2019-02-15T08:38:09-06:00 2018-06-30 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2017-07-01 133263493 FIT STUDENT HOUSING CORPORATION % SHELCI J GRAHAM FITS 2122173603 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY F BRABHAM TREASURER 2122173617 2019-02-13 true MARY-EVELYN ANTONETTI P00431862 2127589700 2019-02-08 167.68.102.5 13407320190465000003 2019-02-15 P F6E244D01E056B9748049F35D88463ADFC65B29E DA4F556549C95AEC1A4590AB9843AE87D4A12B12 2017 2019-02-21 02:37:17Z DR JOYCE F BROWN 227 WEST 27TH STREET NEW YORK NY 10001 34688793 false X WWW.FITNYC.EDU X 1982 NY TO PROVIDE MANAGEMENT SERVICES AND OPERATION OF DORMITORY FACILITIES FOR STUDENTS OF FIT. 14 14 150 16 0 0 0 0 34307935 34190862 414246 497931 42809 0 34764990 34688793 0 0 0 0 2478594 2426680 0 0 0 29962323 29436696 32440917 31863376 2324073 2825417 179376585 175850505 138037837 131369277 41338748 44481228 TO OWN AND OPERATE DORMITORY FACILITIES FOR THE FASHION INSTITUTE OF TECHNOLOGY. false false 29567601 0 34190862 FIT 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1.0 2.0 X 0 0 0 GEORGE S KAUFMAN TRUSTEE (ENDED 2/2018) 1.0 2.0 X 0 0 0 SONNE BAJWA STUDENT TRUSTEE (BEGAN 6/2018) 1.0 2.0 X 0 0 0 JAQUI LIVIDINI TRUSTEE 1.0 2.0 X 0 0 0 BEVERLY S MACK TRUSTEE 1.0 2.0 X 0 0 0 ELIZABETH T PEEK CHAIR 1.0 3.0 X X 0 0 0 DEIRDRE QUINN TRUSTEE 1.0 2.0 X 0 0 0 ROBERT SAVAGE TRUSTEE 1.0 2.0 X 0 0 0 SALLY SINGER TRUSTEE 1.0 2.0 X 0 0 0 DR JOYCE F BROWN PRESIDENT 5.0 30.0 X 0 473816 152887 SHERRY BRABHAM TREASURER 5.0 30.0 X 0 284298 59202 STEPHEN TUTTLE SECRETARY 5.0 30.0 X 0 290890 57103 0 1049004 269192 0 false true false AMERN BLDG MAINTENANCE PO BOX 951864 DALLAS TX 753951864 BUILDING MAINTENANCE 5816886 ARAMARK CORP 27310 NETWORK PLACE CHICAGO IL 606731273 FOOD SERVICES 2703169 ALLIED UNIVERSAL SECURITY SERV PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 1679446 HOBO CONSTRUCTION COMPANY 35 WEST 35TH STREET NEW YORK NY 10001 CONSULTING 897146 KONE ELEVATORS ESCALATORS PO BOX 7247 PHILADELPHIA PA 191706082 ELEVATOR UPGRADES 750431 29 0 STUDENT RENTALS & FEES 721000 29719138 29719138 MEAL PLAN INCOME 721000 2970092 2970092 FIT RENTALS 721000 1119515 1119515 FOOD SERVICE REVENUE 900099 269095 269095 LAUNDRY INCOME 721000 85781 85781 27241 27241 34190862 497931 497931 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34688793 34190862 0 497931 0 0 0 0 0 0 1823547 1563677 259870 102561 88161 14400 400463 344236 56227 100109 86053 14056 770256 770256 0 34710 34710 0 0 0 732035 732035 19716 19716 718739 654738 64001 183939 183939 0 10778734 10778734 0 0 226434 226434 0 0 7744892 7744892 330504 330504 CONTRACT LABOR 3279213 3279213 FOOD CONTRACT 3004119 3004119 SECURITY 1752679 1752679 AMORTIZATION-BOND PREMIUM -139274 -139274 31863376 29567601 2295775 0 X 24915600 24232628 0 0 0 0 10356 5760 0 0 0 0 0 0 0 0 235152 133513 224113448 95818785 130592524 128294663 0 0 0 0 0 0 0 0 23622953 23183941 179376585 175850505 5458226 3717611 0 0 1176599 873600 120215229 115809333 0 0 0 0 0 0 0 0 11187783 10968733 138037837 131369277 X 18526282 19554719 22812466 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SHERRY BRABHAM TREASURER 0 284298 0 0 0 0 0 32457 0 26745 0 343500 0 0 STEPHEN TUTTLE SECRETARY 0 290890 0 0 0 0 0 30359 0 26744 0 347993 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 $25,000 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 3860000 0 125674189 16677057 0 0 1269892 714164 0 0 107013076 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. PRIOR PERIOD ADJUSTMENT FORM 990, PART X, COLUMN (A) & FORM 990, PART XI, LINE 8 IN FISCAL YEAR 2018, THE CORPORATION ADOPTED GASB STATEMENT NO. 75, ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (GASB 75). GASB 75 REPLACES THE REQUIREMENTS OF GASB STATEMENT NO. 45, ACCOUNTING AND FINANCIAL REPORTING BY EMPLOYERS FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS FOR OTHER POSTEMPLOYMENT BENEFITS (OPEB). DUE TO THE ADOPTION OF GASB 75, OPEB COSTS AND THE OPEB LIABILITY FOR THE FISCAL YEAR 2017 FINANCIAL STATEMENTS HAVE BEEN ADJUSTED FOR RETROSPECTIVE APPLICATION. THE IMPACT OF THE ADJUSTMENT RESULTED IN AN INCREASE OF PRIOR YEAR NET POSITION BY 298,265. FIT STUDENT FACULTY CORPORATION 227 WEST 27TH ST NEW YORK NY 10001 131913988 EDU. SERVICES NY 501(C)(3) 9 FIT false 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 7931120 ACCRUAL FASHION INSTITUTE OF TECHNOLOGY M 770256 ACCRUAL FASHION INSTITUTE OF TECHNOLOGY P 330504 ACCRUAL