2014-04-14T23:11:22-05:00 2013-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2012-07-01 135675757 FASHION INSTITUTE OF TECHNOLOGY FOUNDATION % JOHN J JOHNSTON FASH 2122177820 227 WEST 27TH STREET Suite NEW YORK NY 10001 SHERRY BRABHAM 2122174020 2014-03-31 true 2127589700 2012 2015-11-30 17:44:51Z DR JOYCE F BROWN 227 WEST 27 STREET NEW YORK NY 10001 24828065 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. 22 21 14 0 0 7088195 7832240 0 0 4162572 1210945 0 731019 11250767 9774204 2514996 2054188 0 0 1271307 1544039 0 0 136133 1246420 1324021 5032723 4922248 6218044 4851956 38599378 45713860 828605 1518633 37770773 44195227 THE CORPORATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. false false 1722201 750359 THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 1303829 1303829 DURING FY 2013 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 1,757 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. 3026030 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 false true 34 0 true 14 true false false false false false true true false false false false X 22 21 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 236 WEST 27TH STREET 5TH FL NEW YORK NY 10001 X JAY H BAKER 1.0 0.0 X 0 0 0 PAMELA BAXTER 1.0 0.0 X 0 0 0 WESLEY R CARD 1.0 0.0 X 0 0 0 EMANUEL CHIRICO 1.0 0.0 X 0 0 0 JOY HERFEL CRONIN 1.0 0.0 X 0 0 0 DIANE D'ERASMO 1.0 0.0 X 0 0 0 ABBEY DONEGAR 1.0 0.0 X 0 0 0 OSCAR FELDENKREIS 1.0 0.0 X 0 0 0 MORRIS GOLDFARB 1.0 0.0 X 0 0 0 JILL GRANOFF 1.0 0.0 X 0 0 0 JULIE GREINER 1.0 0.0 X 0 0 0 SAM HADDAD 1.0 0.0 X 0 0 0 JANE HERTZMARK HUDIS 1.0 0.0 X 0 0 0 LAURENCE C LEEDS JR 1.0 0.0 X 0 0 0 KEVIN B MANSELL 1.0 0.0 X 0 0 0 TOM NASTOS 1.0 0.0 X 0 0 0 ELIZABETH T PEEK 1.0 0.0 X 0 0 0 ROBERTO RAMOS 1.0 0.0 X 0 0 0 BRUCE P ROCKOWITZ 1.0 0.0 X 0 0 0 PETER G SCOTESE 1.0 0.0 X 0 0 0 J MICHAEL STANLEY 1.0 0.0 X 0 0 0 DR JOYCE F BROWN 10.0 0.0 X X 44672 0 0 HELEN MCCLUSKY 1.0 0.0 X 0 0 0 SHERRY BRABHAM 1.0 0.0 X 6667 0 0 DAWN B DUNCAN 40.0 0.0 X 229736 0 39515 TERRY CULVER 40.0 0.0 X 160480 0 37315 VICTORIA GURANOWSKI 40.0 0.0 X 141683 0 35265 KEVIN HERVAS 40.0 0.0 X 103232 0 18044 686470 0 130139 4 false true true 42ND STREET LESSEE LLC 110 E 42 STREET NEW YORK NY 10017 CATERING 157999 GALE BRANDING 515 WEST 20TH STREET 6TH FL NEW YORK NY 10011 SPECIAL EVENTS SUPP 105031 2 103200 312302 22500 7394238 7832240 0 634589 634589 0 0 0 0 0 15293976 14717620 576356 576356 576356 1067260 312302 336241 731019 731019 0 0 0 9774204 1941964 750359 750359 1303829 1303829 0 0 54672 54672 0 900148 900148 107441 107441 414751 414751 67027 67027 0 0 44910 44910 0 0 99779 99779 279472 169983 46435 63054 73722 62701 11021 239784 227706 12078 0 0 1173 1173 218515 198815 19700 0 159532 104330 1823 53379 0 0 0 0 MUSEUM MATERIALS 142619 142619 EXHIBITIONS 8484 8484 LIBRARY MATERIALS 5375 5375 COLLEGE SUBSIDIES & MISC EXP 50656 50656 4922248 3026030 1760085 136133 1231029 2126660 4989160 4977176 0 0 2165333 4489683 0 0 0 0 0 0 0 0 69265 67710 0 22542386 25284217 7188242 8273055 0 0 0 0 413963 495359 38599378 45713860 624278 709234 0 0 58000 324000 0 0 0 0 0 0 0 0 0 0 146327 485399 828605 1518633 X 2398278 2192218 10437978 15631005 24934517 26372004 37770773 44195227 38599378 45713860 X 4851956 1254890 317608 X false true X true false X 3909335 4625177 2832349 6015838 8563259 25945958 0 0 3909335 4625177 2832349 6015838 8563259 25945958 4023706 21922252 457210 569982 769537 831522 634589 3262840 230 230 0 29209028 0.75053 0.74400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 28597219 1306887 2174607 915015 68654 31095044 29787663 240706 -223331 1140274 67545 28597219 26543420 203483 3181857 136593 4504 29787663 23323376 1073644 1799533 291866 4712 25899975 28374265 305086 -3990218 1362236 3521 23323376 0.02000 0.84000 0.14000 false false 0 0 DUE TO AFFILIATE (FIT) 235399 HOUSING CORPORATION) 250000 485399 X 11246923 1254890 317608 1572498 9674425 99779 99779 9774204 4822469 4822469 99779 99779 4922248 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 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, 2013 AND 2012. OTHER ADJUSTMENTS PART XI, LINE 2D CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 81,396 NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 236,212 ----------- TOTAL 317,608 =========== Central America and the Caribbean Investments 3511026 3511026 3511026 true false true true false false DINNER 1142602 180802 961800 157999 125190 GOLF CLASSIC 236960 131500 105460 46491 6561 0 1379562 312302 1067260 204490 131751 336241 731019 true FIT STUDENT HOUSING CORPORATION 227 WEST 27TH STREET NEW YORK NY 10001 133263493 501(C)(3) 250000 DORM OPERATING SUPT 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 485359 DEPARTMENTAL SUPPORT 2 SCHOLARSHIPS AND AWARDS FOR STUDENTS OF F.I.T 1757 1296629 EMERGENCY RELIEF GRANT 8 7200 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 TECHONOLGY. THE EMERGENCY RELIEF GRANTS PAID WERE FOR HURRICANE SANDY RELIEF. HURRICANE SANDY WAS A PRESIDENTIALLY DECLARED DISASTER. X X X X false false false false false false false false false DAWN B DUNCAN 229736 0 0 0 0 0 18400 0 21115 0 269251 0 0 0 TERRY CULVER 160480 0 0 0 0 0 16200 0 21115 0 197795 0 0 0 VICTORIA GURANOWSKI 141683 0 0 0 0 0 14150 0 21115 0 176948 0 0 0 COMPENSATION FROM UNRELATED ORGANIZATION FORM 990, PART VII, SECTION A, LINE 5 THE FASHION INSTITUTE OF TECHNOLOGY, AN UNRELATED ORGANIZATION, PAID DAWN B. DUNCAN A TOTAL OF $269,251 FOR HER 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 236,212 CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 81,396 --------- OTHER CHANGES IN NET ASSETS OR FUND BALANCES 317,608 ==========