310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50984106 712780 6764006 2019134 56441758 48273257 262413 3922067 1473631 50984106 52383851 1559018 -4526542 1143070 48273257 43487394 484592 9338924 927059 52383851 39421447 4683599 515006 1055408 77250 43487394 0.01442 0.30978 0.67580 0 0 0 8385208 F REAL ASSETS 574304 F HEDGE FUNDS- DOMESTIC 5033900 F 13993412 DUE TO AFFILIATE (FIT) 1422430 1422430 X 13730718 5005188 1614350 204263 6823801 6906917 264701 264701 7171618 8729972 1614351 1614351 7115621 264701 264701 7380322 PART X, LINE 2: FIN48 (ASC 740) FOOTNOTE THE FOUNDATION IS GENERALLY EXEMPT FROM FEDERAL INCOME TAX PURSUANT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). THE FOUNDATION RECOGNIZES THE EFFECTS OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE FOUNDATION'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER SECTION 511 OF THE CODE. THE FOUNDATION DID NOT HAVE ANY MATERIAL UNRELATED BUSINESS INCOME TAX LIABILITIES OR UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER COMPONENTS OF NET PERIODIC COST 15,878. NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 105,265. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 83,120. SCHEDULE D, PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS ENDOWED FUNDS ARE INTENDED TO PROVIDE SCHOLARSHIPS, AWARDS, AND PROGRAM ENRICHMENT FOR THE BENEFIT OF THE STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 7009570 0 0 0 0 0 0 7009570 0 7009570 1 0 1 1 1 0 1 FERN MALLIS LLC 40 E 68TH ST STE 5B NY NY 10065 FUNDRAISING 0 0 0 0 NY GALA 859124 711736 147388 106567 317775 FIT CIRCLE 92800 92800 1 13993 6148 7845 35826 965917 810684 155233 106567 353601 460168 -304935 0 FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH STREET NEW YORK NY 10001 132556338 NEW YORK STATE 2200134 0 DEPARTMENTAL SUPPORT 1 FASHION INSTITUTE OF TECHNOLOGY 564 2388320 0 0 0 0 0 0 0 0 0 DULCE KONTAK ASSISTANT TO VP 102373 0 0 0 0 0 10531 0 43691 0 156595 0 0 0 FERN MALLIS LLC BOARD MEMBER 75868 FUNDRAISING SERVICES 0 FORM 990, PART VI, SECTION B, LINE 11B THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IN CONSULTATION WITH THE ORGANIZATION'S STAFF. THE DRAFT PREPARED BY THE ACCOUNTING FIRM WAS THEN CAREFULLY REVIEWED BY OFFICERS OF THE ORGANIZATION. A COMPLETE COPY OF THE FINAL VERSION OF FORM 990 WAS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. QUESTIONS WERE REFERRED TO THE CHIEF FINANCIAL OFFICER FOR RESPONSE. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, TRUSTEES REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A DISCLOSURE STATEMENT. THE CONFLICT OF INTEREST POLICY AND DISCLOSURES ARE MONITORED BY THE EXECUTIVE DIRECTOR OF THE ORGANIZATION WITH ASSISTANCE FROM FASHION INSTITUTE OF TECHNOLOGY'S CONTROLLER. APPROPRIATE ACTION IS TAKEN BASED ON THE NATURE OF THE CONFLICT, IF ANY ARE IDENTIFIED. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS, RELYING ON FINDINGS OF AN OUTSIDE COMPENSATION CONSULTANT AND UTILIZING COMPARABILITY DATA, VOTED UNANIMOUSLY TO FOLLOW THE CONSULTANT'S RECOMMENDATION IN ESTABLISHING THE CHIEF EXECUTIVE OFFICER'S SALARY. LATER, INDEPENDENT MEMBERS OF THE FULL BOARD OF DIRECTORS APPROVED THE COMMITTEE'S RECOMMENDATION REGARDING THE CHIEF EXECUTIVE OFFICER'S SALARY ADJUSTMENT. THE CONSULTANT'S FINDINGS AND THE BOARD'S AND THE COMMITTEE'S ACTIONS WERE CONTEMPORANEOUSLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS INCLUDING ITS APPLICATION FOR TAX EXEMPT STATUS, FORM 990, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER COMPONENTS OF NET PERIODIC COST 15,878. NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 105,265. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 83,120.