2022-05-12T09:46:06-05:00 2021-06-30 591152714 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2020-07-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY INC FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 DR MICHAEL GRIEVES INTERIM CFO 3216747342 2022-05-10 true MICHAEL GRIEVES 999009999 ABBEY K REDDEN CPA P00189512 3217572020 2022-05-12 2020 2022-09-23 18:48:47Z DR MARCO CARVALHO 150 W UNIVERSITY BLVD MELBOURNE FL 32901 193085126 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 34 2753 34 7682931 1110672 27538433 18974024 160259285 917121 2777191 131199 850190 21133016 191425099 0 0 15717880 102326182 0 4547110 10724991 77547832 26442871 179874014 -5309855 11551085 335919023 380099144 157167737 166241362 178751286 213857782 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 87324346 147168148 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,475 UNDERGRADUATE, 2,197 GRADUATE AND 525 DOCTORATE STUDENTS ON CAMPUS AND OFF CAMPUS SITES. IN ADDITION, THERE WERE 2,301 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. 43655624 13091137 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. 130979970 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 true true false false false true true false false false true 136 15 true 2753 true true true false false false false false false false false false false false X 35 34 false false false false false false false true true false false true true true true true true true true false FL X X MICHAEL JONES 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 32901 DR T DWAYNE MCCAY PRESIDENT/CE 40.00 X X 713326 0 62416 STEVE ENGLEHART COACH (THRU 40.00 X 492704 0 31356 MARCO CARVALHO EVP/PROVOST 40.00 X 326792 0 48935 ERIC KLEDZIK SVP (THRU 4/ 40.00 X 350394 0 21824 MARSHA BEWERSDORF SVP/CFO (THR 40.00 X 285327 0 40780 GARY GRANT SVP 40.00 X 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X false 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 62088288 3600545 8388063 -962835 -2064585 -270968 70778448 0.12300 0.87700 false false 8245413 8245413 179541404 51434058 128107346 51225442 19823940 31401502 42323629 23398361 18925268 23591268 11111977 12479291 199158820 COMMON STOCKS 45183186 F EQUITY MUTUAL FUNDS 37792057 F SHORT TERM INVESTMENTS 13385800 F CORPORATE BONDS 7731414 F MORTGAGE/ASSET BACKED SECURITIES 7122533 F US GOVERNMENT NOTES AND BONDS 6859327 F DEBT MUTUAL FUNDS 4296766 F ALTERNATIVE INVESTMENTS 3284651 F MUNICIPAL BONDS 2416067 F SURPLUS NOTES 1140282 F 129212083 CAPITAL LEASE OBLIGATIONS 12885677 REFUNDABLE GOVERNMENT LOANS 3100266 ANNUITIES PAYABLE 2297810 18283753 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 2017. 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: U.S. DEPARTMENT OF COMMERCE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION U.S. DEPARTMENT OF DEFENSE U.S. DEPARTMENT OF ENERGY U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES U.S. DEPARTMENT OF HOMELAND SECURITY U.S. DEPARTMENT OF THE INTERIOR U.S. INTELLIGENCE COMMUNITY U.S. SMALL BUSINESS ADMINISTRATION NATIONAL SCIENCE FOUNDATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION U.S. DEPARTMENT OF TRANSPORTATION U.S. DEPARTMENT OF JUSTICE UNITED NATIONS, COMPREHENSIVE NUCLEAR-TEST BAN TREATY ORGANIZATION ENVIRONMENTAL PROTECTION AGENCY OTHER FEDERAL PROGRAMS CORPORATION FOR PUBLIC BROADCASTING U.S. DEPARTMENT OF VETERAN AFFAIRS U.S. DEPARTMENT OF EDUCATION STATE PROGRAMS: FLORIDA DIVISION OF EMERGENCY MANAGEMENT FLORIDA DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES FLORIDA DEPARTMENT OF HEALTH FLORIDA DEPARTMENT OF EDUCATION FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES FLORIDA STUDENT FINANCIAL ASSISTANCE OTHER STATE STUDENT FINANCIAL ASSISTANCE FLORIDA BRIGHT FUTURES SCHOLARSHIPS false EAST ASIA AND THE PACIFIC 1 3 PROGRAM SERVICE STUDENT RECRUITMENT 55040 EUROPE 2 PROGRAM SERVICE STUDENT RECRUITMENT 9000 MIDDLE EAST AND NORTH AFRICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 172500 SOUTH ASIA 3 PROGRAM SERVICE STUDENT RECRUITMENT 7750 SUB-SAHARAN AFRICA 2 PROGRAM SERVICE STUDENT RECRUITMENT 31500 1 11 1 11 275790 275790 false false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA AND THE PACIFIC 55,040 0 EUROPE 9,000 0 MIDDLE EAST AND NORTH AFRICA 172,500 0 SOUTH ASIA 7,750 0 SUB-SAHARAN AFRICA 31,500 0 DAY OF GIVING 792542 792542 22980 EVENING OF HOPE 84100 84100 4293 876642 792542 84100 27273 27273 56827 false false 164000 71000 817 false 164000 71000 817 71817 92183 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 DR T DWAYNE MCCAY PRESIDENT/CEO 622249 35000 56077 26000 36416 775742 STEVE ENGLEHART COACH (THRU 6/5/20) 136870 5000 350834 5134 26222 524060 MARCO CARVALHO EVP/PROVOST 326792 14250 34685 375727 ERIC KLEDZIK SVP (THRU 4/4/20) 96548 253846 1914 19910 372218 MARSHA BEWERSDORF SVP/CFO (THRU 10/31) 233327 52000 11500 29280 326107 GARY GRANT SVP 258958 6231 13727 33342 312258 FRANK KINNEY VP/SEC(THRU 5/29/20) 171129 114923 5746 20304 312102 STEVEN W SHAW PROFESSOR 258420 11946 29260 299626 WILLIAM ARRASMITH PROFESSOR 267160 8787 13023 288970 ALBINO CAMPANINI SVP 239439 12221 27312 278972 SHIRLEY BECKER PROFESSOR 42385 200000 1745 12718 256848 GISELE BENNETT SVP (THRU 6/1/20) 132501 96500 6748 20021 255770 RICHARD ARONSON PROFESSOR 198390 10095 32850 241335 DR MICHAEL GRIEVES INTERIM CFO 221154 7692 11744 240590 HECTOR GUTIERREZ PROFESSOR 196320 9237 32493 238050 HAMMID RASSOUL DEAN 190778 9705 32475 232958 KORHAN OYMAN PROFESSOR 189150 9707 30220 229077 LISA STEELMAN DEAN 189075 9627 26013 224715 THEODORE R RICHARDSON III DEAN 190127 28457 218584 SCHEDULE J, PAGE 1, PART I, LINE 1A PART I, LINE 1A - FRINGE OR EXPENSE EXPLANATION -FIRST CLASS TRAVEL MAY OCCUR BASED ON THE LENGTH OF TRAVEL TIME. -THE PRESIDENT'S SPOUSE MAY, ON OCCASION, 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 false false false A 1555746 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 ADDITIONAL INFORMATION 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. MIKE BISKBISK EDUCATION INC TRUSTEE 7637009 ONLINE LEARNING false X 10 152802 FMV - PUBLICLY TRADED X 1 15060 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. 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