2016-12-14T16:30:05-05:00 2016-04-30 591152714 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2015-05-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY INC FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 CATHY WOOD CFO/SVP 3216747342 2016-12-08 true ABBEY K REDDEN CPA P00189512 3217572020 2016-12-09 2015 2017-02-10 21:41:12Z CATHY WOOD 150 W UNIVERSITY BLVD MELBOURNE FL 32901 222890571 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. 33 31 3829 95 6709868 -3801236 15533291 15775304 187237500 175660177 5022873 3415321 384928 791530 208178592 195642332 0 0 110077490 118896623 0 6056174 90164161 82175847 200241651 201072470 7936941 -5430138 245298374 228573754 92600671 87189829 152697703 141383925 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 88243538 150039557 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,586 UNDERGRADUATE, 2,489 GRADUATE STUDENTS AND 556 DOCTORATE STUDENTS ON-CAMPUS, IN ADDITION TO 3,129 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: AERONAUTICS, BUSINESS,ENGINERERING, PSYCHOLOGY AND LIBERAL ARTS, SCIENCE AND AVIATION. 46052144 19755360 STUDENT SERVICES AND AUXILIARY ENTERPRISES 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 22 INTERCOLLEGIATE SPORTS. FROM GREEK LIFE TO THE COLLEGE PLAYERS THEATRICAL ORGANIZATION, STUDENTS ARE ACTIVELY INVOLVED IN THE LIFE OF THE CAMPUS COMMUNITY. 16181271 10072111 OTHER PROGRAM SERVICES. 150476953 true true false true false false false true false true true true false false true true true false true true true false false false true true false false false true true false false false false false false false false false false false false false false true true false false false true 357 16 true 3829 true true true false false false false true true false true true false X 33 31 false false false false false false false true true false false true true true true true true true true false FL X X CATHY R WOOD 3216747297 150 W UNIVERSITY BLVD MELBOURNE FL 32901 ANTHONY J CATANESE PRESIDENT/TR 40.00 2.00 X X 1014656 0 27892 RAYMOND A ARMSTRONG TRUSTEE 2.00 2.00 X 0 0 0 RICHARD N BANEY MD TRUSTEE 2.00 2.00 X 0 0 0 ANN E DUNWOODY TRUSTEE 2.00 2.00 X 0 0 0 NATHAN M BISK TRUSTEE 2.00 2.00 X 0 0 0 HARRY E BRANDON TRUSTEE 2.00 2.00 X 0 0 0 WILLIAM M BROWN TRUSTEE 2.00 2.00 X 0 0 0 JOSEPH CARUSO TRUSTEE 2.00 2.00 X 0 0 0 ANDREW M CLARK MD TRUSTEE 2.00 2.00 X 0 0 0 CHARLES CLEMENTE TRUSTEE 2.00 2.00 X 0 0 0 DALE A DETTMER TRUSTEE 2.00 2.00 X 0 0 0 PHILLIP W FARMER TRUSTEE 2.00 2.00 X 0 0 0 JOSEPH M FLAMMIO TRUSTEE 2.00 2.00 X 0 0 0 DOUG FLUTIE TRUSTEE 2.00 2.00 X 0 0 0 TOM J FOLLIARD TRUSTEE 2.00 2.00 X 0 0 0 STEVEN FREEMAN TRUSTEE 2.00 2.00 X 0 0 0 MAHESH SHAH TRUSTEE 2.00 2.00 X 0 0 0 JOHN T HARTLEY TRUSTEE 2.00 2.00 X 0 0 0 VIKRAM VERMA TRUSTEE 2.00 2.00 X 0 0 0 ERIK E JOH TRUSTEE 2.00 2.00 X 0 0 0 RICHARD P MCNEIGHT TRUSTEE 2.00 2.00 X 0 0 0 WILLIAM R MUNS TRUSTEE 2.00 2.00 X 0 0 0 ROBERT L PHEBUS JR TRUSTEE 2.00 2.00 X 0 0 0 WILLIAM C POTTER TRUSTEE 2.00 2.00 X 0 0 0 TRAVIS PROCTOR TRUSTEE 2.00 2.00 X 0 0 0 JAMES E PRUITT TRUSTEE 2.00 2.00 X 0 0 0 KENNETH P REVAY TRUSTEE 2.00 2.00 X 0 0 0 MICHAEL SCAFATI TRUSTEE 2.00 2.00 X 0 0 0 EDWARD W SCOTT JR TRUSTEE 2.00 2.00 X 0 0 0 SCOTT J SEYMOUR TRUSTEE 2.00 2.00 X 0 0 0 F ALAN SMITH TRUSTEE 2.00 2.00 X 0 0 0 ELIZABETH J SWANN TRUSTEE 2.00 2.00 X 0 0 0 THOMAS VICE TRUSTEE 2.00 2.00 X 0 0 0 TIM WAKEFIELD TRUSTEE 2.00 2.00 X 0 0 0 T DWAYNE MCCAY COO/EVP/SECR 40.00 2.00 X 464478 0 27405 MONICA BALOGA VP 40.00 0.00 X 140085 0 24462 CATHY WOOD CFO/SVP 40.00 2.00 X 123233 0 11538 ROBERT NEIBUHR SVP/CFO 40.00 0.00 X 82694 0 3589 SUSAN ST ONGE SVP 40.00 0.00 X 305260 0 14633 MARTIN GLICKSMAN DEAN 40.00 0.00 X 292573 0 27270 WINSTON SCOTT SVP 40.00 0.00 X 264039 0 14318 KEN STACKPOOLE VP 40.00 0.00 X 240427 0 20229 FRANK KINNEY VP 40.00 0.00 X 218049 0 19022 GARY HAMME VP 40.00 0.00 X 206647 0 11358 SHIRLEY BECKER VP 40.00 0.00 X 202549 0 19736 KORHAN OYMAN DEAN 40.00 0.00 X 198217 0 27505 SEMEN KOKSAL VP 40.00 0.00 X 196160 0 27500 MARY BETH KENKEL DEAN 40.00 0.00 X 188936 0 23611 MICHAEL SEELEY VP 40.00 0.00 X 188024 0 22826 LESLIE HIELEMA VP 40.00 0.00 X 187925 0 22218 GUY BOY DEAN X 175260 0 6072 HAMMID RASSOUL DEAN 40.00 0.00 X 169229 0 26053 SOHAIR WASTAWY DEAN 40.00 0.00 X 165220 0 15318 ERIC KLEDZIK VP 40.00 0.00 X 160832 0 22243 RANDY ALFORD VP 40.00 0.00 X 157135 0 15521 DAVID WELDON PROFESSOR X 208709 0 0 MARCO CARVALHO ASSISTANT DI X 205219 0 25836 MARK BUSH PROFESSOR X 191245 0 14619 WILLIAM ARRASMITH PROFESSOR X 183567 0 8575 FREDERICK HAM DEPARTMENT H X 213485 0 0 6343853 479349 26 true true false ABA TECHNOLOGIES INC 3011 S BABCOCK ST STE 353 MELBOURNE FL 32901 PROGRAMMING 4513814 ELLUCIAN CO LP 62814 COLLECTION CTR DR CHICAGO IL 60693 SOFTWARE 1792127 DEAN MEAD 800 NORTH MAGNOLIA AVE STE 1500 ORLANDO FL 32802 ATTORNEYS 1700103 CERTIFIED THERMOGRAPHIC 2475 PALM BAY RD NE STE 115 APT 9 PALM BAY FL 32905 CONTRACTED SERV 178906 OMNI HEALTHCARE 519-B NORTH HARBOR CITY BLVD MELBOURNE FL 32935 HEALTH CENTER 166424 12 218127 13128577 2428600 15775304 TUITION & FEES 139786339 139786339 HOUSING & FOOD SERVICE 19391189 19391189 OTHER 7429838 7429838 FIT AVIATION, LLC 611710 6514414 6514414 INDIRECT COST RECOVERY 2259784 2259784 278613 278613 175660177 1572926 1572926 530229 196510 333719 333719 -3507 337226 28569519 50000 26399942 377182 2169577 -327182 1842395 -247530 -79652 2169577 345200 218127 183796 161404 161404 254125 90809 163316 163316 INSURANCE RECOVERY 133091 133091 133091 195642332 168619620 6709868 4537540 6013840 1357448 3998772 657620 87204831 72755366 12203379 2246086 2543940 1980413 496302 67225 17840467 13895781 3474113 470573 5293545 4166492 992604 134449 15923945 11573931 3831959 518055 286743 13074 273669 160018 159718 300 2729824 2525723 67194 136907 12543381 10165065 1754900 623416 435669 321479 62904 51286 1404784 1169784 234853 147 16488390 5124417 11363700 273 4390571 3672620 570605 147346 2607664 1585959 438048 583657 1313729 1313729 10714331 10714331 505940 389713 106227 10000 MERCHANDISE PURCHASES 4008501 927341 2853511 227649 RESEARCH SCHOLARSHIP 3417249 3332719 84530 COGS 2985812 2985812 MEMBERSHIP DUES 966836 527025 258626 181185 1292460 1292460 201072470 150476953 44539343 6056174 8294930 5843422 3281811 2904707 10566748 7253017 5552134 4837236 979018 978200 5890625 6003354 202252837 67904409 136926199 134348428 70039586 65372042 30311 3767323 1003037 245298374 228573754 25266887 22498109 8630155 8305997 32354024 30847336 2048445 1970992 24301160 23567395 92600671 87189829 X 81143169 75090833 20536989 14802978 51017545 51490114 152697703 141383925 245298374 228573754 -5430138 -5883640 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 90000 90000 false SCHEDULE C, PART II-B, LINE 1 FLORIDA INSTITUTE OF TECHNOLOGY CONTRACTED WITH ONE OUTSIDE VENDOR TO SPEAK DIRECTLY TO LEGISLATORS ON ITS BEHALF. X false 66598460 424056 -2119190 -864224 -1706923 -243951 62088228 61122533 3632708 4494346 -836246 -1649040 -165841 66598460 54539693 2158696 6878532 -787646 -1479198 -187544 61122533 48845386 2229238 5683876 -705884 -1328343 -184580 54539693 49602761 780624 486837 -650923 -1198040 -175873 48845386 0.04600 0.95400 false false 9058156 9058156 121824185 39008385 82815800 29371738 10700349 18671389 27396115 10145584 17250531 14602643 8050091 6552552 134348428 EQUITY MUTUAL FUNDS 23527853 F COMMON STOCKS 20159821 F MORTGAGE/ASSET BACKED SECURITIES 6298374 F CORPORATE BONDS 5303002 F DEBT MUTUAL FUNDS 2868010 F SHORT TERM INVESTMENTS 2610124 F ALTERNATIVE INVESTMENTS 1955558 F MUNICIPAL BONDS 1046624 F US GOVERNMENT NOTES AND BONDS 962676 F SURPLUS NOTES 640000 F 65372042 CAPITAL LEASE OBLIGATIONS 16938841 REFUNDABLE GOVERNMENT LOANS 4616173 ANNUITIES PAYABLE 2012381 23567395 X 189758692 -5883640 -5883640 195642332 195642332 201072470 201072470 201072470 SCHEDULE D, PAGE 1, PART III, LINE 1A FLORIDA INSTITUTE OF TECHNOLOGY HAS ELECTED TO EXCLUDE THE VALUE OF THE COLLECTIONS FROM THE STATEMENT OF FINANCIAL POSITION. ALSO, GIFTS OF ART OBJECTS ARE EXCLUDED FROM REVENUE IN THE STATEMENT OF ACTIVITIES.GENERALLY, ALL OBJECTS ARE RECEIVED AS A DONATION. 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 2016, THE TRANSFER AMOUNTED TO 2,571,147. 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. DETERMINATION OF CURRENT OR LONG-TERM STATUS OF THE DEFERRED TAX ASSET IS BASED ON THE CURRENT OR LONG-TERM NATURE OF THE UNDERLYING ASSET. 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 2012. 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 STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION US DEPARTMENT OF THE INTERIOR US SMALL BUSINESS ADMINISTRATION NATIONAL SCIENCE FOUNDATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION US ARMY US DEPARTMENT OF TRANSPORTATION US DEPARTMENT OF JUSTICE UNITED NATIONS, COMPREHENSIVE NUCLEAR-TEST BAN TREATY ORGANIZATION US DEPARTMENT OF STATE OTHER FEDERAL PROGRAMS FLORIDA DEPARTMENT OF EDUCATION US DEPARTMENT OF VETERAN AFFAIRS US DEPARTMENT OF EDUCATION STATE PROGRAMS: FLORIDA OFFICE OF INSURANCE REGULATIONS FLORIDA DIVISION OF EMERGENCY MANAGEMENT INSTITUTE OF FOOD AND AGRICULTURAL SCIENCES FLORIDA DEPARTMENT OF HEALTH FLORIDA DEPARTMENT OF EDUCATION FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA DEPARTMENT OF TRANSPORTATION FLORIDA DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES FLORIDA DEPARTMENT OF ECONOMIC OPPORTUNITY FLORIDA STUDENT FINANCIAL ASSISTANCE FLORIDA BRIGHT FUTURES SCHOLARSHIPS false EAST ASIA 1 5 PROGRAM SERVICE STUDENT RECRUITMENT 159229 SOUTH ASIA 1 PROGRAM SERVICE STUDENT RECRUITMENT 6000 EUROPE 1 PROGRAM SERVICE STUDENT RECRUITMENT 4500 SOUTH AMERICA 6 PROGRAM SERVICE STUDENT RECRUITMENT 172000 1 13 1 13 341729 341729 false false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA 159,229 0 SOUTH ASIA 6,000 0 EUROPE 4,500 0 SOUTH AMERICA 172,000 0 FL SPORTING AFFAIR 212788 193024 19764 44402 25200 EVENING OF HOPE 198119 198119 4 152420 25103 127317 4000 42055 2489 1584 64066 563327 218127 345200 4000 86457 2489 1584 89266 183796 161404 false false 254125 75000 13450 2359 false 254125 75000 13450 2359 90809 163316 FL false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false 1.00000 DAVID FASSINO 150 W UNIVERSITY BLVD MELBOURNE FL 32901 false MICHELLE FARQUHARSON 3000 TRACK/TABULATE RESULTS X false X X X X X true true X X X X false false false false false false false false false ANTHONY J CATANESE PRESIDENT/TRUSTEE 660720 330000 23936 27892 1042548 T DWAYNE MCCAY COO/EVP/SECRETARY 403204 50000 11274 27405 491883 MONICA BALOGA VP 136952 3133 24462 164547 SUSAN ST ONGE SVP 299500 5760 14633 319893 MARTIN GLICKSMAN DEAN 283642 8931 27270 319843 WINSTON SCOTT SVP 258167 5872 14318 278357 KEN STACKPOOLE VP 235656 4771 20229 260656 FRANK KINNEY VP 216227 1822 19022 237071 GARY HAMME VP 203017 3630 11358 218005 SHIRLEY BECKER VP 200171 2378 19736 222285 KORHAN OYMAN DEAN 167176 30000 1041 27505 225722 SEMEN KOKSAL VP 193486 2674 27500 223660 MARY BETH KENKEL DEAN 185328 3608 23611 212547 MICHAEL SEELEY VP 186971 1053 22826 210850 LESLIE HIELEMA VP 186708 1217 22218 210143 GUY BOY DEAN 175260 6072 181332 HAMMID RASSOUL DEAN 167391 1838 26053 195282 SOHAIR WASTAWY DEAN 162647 2573 15318 180538 ERIC KLEDZIK VP 158916 1916 22243 183075 RANDY ALFORD VP 153987 3148 15521 172656 DAVID WELDON PROFESSOR 208709 208709 MARCO CARVALHO ASSISTANT DIRECTOR 205219 25836 231055 MARK BUSH PROFESSOR 191245 14619 205864 WILLIAM ARRASMITH PROFESSOR 183567 8575 192142 FREDERICK HAM DEPARTMENT HEAD 213485 213485 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. -TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: TAXES ARE GROSSED UP ON SOME MINOR FRINGE BENEFITS. -THE PRESIDENT OF THE UNIVERSITY RECEIVES A HOUSING ALLOWANCE OF 50,000 PER YEAR. THIS AMOUNT IS INCLUDED IN HIS SALARY AS REPORTED ON FORM 990, PART VII. A BREVARD CNTY ED FAC AUTHORITY 596000253 123456789 2013-02-01 35000000 25M REFUNDING, 10M CONSTRUCTION false false false A 4152670 35000000 10000000 2013 true false false true A false false false false true false true A false false false false false false false false true A true 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, PART VI THE UNIVERSITY HAD A LEASE AGREEMENT WITH A BOARD MEMBER FOR 5,000 SQUARE FEET OF STORAGE SPACE AT A BASE RENT OF 6.50 PER SQUARE FOOT PLUS COMMON AREA MAINTENANCE OF 1.98 PER SQUARE FOOT. THIS LEASE WAS ENTERED INTO ON MARCH 25, 2008 AND EXTENDED THROUGH MARCH 31, 2016. THE LEASE HAD AN ANNUAL COST OF LIVING INDEX ESCALATOR DETERMINED IN ACCORDANCE WITH THE U.S. DEPARTMENT OF LABOR COST OF LIVING INDEX. TOTAL RENT PAYMENTS MADE TO THE BOARD MEMBER WERE 30,000 AND 32,500 FOR THE YEARS ENDED APRIL 30, 2016 AND 2015, RESPECTIVELY. THE LEASE WAS NOT RENEWED UPON TERMINATION. A BOARD MEMBER HAS PROVIDED THE UNIVERSITY WITH A REVOLVING LINE OF CREDIT OF 1,500,000 WITH AN INTEREST RATE OF 3%. PRINCIPAL AND INTEREST ARE DUE IN 24 EQUAL MONTHLY INSTALLMENTS WHICH BEGAN TWO YEARS AFTER THE FIRST ADVANCE ON THE NOTE (AUGUST 2011). AS OF APRIL 30, 2015, THE PRINCIPAL BALANCE WAS REPAID IN FULL AND ALL INTEREST WAS FORGIVEN. THE UNIVERSITY HAS AN AGREEMENT WITH BISK EDUCATION, INC. ("BISK") TO DEVELOP VARIOUS ONLINE DEGREE PROGRAMS AND TO MARKET AND RECRUIT STUDENTS FOR THOSE PROGRAMS. BISK ADVANCED PROGRAM START-UP COSTS OF 1,528,292 TO THE UNIVERSITY WHICH WILL BE REPAID TO BISK FROM FUTURE REVENUES. HOWEVER, THE UNIVERSITY RECEIVED A PLEDGE FROM A BOARD MEMBER WHO IS THE CHIEF EXECUTIVE OFFICER OF BISK AND THE PRESIDENT OF THE BISK FAMILY FOUNDATION, INC. TO FORGIVE THE START-UP COST LIABILITY OVER A PERIOD OF FIVE YEARS BEGINNING WITH THE YEAR ENDED APRIL 30, 2011. AS OF APRIL 30, 2015, ALL 1,528,292 OF START-UP COSTS HAVE BEEN FORGIVEN. 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. FIT AVIATION LLC FIT AVIATION LLC 801 HARRY GOODE WAY MELBOURNE FL 32901 593746142 FLIGHT INS FL 6514414 4225033 NA FIT REALTY LLC FIT REALTY LLC 150 W UNIVERSITY BLVD MELBOURNE FL 32901 REAL EST FL NA FIT MUSEUM OF ART INC 150 W UNIVERSITY BLVD MELBOURNE FL 32901 591804524 MUSEUM FL 501 9 N/A false false false false true false false false false false false false false false false false false false false false FIT MUSEUM OF ART INC FIT MUSEUM OF ART INC D 1003035 COST