2014-12-17T11:07:06-06:00 2014-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2013-07-01 135675757 FASHION INSTITUTE OF TECHNOLOGY FOUNDATION % JOHN J JOHNSTON FASH 2122177820 227 WEST 27TH STREET Suite NEW YORK NY 10001 SHERRY BRABHAM CFO 2122174020 2014-11-11 true Jocelyne C Miller P00634378 2122174020 2013 2015-11-30 17:44:51Z DR JOYCE F BROWN 227 WEST 27 STREET NEW YORK NY 10001 13956139 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. 19 18 16 0 0 0 7832240 4804444 0 0 1210945 581351 731019 938949 9774204 6324744 2054188 2192267 0 0 1544039 947415 0 0 74377 1324021 1398143 4922248 4537825 4851956 1786919 45713860 51802966 1518633 1757820 44195227 50045146 THE CORPORATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. false false 1994409 910808 THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS. 1281459 1281459 DURING FY 2014 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 1,598 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY. 3275868 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 16 0 true 16 true false false false false false true true false false false false X 19 18 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 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 DONEGAR DIRECTOR 1.0 0.0 X 0 0 0 OSCAR FELDENKREIS DIRECTOR (RESIGNED 1/2014) 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 DR JOYCE F BROWN CHIEF EXECUTIVE OFFICER 10.0 0.0 X X 44672 0 0 SHERRY BRABHAM CHIEF FINANCIAL OFFICER 1.0 0.0 X 10000 0 0 ROBERT FERGUSON EXECUTIVE DIRECTOR(BEG 4/2014) 40.0 0.0 X 0 0 0 TERRY CULVER RES 112013 DIRECTOR OF DEVELOPMENT 40.0 0.0 X 195518 0 31340 VICTORIA GURANOWSKI DIR SPECIAL EVENTS 40.0 0.0 X 137678 0 17369 KEVIN HERVAS RES 122013 DIRECTOR OF CORP/FDN RELATIONS 40.0 0.0 X 108583 0 22890 496451 0 71599 3 false true false 42ND STREET LESSEE LLC 110 E 42 STREET NEW YORK NY 10017 CATERING 196212 GALE BRANDING 515 WEST 20TH STREET 6TH FL NEW YORK NY 10011 SPECIAL EVENTS SUPP 128256 2 105700 426725 4272019 4804444 0 644939 644939 0 0 0 0 0 7188178 7251766 -63588 -63588 -63588 1318578 426725 379629 938949 938949 0 0 0 6324744 1520300 910808 910808 1281459 1281459 0 0 54672 54672 0 695713 695713 82526 82526 63784 63784 50720 50720 0 0 48591 48591 0 0 82827 82827 347462 223424 77249 46789 12045 12015 30 355308 328717 26591 0 0 0 159767 156657 3110 0 176697 147342 4877 24478 0 0 0 0 MUSEUM MATERIALS 36558 36558 0 0 EXHIBITIONS 4432 4432 LIBRARY MATERIALS 350 350 MISC. 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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, 2014 AND 2013. OTHER ADJUSTMENTS PART XI, LINE 2D CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 46,826 NET CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION (43,216) ---------- TOTAL 3,610 ========== Central America and the Caribbean Investments 3818264 3818264 3818264 true false true true false false DINNER 1422225 274725 1147500 196212 116242 GOLF CLASSIC 323078 152000 171078 48376 18799 0 1745303 426725 1318578 244588 135041 379629 938949 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 8500 FIT CAPITAL PROJECTS FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH STREET NEW YORK NY 10001 132556338 115 652308 DEPARTMENTAL SUPPORT 2 SCHOLARSHIPS AND AWARDS FOR STUDENTS OF F.I.T 1598 1280059 EMERGENCY RELIEF GRANT 2 1400 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. X X X X false false false false false false false false false TERRY CULVER RES 112013 DIRECTOR OF DEVELOPMENT 195518 0 0 0 0 0 19701 0 11639 0 226858 0 0 0 VICTORIA GURANOWSKI DIR SPECIAL EVENTS 137678 0 0 0 0 0 13749 0 3620 0 155047 0 0 0 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 (43,216) CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 46,826 --------- OTHER CHANGES IN NET ASSETS OR FUND BALANCES 3,610 ==========