2015-12-14T12:52:46-06:00 2015-04-30 591152714 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2014-05-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 CATHY R WOOD SR. VP FINANCIAL AFFAIRS-CFO 3216627297 2015-12-11 true ABBEY K REDDEN CPA P00189512 3217572020 2015-12-10 2014 2016-03-07 17:11:31Z CATHY R WOOD 150 W UNIVERSITY BLVD MELBOURNE FL 32901 244161095 false X WWW.FIT.EDU X 1958 FL TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. 35 33 3679 13670491 -4237651 39667713 15533291 157218747 187237500 4086501 5022873 600793 384928 201573754 208178592 0 0 101306837 110077490 0 5635424 80541672 90164161 181848509 200241651 19725245 7936941 231500454 245298374 86562861 92600671 144937593 152697703 X TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. false false 92748079 159765161 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,633 UNDERGRADUATE AND 2,757 GRADUATE STUDENTS ON-CAMPUS, IN ADDITION TO 3,182 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. 42012719 21191561 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. 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X false 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 44525330 931246 6109565 -632013 -1181924 -149443 49602761 0.04700 0.95300 false false 9058156 9058156 118662429 35066181 83596248 29174994 9493747 19681247 21806104 8859385 12946719 19276011 7632182 11643829 136926199 EQUITY MUTUAL FUNDS 25386466 F COMMON STOCKS 22116630 F MORTGAGE/ASSET BACKED SECURITIES 6956091 F CORPORATE BONDS 5781973 F ALTERNATIVE INVESTMENTS 3915376 F DEBT MUTUAL FUNDS 3086086 F MUNICIPAL BONDS 1111518 F SURPLUS NOTES 640000 F US GOVERNMENT NOTES AND BONDS 613293 F SHORT TERM INVESTMENTS 432153 F MANAGED FUTURES F 70039586 CAPITAL LEASE OBLIGATIONS 17432005 REFUNDABLE GOVERNMENT LOANS 4746034 ANNUITIES PAYABLE 2123121 24301160 X 208001761 -176831 -176831 208178592 208178592 200241651 200241651 200241651 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 2015, THE TRANSFER AMOUNTED TO 2,485,286. 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 2011. 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 DEPARTMENT OF LABOR 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 ENVIRONMENTAL PROTECTION AGENCY HARRIS CORPORATION CORPORATION FOR PUBLIC BROADCASTING FLORIDA DEPARTMENT OF EDUCATION US DEPARTMENT OF VETERAN AFFAIRS US DEPARTMENT OF EDUCATION STATE PROGRAMS: FLORIDA RESEARCH AND DEVELOPMENT CLUSTER 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 STUDENT FINANCIAL ASSISTANCE OTHER STATE STUDENT FINANCIAL ASSISTANCE FLORIDA BRIGHT FUTURES SCHOLARSHIPS false EAST ASIA 1 5 PROGRAM SERVICE STUDENT RECRUITMENT 112577 SOUTH ASIA 4 PROGRAM SERVICE STUDENT RECRUITMENT 129000 EUROPE 1 PROGRAM SERVICE STUDENT RECRUITMENT 4500 SOUTH AMERICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 6000 1 11 1 11 252077 252077 false false false false false false SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA 112,577 0 SOUTH ASIA 129,000 0 EUROPE 4,500 0 SOUTH AMERICA 6,000 0 FL SPORTING AFFAIR 321515 175142 146373 24368 50392 EVENING OF HOPE 211756 32466 179290 12385 2800 32459 1 26300 4625 21675 566 559571 212233 347338 24368 12385 2800 83417 122970 224368 false false 220100 75000 8450 2359 false 220100 75000 8450 2359 85809 134291 FL false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false 1.00000 JOHN THOMAS 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 582500 325000 60392 27431 995323 T DWAYNE MCCAY COO/SECRETARY 352250 50000 221 26170 428641 ROBERT NIEBUHR SVP/CFO/TREASURER 240750 25000 7065 13483 286298 SUSAN ST ONGE SVP/CDO 291250 4818 14318 310386 MARTIN GLICKSMAN DEAN 262030 -1683 16088 276435 WINSTON SCOTT VP 248500 2642 13792 264934 KEN STACKPOOLE SVP 252144 -1790 20036 270390 FRANK L KINNEY VP 208868 17773 19247 245888 GARY L HAMME ASSOCIATE VP 194805 5498 11180 211483 SHIRLEY BECKER DEAN 195935 258 25041 221234 MICHAEL SEELEY VP 182687 5383 20759 208829 LESLIE HIELEMA VP 186300 -241 22320 208379 MARY BETH KENKEL DEAN 183485 -236 24007 207256 SEMEN KOKSAL VP 184500 -4138 27089 207451 GUY A BOY DEAN 165481 8708 1693 175882 HAMID RASSOUL DEAN 158524 -2982 24752 180294 KORHAN OYMAN DEAN 156750 -3774 26188 179164 FREDERIC HAM DEPARTMENT HEAD 189890 68555 22277 280722 DAVID WELDON PROFESSOR 195084 195084 RICHARD FORD PROFESSOR 185682 9130 14875 209687 MARCO CARVALHO ASSISTANT DIRECTOR 128673 50212 26352 205237 RICHARD ARONSON DEPARTMENT HEAD 169560 19 26591 196170 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 2645983 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 NATHAN M BISK BOARD MEMBER 328292 LOAN FORGIVENESS false FORM 990 - ORGANIZATION'S MISSION TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. FORM 990, PART VI THE UNIVERSITY HAS 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 ORIGINALLY SIGNED MARCH 25, 2008 AND IS VALID THROUGH MARCH 31, 2016. THE LEASE HAS AN ANNUAL COST OF LIVING INDEX ESCALATOR DETERMINED IN ACCORDANCE WITH THE U.S. DEPARTMENT OF LABOR COST OF LIVING INDEX. TOTAL RENT PAYMENTS TO THE BOARD MEMBER WERE 32,500 FOR THE YEARS ENDED APRIL 30, 2015 AND 2014. 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. 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