2020-01-16T11:54:05-06:00 2019-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2018-07-01 133263493 FIT STUDENT HOUSING CORPORATION % SHELCI J GRAHAM FITS 2122173603 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY BRABHAM TREASURER 2122173617 2020-01-15 true DAVID M HIGHFILL P01517891 2127589700 2020-01-14 167.68.102.5 13407320200165000024 2020-01-16 P AAE0097B1BC93C87019AE0794913F3C1E354ED8C 2EFB9A2273A280871CB6E2783C42C633A2C5F4AB 2018 2020-11-19 02:30:22Z DR JOYCE F BROWN 227 WEST 27TH STREET NEW YORK NY 10001 63884658 false X WWW.FITNYC.EDU X 1982 NY TO PROVIDE MANAGEMENT SERVICES AND OPERATION OF DORMITORY FACILITIES FOR STUDENTS OF FIT. 12 12 159 20 0 0 0 0 34190862 34315128 497931 571925 0 0 34688793 34887053 0 0 0 0 2426680 1836720 0 0 0 29436696 31523275 31863376 33359995 2825417 1527058 175850505 173401024 131369277 127377794 44481228 46023230 TO OWN AND OPERATE DORMITORY FACILITIES FOR THE FASHION INSTITUTE OF TECHNOLOGY. false false 31205260 34315128 FIT STUDENT 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YORK NY 10001 CONSULTING 1642396 ALLIED UNIVERSAL SECURITY SERV PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 1451319 5 0 STUDENT RENTALS & FEES 721000 29620123 29620123 MEAL PLAN INCOME 721000 3217328 3217328 FIT RENTALS 721000 1062342 1062342 FOOD SERVICE REVENUE 900099 289620 289620 LAUNDRY INCOME 721000 99800 99800 25915 25915 34315128 558170 558170 0 0 0 0 0 29011360 28997605 13755 13755 13755 0 0 0 0 0 0 0 0 0 0 34887053 34315128 0 571925 0 0 0 0 0 0 1300920 1066466 234454 96915 79449 17466 345561 283283 62278 93324 76505 16819 799104 799104 0 36210 36210 0 0 0 515095 515095 0 677097 586528 90569 0 247258 247258 0 12182290 12182290 0 221705 221705 0 0 0 8188061 8188061 382740 382740 CONTRACT LABOR 3370859 3370859 FOOD CONTRACT 3157191 3157191 SECURITY 1884939 1884939 AMORTIZATION-BOND PREMIUM -139274 -139274 33359995 31205260 2154735 0 X 24232628 24450060 0 0 0 0 5760 3626 0 0 0 0 0 0 0 0 133513 109075 229726648 104006846 128294663 125719802 0 0 0 0 0 0 0 0 23183941 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33359995 N/A false true false false false false false false false DR JOYCE F BROWN PRESIDENT 447858 34658 0 45363 0 109454 0 637333 0 0 SHERRY BRABHAM TREASURER 370874 0 38999 0 27854 0 437727 0 0 STEPHEN TUTTLE SECRETARY 338240 0 35015 0 27854 0 401109 0 0 CHRISTINA DIGGS DIRECTOR, RESIDENTIAL LIFE 142986 11837 0 27854 0 182677 0 0 0 GABRIELLE ARTHURTON-CRUMB ASSISTANT DIRECTOR, RESIDENTAL 116537 15351 0 27854 0 159742 0 0 0 SCHEDULE J, PART I, LINE 3 METHODS USED TO DETERMINE COMPENSATION THE CEO/EXECUTIVE DIRECTOR OF THE FILING ORGANIZATION IS COMPENSATED BY A RELATED ORGANIZATION, FASHION INSTITUTE OF TECHNOLOGY (FIT). FIT UTILIZES A COMPENSATION STUDY AND BOARD APPROVAL WHEN DETERMINING COMPENSATION. SCHEDULE J, PART I, LINE 4B FIT FUNDS AN ANNUITY ON BEHALF OF THE PRESIDENT. OTHER REPORTABLE COMPENSATION IN COLUMN (B)(III) INCLUDES $25,830 FOR THE FUNDING OF THE CURRENT YEAR ANNUITY. A DORMITORY AUTHORITY OF THE STATE OF NY SERIES 2007 146000293 649903LV1 2007-05-31 125674189 REFUNDED SERIES 2004 false false false A 7915000 0 125674189 0 0 0 1269892 714164 0 0 123690133 0 false true true true A false false true true false 0 false false false false A false false false true false false 0 false 0 false false A false SCHEDULE K, PART IV, LINE 2C NO REBATE DUE THE LAST 5 YEAR CALCULATION FOR THE 2007 BONDS WAS 6/28/2017 AND NO REBATE WAS DUE. SCHEDULE K, PART III, LINE 3A, COLUMN A & B THE MANAGEMENT CONTRACTS IN BOND FINANCED SPACE FALL UNDER THE SAFE HARBOR EXCEPTION OR ARE INCIDENTAL USE CONTRACTS. NEITHER RESULT IN PRIVATE BUSINESS USE. SCHEDULE K, PART III, LINE 9, PART IV, LINE 7 & PART V THE ORGANIZATION FOLLOWS THE POST ISSUANCE COMPLIANCE REGULATIONS REGARDING PRIVATE BUSINESS USE MONITORING, ARBITRAGE REBATE CALCULATIONS AND REMEDIAL ACTIONS AND THE VCAP PROGRAM PROVIDED BY THE IRS. HOWEVER, THEY HAVE NOT REDUCED THEIR POLICY TO A WRITTEN POLICY. THE ORGANIZATION IS IN THE PROCESS OF IMPLEMENTING WRITTEN POLICIES AS REQUIRED AND WILL HAVE THE WRITTEN POLICIES IMPLEMENTED BEFORE THE FILING OF THE NEXT FORM 990. SCHEDULE K, PART II, LINE 12 THE OTHER SPENT PROCEEDS WERE USED TO REFUND THE JUNE 2004 BOND ISSUE. FORM 990 REVIEW 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 RESPONSES. CONFLICTS OF INTEREST FORM 990, PART VI, SECTION B, LINE 12C: ON AN ANNUAL BASIS, DIRECTORS REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A DISCLOSURE STATEMENT. THE CONFLICT OF INTEREST POLICY AND DISCLOSURES ARE MONITORED BY GENERAL COUNSEL OF THE ORGANIZATION WITH ASSISTANCE FROM FIT'S CONTROLLER. APPROPRIATE ACTION IS TAKEN BASED ON THE NATURE OF THE CONFLICT, IF ANY ARE IDENTIFIED. DOCUMENT DISCLOSURE 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. FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH ST NEW YORK NY 10001 132556338 EDUCATION NY N/A NA false false false false false true false false false false false false true false false true false false false FASHION INSTITUTE OF TECHNOLOGY E 7562799 ACCRUAL FASHION INSTITUTE OF TECHNOLOGY M 799104 ACCRUAL FASHION INSTITUTE OF TECHNOLOGY P 382740 ACCRUAL