2020-12-18T14:00:43-06:00 2020-04-30 591152714 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2019-05-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY INC FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 DR MICHAEL GRIEVES INTERIM CFO 3216747342 2020-12-15 true ABBEY K REDDEN CPA P00189512 3217572020 2020-12-18 2019 2022-09-23 18:48:47Z DR T DWAYNE MCCAY 150 W UNIVERSITY BLVD MELBOURNE FL 32901 230942500 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. 36 34 3413 95 7445959 18590087 16027310 172933015 167539623 4748100 9263076 833628 822567 197104830 193652576 0 0 110004834 113337151 0 5757478 75989001 68458463 185993835 181795614 11110995 11856962 260379597 338516450 88235195 160447457 172144402 178068993 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 94406389 148386075 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,565 UNDERGRADUATE, 1,969 GRADUATE STUDENTS AND 544 DOCTORATE STUDENTS ON-CAMPUS, IN ADDITION TO 1,841 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: ENGINEERING AND SCIENCE, AERONAUTICS, PSYCHOLOGY AND LIBERAL ARTS, BUSINESS, AVIATION. 41554255 19116386 STUDENT SERVICES AND AUXILIARY ENTERPRISES 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. 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160447457 X 88707259 97714596 83437143 80354397 172144402 178068993 260379597 338516450 11856962 -5932371 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 224591 224591 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 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 66598460 424056 -2119190 -864224 -1706923 -243951 62088228 0.11900 0.88100 false false 8578157 8578157 180876403 49262526 131613877 40403246 16184792 24218454 33371724 19880856 13490868 21782214 11735341 10046873 187948229 COMMON STOCKS 35636826 F EQUITY MUTUAL FUNDS 27645119 F CORPORATE BONDS 6932979 F MORTGAGE/ASSET BACKED SECURITIES 6336076 F DEBT MUTUAL FUNDS 3287554 F ALTERNATIVE INVESTMENTS 2414047 F US GOVERNMENT NOTES AND BONDS 2115822 F MUNICIPAL BONDS 1857987 F SHORT TERM INVESTMENTS 1401535 F SURPLUS NOTES 1140282 F 88768227 CAPITAL LEASE OBLIGATIONS 13860529 REFUNDABLE GOVERNMENT LOANS 3856678 ANNUITIES PAYABLE 1831193 19548400 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. FOR THE FISCAL YEAR 2020, THE TRANSFER AMOUNTED TO 3,517,416. 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: US DEPARTMENT OF COMMERCE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION US DEPARTMENT OF DEFENSE US DEPARTMENT OF ENERGY US DEPARTMENT OF HEALTH AND HUMAN SERVICES US DEPARTMENT OF HOMELAND SECURITY US DEPARTMENT OF THE INTERIOR US INTELLIGENCE COMMUNITY US SMALL BUSINESS ADMINISTRATION NATIONAL SCIENCE FOUNDATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION US ARMY US NAVY US DEPARTMENT OF TRANSPORTATION US DEPARTMENT OF JUSTICE UNITED NATIONS, COMPREHENSIVE NUCLEAR-TEST BAN TREATY ORGANIZATION ENVIRONMENTAL PROTECTION AGENCY OTHER FEDERAL PROGRAMS CORPORATION FOR PUBLIC BROADCASTING US DEPARTMENT OF VETERAN AFFAIRS US 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 10 PROGRAM SERVICE STUDENT RECRUITMENT 117655 SOUTH ASIA 3 PROGRAM SERVICE STUDENT RECRUITMENT 6700 EUROPE 3 PROGRAM SERVICE STUDENT RECRUITMENT 11525 SUB-SAHARAN AFRICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 5500 MIDDLE EAST AND NORTH AFRICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 7000 1 18 1 18 148380 148380 false false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA AND THE PACIFIC 117,655 0 SOUTH ASIA 6,700 0 EUROPE 11,525 0 SUB-SAHARAN AFRICA 5,500 0 MIDDLE EAST AND NORTH AFRICA 7,000 0 DAY OF GIVING 161636 161636 41118 EVENING OF HOPE 97952 22861 75091 81753 259588 22861 236727 122871 122871 113856 false false 153300 75000 false 153300 75000 75000 78300 FL false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false 1.00000 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 561756 50000 61255 13250 16468 702729 MARCO CARVALHO DEAN 294511 10757 20027 325295 GISELE BENNETT SVP 280674 12637 15955 309266 GARY GRANT VP 237419 20000 6000 12200 20027 295646 FRANK KINNEY VP/CHIEF OF STAFF 240534 20000 12152 16060 288746 MARSHA BEWERSDORF SVP/CFO 238329 20000 11269 19026 288624 ERIC KLEDZIK VP 211983 20000 6544 20037 258564 ALBINO CAMPANINI SVP 204454 20000 10483 15832 250769 MONICA BALOGA SVP 219244 10417 20092 249753 STEVEN W SHAW PROFESSOR 213260 10763 18853 242876 STEVE ENGLEHART HEAD COACH 210437 10820 20169 241426 HAMMID RASSOUL DEAN 195710 9932 18578 224220 KORHAN OYMAN DEAN 188297 9677 20066 218040 RICHARD ARONSON PROFESSOR 187321 9515 20101 216937 TED CONWAY PROFESSOR 184251 8387 15590 208228 WILLIAM ARRASMITH PROFESSOR 194969 6583 605 202157 LISA STEELMAN DEAN 177925 9056 13802 200783 THEODORE R RICHARDSON III DEAN 178903 15716 194619 SCHEDULE J, PAGE 1, PART I, LINE 1A -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 471564 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 8600275 ONLINE LEARNING 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 SENIOR VICE PRESIDENT FOR FINANCIAL AFFAIRS AND 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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