2016-01-21T10:30:27-06:00 2015-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2014-07-01 135675757 FASHION INSTITUTE OF TECHNOLOGY FOUNDATION % JOHN J JOHNSTON FASH 2122177820 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY BRABHAM CFO 2122177820 2016-01-14 true KPMG LLP P00634378 2127589700 2014 2016-04-25 22:37:26Z DR JOYCE F BROWN 227 WEST 27 STREET NEW YORK NY 10001 19243587 false X WWW.FITNYC.EDU/EFFI X 1944 NY THE ORGANIZATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 20 19 16 0 0 0 4804444 3868967 0 0 581351 1263723 938949 865811 6324744 5998501 2192267 3630760 0 0 947415 1095411 0 0 283253 1398143 1584684 4537825 6310855 1786919 -312354 51802966 54366121 1757820 4693603 50045146 49672518 THE CORPORATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. false false 3122820 2088949 0 THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 1541811 1541811 DURING FY 2015 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 1,811 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. 4664631 true true false false false false false false false true false true false false true true true false false false true false false false true false false true true true false false false false false false false false false false false false false false false false false true 33 0 true 16 true false false false false false true true false false false false X 20 19 false false false false false false false true true false false true true true true true true true false false NY X JOHN J JOHNSTON 2122173602 227 WEST 27TH STREET NEW YORK NY 10001 X JAY H BAKER CHAIRMAN 1.0 0.0 X 0 0 0 PAMELA BAXTER DIRECTOR 1.0 0.0 X 0 0 0 EMANUEL CHIRICO DIRECTOR (RESIGNED 10/2014) 1.0 0.0 X 0 0 0 JOY HERFEL CRONIN DIRECTOR 1.0 0.0 X 0 0 0 DIANE D'ERASMO DIRECTOR 1.0 0.0 X 0 0 0 ABBEY DONEGER DIRECTOR 1.0 0.0 X 0 0 0 MORRIS GOLDFARB DIRECTOR 1.0 0.0 X 0 0 0 JILL GRANOFF DIRECTOR 1.0 0.0 X 0 0 0 SAM HADDAD DIRECTOR 1.0 0.0 X 0 0 0 JANE HERTZMARK HUDIS DIRECTOR 1.0 0.0 X 0 0 0 LAURENCE C LEEDS JR DIRECTOR 1.0 0.0 X 0 0 0 KEVIN B MANSELL DIRECTOR 1.0 0.0 X 0 0 0 TOM NASTOS DIRECTOR 1.0 0.0 X 0 0 0 ELIZABETH T PEEK DIRECTOR 1.0 0.0 X 0 0 0 ROBERTO RAMOS DIRECTOR 1.0 0.0 X 0 0 0 BRUCE P ROCKOWITZ DIRECTOR 1.0 0.0 X 0 0 0 PETER G SCOTESE DIRECTOR 1.0 0.0 X 0 0 0 J MICHAEL STANLEY DIRECTOR 1.0 0.0 X 0 0 0 GARY SHEINBAUM DIRECTOR (EFF. 12/2014) 1.0 0.0 X 0 0 0 HARRY J SLATKIN DIRECTOR (eff. 12/2014) 1.0 0.0 X 0 0 0 DR JOYCE R BROWN CHIEF EXECUTIVE OFFICER 10.0 0.0 X X 44672 0 0 SHERRY BRABHAM CHIEF FINANCIAL OFFICER 5.0 0.0 X 10000 0 0 ROBERT FERGUSON EXECUTIVE DIRECTOR 35.0 0.0 X 181413 0 20545 VICTORIA GURANOWSKI DIR SPECIAL EVENTS 35.0 0.0 X 134288 0 35435 370373 0 55980 2 false true true 42ND STREET LESSEE LLC 110 E 42 STREET NEW YORK NY 10017 CATERING 224272 GALE BRANDING 515 WEST 20TH STREET 6TH FL NEW YORK NY 10011 SPECIAL EVENTS SUPP 204992 2 109400 349483 3410084 3868967 0 1279611 1279611 0 0 0 0 0 12779559 12795447 -15888 -15888 -15888 1315450 349483 449639 865811 865811 0 0 0 0 5998501 0 2129534 2088949 2088949 1541811 1541811 0 0 54672 54672 0 731428 731428 84618 84618 163583 163583 61110 61110 0 8852 8693 159 66588 66588 0 0 111311 111311 627945 334957 23978 269010 7463 2765 4698 461660 421252 40408 0 0 2730 2730 141854 129092 12762 0 89518 79042 9154 1322 0 0 0 0 EXHIBITIONS 50221 50221 MISC. EXP. 16542 16542 6310855 4664631 1362971 283253 4089093 6509853 4826907 4717276 0 0 4408733 3057711 0 0 0 0 0 0 0 0 75008 56439 0 28763089 29770289 9097951 9724430 0 0 0 0 542185 530123 51802966 54366121 714554 732070 0 0 361500 279550 0 0 0 0 0 0 0 0 0 0 681766 3681983 1757820 4693603 X 2819999 2855309 18835203 18170207 28389944 28647002 50045146 49672518 51802966 54366121 X -312354 -145006 84732 X false true X true false X 2832349 6015838 8563259 5743393 3868967 27023806 0 0 2832349 6015838 8563259 5743393 3868967 27023806 3688829 23334977 769537 831522 634589 661962 1279611 4177221 230 230 0 31201257 0.74789 0.74921 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35199606 1259720 900068 1391068 72900 35895426 31095044 1009482 4158811 1002810 60921 35199606 28597219 1306887 2174607 915015 68654 31095044 29787663 240706 -223331 1140274 67545 28597219 26543420 203483 3181857 136593 4504 29787663 0.01538 0.79427 0.19035 false false 1426186 F REAL ASSETS 637072 F HEDGE FUNDS- DOMESTIC 3127885 F HEDGE FUNDS- INT'L 4468910 F FIXED INCOME- INT'L 64377 F 9724430 0 DUE TO AFFILIATE (FIT) 3681983 3681983 X 6599378 -145006 772462 84732 712188 5887190 111311 111311 5998501 6972006 772462 772462 6199544 111311 111311 6310855 INTENDED USES OF ENDOWMENT FUNDS Part V, Line 4 ENDOWED FUNDS ARE INTENDED TO PROVIDE SCHOLARSHIPS, AWARDS, AND PROGRAM ENRICHMENT FOR THE BENEFIT OF THE STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. FIN 48 (ASC 740) FOOTNOTE PART X, LINE 2 THE FOUNDATION IS GENERALLY EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). THE FOUNDATION RECOGNIZES THE EFFECTS OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE FOUNDATION'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER SECTION 511 OF THE CODE. THE FOUNDATION DID NOT HAVE ANY MATERIAL UNRELATED BUSINESS INCOME TAX LIABILITY FOR THE YEARS ENDED JUNE 30, 2015 AND 2014. OTHER ADJUSTMENTS PART XI, LINE 2D CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS (12,062) NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 96,794 ---------- TOTAL 84,732 ========== Central America and the Caribbean Investments 4468910 4468910 4468910 true false true true false false DINNER 1365950 185000 1180950 224706 167553 GOLF CLASSIC 298983 164483 134500 53378 4002 0 1664933 349483 1315450 278084 171555 449639 865811 true FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH STREET NEW YORK NY 10001 132556338 115 15000 FIT CAPITAL PROJECTS FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH STREET NEW YORK NY 10001 132556338 115 2079717 DEPARTMENTAL SUPPORT 1 SCHOLARSHIPS AND AWARDS FOR STUDENTS OF F.I.T 1811 1539811 EMERGENCY RELIEF GRANT 4 4000 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS SCHEDULE I, PART I, LINE 2 GRANTS TO OTHER ORGANIZATIONS ARE MONITORED BY A FINANCIAL REPRESENTATIVE OF THE FOUNDATION TO ENSURE THEY ARE USED FOR THEIR INTENDED PURPOSES. GRANTS TO INDIVIDUALS, BASED ON BOTH NEED AND MERIT, ARE APPROVED BY THE FINANCE COMMITTEE, AND SCHOLARSHIP PAYMENTS ARE APPLIED DIRECTLY TO STUDENT ACCOUNTS AT FASHION INSTITUTE OF technology. X X X X false false false false false false false false false ROBERT FERGUSON EXECUTIVE DIRECTOR 181413 0 0 0 0 0 14400 0 6145 0 201958 0 0 0 VICTORIA GURANOWSKI DIR SPECIAL EVENTS 134288 0 0 0 0 0 13349 0 22086 0 169723 0 0 0 COMPENSATION FROM UNRELATED ORGANIZATION FORM 990, PART VII, SECTION A, LINE 5 THE FASHION INSTITUTE OF TECHNOLOGY, AN UNRELATED ORGANIZATION, PAID ROBERT FERGUSON A TOTAL OF $201,959 FOR HIS SERVICES TO THE FASHION INSTITUTE OF TECHNOLOGY FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11A: 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 RESPONSE. FORM 990, PART VI, SECTION B, LINE 12C: ON AN ANNUAL BASIS, TRUSTEES REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A DISCLOSURE STATEMENT. THE CONFLICT OF INTEREST POLICY AND DISCLOSURES ARE MONITORED BY THE EXECUTIVE DIRECTOR OF THE ORGANIZATION WITH ASSISTANCE FROM FIT's CONTROLLER. APPROPRIATE ACTION IS TAKEN BASED ON THE NATURE OF THE CONFLICT, IF ANY ARE IDENTIFIED. FORM 990, PART VI, SECTION B, LINE 15A: THE EXECUTIVE COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS, RELYING ON FINDINGS OF AN OUTSIDE COMPENSATION CONSULTANT AND UTILIZING COMPARABILITY DATA, VOTED UNANIMOUSLY TO FOLLOW THE CONSULTANT'S RECOMMENDATION IN ESTABLISHING THE CHIEF EXECUTIVE OFFICER'S SALARY. LATER, INDEPENDENT MEMBERS OF THE FULL BOARD OF DIRECTORS APPROVED THE COMMITTEE'S RECOMMENDATION REGARDING THE CHIEF EXECUTIVE OFFICER'S SALARY ADJUSTMENT. THE CONSULTANT'S FINDINGS AND THE BOARD'S AND THE COMMITTEE'S ACTIONS WERE CONTEMPORANEOUSLY DOCUMENTED. 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. FORM 990, PART XI, LINE 9: NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 96,794 CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS (12,062) --------- TOTAL 84,732