2012-03-01T15:31:09-06:00 2011-04-30 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2010-05-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY FLOR 3216747297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 ROBERT NIEBUHR 3216747297 2012-02-23 true ROSS WHITLEY 3217572020 2012-03-01 2010 2016-02-24 21:20:13Z ROBERT NIEBUHR 150 W UNIVERSITY BLVD MELBOURNE FL 32901 317074890 false X WWW.FIT.EDU X 1958 FL TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. 34 30 3279 11188247 -600001 32467772 92276600 143292442 158953362 1743589 6622757 87673 28459 177591476 257881178 46080035 108950316 0 73947756 81045790 55515 50400 4024251 51397717 63912780 171481023 253959286 6110453 3921892 181095601 190430858 78949977 84460383 102145624 105970475 X TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. false false 60670055 8246799 126011923 STATEMENT OF INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 2,503 UNDERGRADUATE AND 2,336 GRADUATE STUDENTS ON-CAMPUS, IN ADDITION TO 4,146 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: SCIENCE, ENGINEERING, AERONAUTICS, BUSINESS, HUMANITIES, MATHEMATICS, PSYCHOLOGY, AVIATION, COMMUNICATIONS,COMPUTER TECHNOLOGY, ENVIRONMENTAL STUDIES, AND EDUCATION. 109234798 79490901 STATEMENT OF STUDENT AID THE UNITED STATES GOVERNMENT AND SEVERAL STATES PROVIDE FUNDS FOR OUR 4,839 STUDENTS ON OUR CAMPUSES IN MELBOURNE, FL; REDSTONE, AL; PICATINNY, NJ; HAMPTON ROADS, FORT LEE AND NCR, VA; AS WELL AS OUR ABERDEEN AND PATUXENT, MD LOCATIONS. FUNDS WERE ALSO PROVIDED FOR THOSE STUDENTS OPTING TO TAKE CLASSES VIA INTERNET. THE SCHOLARSHIPS AND OTHER FINANCIAL AID SUPPORTED MANY BRIGHT FUTURES STUDENTS, TEACHING STUDENTS, SCIENCE AND ENGINEERING STUDENTS, AND CHILDREN OF DECEASED OR DISABLED VETERANS. 36246618 15655342 STUDENT SERVICES AND AUXILIARY ENTERPRISES EVERYTHING AT FLORIDA INSTITUTE OF TECHNOLOGY IS DESIGNED TO PROVIDE STUDENTS THE BEST LEARNING ENVIRONMENT POSSIBLE FROM THE COMFORT OF THEIR LIVING QUARTERS TO THE CONVENIENCE OF DINING, VENDING, AND LAUNDRY FACILITIES. EVERY EFFORT IS MADE TO ENSURE THAT THE STUDENTS ARE ABLE TO SPEND QUALITY TIME PURSUING THEIR STUDIES. CAMPUS LIFE CENTERS AROUND THE CLEMENTE CENTER FOR SPORTS AND RECREATION, THE DENIUS STUDENT CENTER, AND PANTHER PLAZA. STUDENTS PARTICIPATE IN A WIDE RANGE OF INTRAMURAL SPORTS, STUDENT ORGANIZATIONS, AND INTERCOLLEGIATE SPORTS. STUDENTS ARE ACTIVELY INVOLVED IN THE LIFE OF THE CAMPUS COMMUNITY. 10641497 6238104 OTHER PROGRAM SERVICES: SPONSORED RESEARCH AND TRAINING PROGRAM. 10641497 6238104 216792968 true false false true false false false true false true true true false false true false true false true true true false false true true true false false true true false false false true false true false true true true false false true false false false false false true 15640 9 true 3279 true true true false false false false true true false true true false X 34 30 true false false false false false false true true false false true true true true true true true true false FL X X ROBERT NIEBUHR 3216747297 150 W UNIVERSITY BLVD MELBOURNE FL 32901 ANTHONY J CATANESE 40.00 X X 556392 0 26389 RAYMOND A ARMSTRONG MD 2.00 X 0 0 0 RICHARD N BANEY MD 2.00 X 0 0 0 NATHAN M BISK 2.00 X 0 0 0 HARRY E BRANDON 2.00 X 0 0 0 JOSEPH CARUSO 2.00 X 0 0 0 ANDREW M CLARK PHD 2.00 X 0 0 0 CHARLES CLEMENTE 2.00 X 0 0 0 DALE A DETTMER JD 2.00 X 0 0 0 PHILLIP W FARMER 2.00 X 0 0 0 JOSEPH M FLAMMIO 2.00 X 0 0 0 STEVEN FREEMAN 2.00 X 0 0 0 RUTH E FUNK 2.00 X 0 0 0 JOHN T HARTLEY 2.00 X 0 0 0 HENRY HEFLICH 2.00 X 0 0 0 ALLEN S HENRY PHD 2.00 X 0 0 0 BJORNAR K HERMANSEN 2.00 X 0 0 0 ERIK E JOH 2.00 X 0 0 0 MALCOLM R KIRSCHENBAUM JD 2.00 X 0 0 0 HOWARD L LANCE 2.00 X 0 0 0 RICHARD P MCNEIGHT 2.00 X 0 0 0 WILLIAM C POTTER JD 2.00 X 0 0 0 JAMES E PRUITT 2.00 X 0 0 0 KENNETH P REVAY 2.00 X 0 0 0 MICHAEL SCAFATI 2.00 X 0 0 0 EDWARD W SCOTT JR 2.00 X 0 0 0 SCOTT J SEYMOUR 2.00 X 0 0 0 JOHN L SLACK 2.00 X 0 0 0 F ALAN SMITH 2.00 X 0 0 0 ELIZABETH J SWANN 2.00 X 0 0 0 JAMES W THOMAS 2.00 X 0 0 0 THOMAS VICE 2.00 X 0 0 0 JONATHAN ZUNG 2.00 X 0 0 0 T DWAYNE MCCAY 40.00 X 314075 0 23877 JOSEPH J ARMUL 40.00 X 237446 0 13257 CLIFFORD BRAGDON 40.00 X 225983 0 23333 KENNETH STACKPOOLE 40.00 X 222309 0 25759 THOMAS D WAITE 40.00 X 214764 0 22059 WINSTON SCOTT 40.00 X 208866 0 11731 ROBERT E NIEBUHR 40.00 X 199843 0 11156 FRANK L KINNEY 40.00 X 186669 0 19791 CEM KANER 40.00 X 179868 0 29740 GARY L HAMME 40.00 X 177124 0 10092 RICHARD FORD 40.00 X 169841 0 25224 GORDON NELSON 40.00 X 165761 0 14943 MARY BETH KENKEL 40.00 X 164631 0 21581 FREDRIC M HAM 40.00 X 230595 0 13055 JOSHUA ROKACH 40.00 X 214190 0 28387 SHIRLEY BECKER 40.00 X 165695 0 29484 SAMUEL T DURRANCE 40.00 X 145525 0 25249 GERALD A MARIN 40.00 X 142648 0 31508 LYNN E WEAVER 2.00 X 143290 0 17776 4265515 424391 20 true true false SIEMENS BUILDING TECHNOLOGIES 3417 COLLECTION CENTER DR CHICAGO IL 60693 CONSTRUCTION 6145104 SUNGARD HIGHER EDUCATION INC 14083 COLLECTION CENTER DR CHICAGO IL 60693 SYSTEMS SUPPORT 2333479 ABA TECHNOLOGIES INC 2202 S BABCOCK ST MELBOURNE FL 32901 PROFESSIONAL SV 1991326 NATIONAL MANAGEMENT RESOURCES CORP PO BOX 1224 LAGRANGE GA 30241 JANITORIAL SERV 1647021 SMARDT INC 1800 TRANS CANADA HWY DORVAL CA H9P1H7 CONSTRUCTION 377000 22 162729 86848418 5265453 92276600 TUITION & FEES 127149458 127149458 HOUSING & FOOD SERVICE 15437297 15437297 FIT AVIATION, LLC 611710 11266038 11266038 OTHER 3267824 3267824 RECOVER INDIRECT COSTS-CONTRA 1832745 1832745 158953362 1032866 1032866 258487 474722 -216235 -216235 -216235 63593469 568777 58142022 430333 5451447 138444 5589891 5451447 138444 182833 162729 75601 107232 107232 100000 71034 28966 28966 INSURANCE RECOVERY 108496 108496 108496 257881178 153138771 11188247 1277560 108950316 108950316 4139276 1093951 2748140 297185 61804096 49379514 10598569 1826013 1969081 1456843 463880 48358 9274585 6625988 2310091 338506 3858752 2896768 865268 96716 8572424 4433729 3793132 345563 212082 212082 180438 180438 50400 50400 35 35 2383802 2165810 38724 179268 9435096 7400937 1773856 260303 3772938 1677796 2000083 95059 9179611 5510857 3638605 30149 2178359 1861730 218741 97888 1142058 711840 209610 220608 1416583 103413 1313170 5952312 5547812 404500 2087552 1964804 122748 COGS 4340122 4340122 BAD DEBT 2943202 2435480 505549 2173 MOD TOT. DIRECT COST-RES. 1832745 1832745 RESEARCH SCHOLARSHIP 1810249 1418144 392105 TEACHING SCHOLARSHIP 1792460 1755020 37440 4680712 3229314 1315336 136062 253959286 216792968 33142067 4024251 3268500 9191817 2624587 2630929 5055562 4509238 10371605 8746493 5980403 5485268 767176 743016 5244461 6765915 139773332 43565644 92825898 96207688 49946089 55435049 5011320 715445 181095601 190430858 20102557 19627878 7096920 12756068 26613383 26529546 977196 1291639 1646063 1615412 22513858 22639840 78949977 84460383 X 51551798 50532437 3799608 8321336 46794218 47116702 102145624 105970475 181095601 190430858 X 3921892 -97041 X false true true X true true X false false false false false false false false false false false false true 149451 149451 false false false false false SCHEDULE C, PART II-B, LINE 1I FLORIDA INSTITUTE OF TECHNOLOGY CONTRACTED WITH TWO OUTSIDE VENDORS TO SPEAK DIRECTLY TO LEGISLATORS ON ITS BEHALF. false false false false X false false false 44525330 931246 6109565 -632013 -1181924 -149443 49602761 32871772 3192007 10543158 -1158792 -753661 -169154 44525330 42289183 2883933 -10351971 -662027 -1144242 -143104 32871772 1.00000 false false false 4001431 4001431 91364336 27147252 64217084 13985393 6511038 7474355 6791160 3071890 3719270 23631012 6835464 16795548 96207688 COMMON STOCKS 20460992 F DEBT MUTUAL FUNDS 17761575 F MORTGAGE/ASSET-BACKED SECURITIES 4492699 F CORPORATE BONDS 3619772 F EQUITY MUTUAL FUNDS 2421228 F SHORT TERM INVESTMENTS 1958665 F US GOVERNMENT NOTES AND BONDS 1704607 F MANAGED FUTURES 1376578 F MUNICIPAL BONDS 1019069 F CDS/FEDRAL AGENCY 619864 F FEDERAL AGENCY SECURITIES F SURPLUS NOTES F 55435049 CAPITAL LEASE OBLIGATIONS 12100301 REFUNDABLE GOVERNMENT LOANS 4712807 ANNUITIES PAYABLE & OTHER LIAB. 3482327 INTEREST RATE SWAP LIABILITY 2344405 22639840 257881178 253959286 3921892 205094 -302135 -97041 3824851 148833821 205094 -302135 -97041 148930862 108950316 108950316 257881178 145008970 145008970 108950316 108950316 253959286 TERMS FOR NOT REPORTING ASSETS PER SFAS 116 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 ARE OBJECTS ARE RECEIVED AS A DONATION. COLLECTIONS AND RELATION TO EXEMPT PURPOSE SCHEDULE D, PAGE 2, PART III, LINE 4 TIME PERIOD CLOTHING, PIECES OF HAND WOVEN TEXTILES, ORIGINAL COLLAGE ART WORK, POETRY COLLECTION, DISPLAYS OF INTERNATIONAL ART WORK USED TO FURTHER THE UNDERSTANDING OF CULTURAL AND CREATIVE ACHIEVEMENTS. INTENDED USES FOR ENDOWMENT FUNDS 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 2011, THE TRANSFER AMOUNTED TO 1,813,937. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -302,135 STUDENT FINANCIAL ASSISTANCE -108,950,316 STUDENT FINANCIAL ASSISTANCE 108,950,316 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -302,135 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B STUDENT FINANCIAL ASSISTANCE 108,950,316 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 4B STUDENT FINANCIAL ASSISTANCE 108,950,316 true true true true true true true false false false false false false false false true false true FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION SCHEDULE E LINE 6 THE UNIVERSITY PARTICIPATES IN NUMEROUS FEDERAL AND STATE PROGRAMS AS LISTED BELOW FEDERAL PROGRAMS US DEPARTMENT OF EDUCATION US DEPARTMENT OF COMMERCE US DEPARTMENT OF DEFENSE US DEPARTMENT OF ENERGY US DEPARTMENT OF HEALTH AND HUMAN SERVICES US DEPARTMENT OF HOMELAND SECURITY US DEPARTMENT OF THE INTERIOR US DEPARTMENT OF JUSTICE US DEPARTMENT OF LABOR US ARMY US SMALL BUSINESS ADMINISTRATION ENVIRONMENTAL PROTECTION AGENCY HARRIS CORPORATION CORPORATION FOR PUBLIC BROADCASTING NASA NATIONAL DEFENSE UNIVERSITY NATIONAL OCEANIC ATMOSPHERIC ADMINISTRATION NATIONAL SCIENCE FOUNDATION UNITED NATIONS COMPREHENSIVE NUCLEARTESTBAN TREATY ORGANIZATION STATE PROGRAMS FLORIDA DEPARTMENT OF EDUCATION FLORDIA DEPARTMENT OF HEALTH FLORIDA DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES FLORIDA DIVISION OF EMERGENCY MANAGEMENT STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION STATE RESEARCH AND DEVELOPMENT CLUSTER STUDENT FINANCIAL ASSISTANCE BRIGHT FUTURES false SOUTH ASIA 7 PROGRAM SERVICE STUDENT RECRUITMENT 73500 EAST ASIA 2 PROGRAM SERVICE STUDENT RECRUITMENT 11500 EUROPE 1 PROGRAM SERVICE STUDENT RECRUITMENT 1500 10 10 86500 86500 X X X X X X X true WILSON-BENNETT TECHNOLOGY INC PHONATHON false 102250 41000 61250 AMERICA FUNDRAISING AUCTIONS LIVE AUCT true 40500 27302 13198 142750 68302 74448 FL EVENING OF HOPE 174400 25000 149400 6800 6350 SPORTING AFFAIR 103375 90177 13198 9472 32772 67787 47552 20235 6448 7359 6400 345562 162729 182833 15920 14159 45522 75601 107232 100000 43000 22512 5522 false 100000 43000 22512 5522 71034 28966 FL false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false 1.00000 BINO CAMPANINI 150 W UNIVERSITY BLVD MELBOURNE FL 32901 false TAMA JOHNSON 2910 TRACK/TABULATE RESULTS X false CUSTODY OR CONTROL ARRANGEMENT SCHEDULE G PAGE 1 PART I LINE 2B COLUMN III AMERICA FUNDRAISING AUCTIONS COMPANY CONDUCTS FUNDRAISING AUCTION AND PAYS NET PROCEEDS AS CONTRIBUTIONS true ATHLETICS SCHOLARSHIPS 287 2827098 BOOK SCHOLARSHIPS 33 35988 ENDOWED SCHOLARSHIPS 168 514139 GOVERNMENT SCHOLARSHIPS 17049 71348292 FLORIDA TECH GRANTS 3703 9034531 GENERAL SCHOLARSHIPS 39 84229 GRADUATE SCHOLARSHIPS 213 859914 MERIT SCHOLARSHIPS 243 759613 NEED BASED GRANTS 44 149561 PRESIDENTIAL SCHOLARSHIPS 2117 15050383 ROOM & BOARD SCHOLARSHIPS 2 13765 OTHER RESIDENT ASSIST ROTC SCHOLARSHIPS 147 597126 STATE SCHOLARSHIPS 2078 4231750 TEACHING SCHOLARSHIPS 10 33230 VA SCHOLARSHIPS 771 3410697 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 A MONTHLY REVIEW IS CONDUCTED TO ASCERTAIN THAT REVENUES HAVE BEEN RECEIVED. THE REVIEW CONSISTS OF CONFIRMATION OF AVAILABILITY OF PROJECT FUNDS, ENSURING THAT COSTS ARE CONSISTENT WITH THE PROJECT SCHEDULE, AND THAT THEY OCCUR BETWEEN THE START AND STOP DATES OF THE PROJECT. WE CREATE REPORTS TO REVIEW EXPENDITURES, BUDGETED LINE ITEMS AND REVENUE TO AVOID OVERSPENDING, SO AS NOT TO CAUSE A DEFICIT AND LIMIT FURTHER SPENDING. WE VERIFY THAT CORRECTIONS HAVE BEEN MADE IN A TIMELY MANNER. WE MAINTAIN A CLEAR AUDIT TRAIL FOR FUTURE USE. WE MONITOR THE FINANCIAL ACTIVITY OF AWARDS FROM THE DAY IT BECOMES ACTIVE UNTIL IT IS TERMINATED. X X X X X true true X X X X false true false false false false false false false ANTHONY J CATANESE 507500 48892 26389 582781 T DWAYNE MCCAY 280140 30729 3206 23877 337952 30729 JOSEPH J ARMUL 232000 5446 13257 250703 CLIFFORD BRAGDON 213683 8827 3473 23333 249316 KENNETH STACKPOOLE 227130 -4821 25759 248068 THOMAS D WAITE 214265 499 22059 236823 WINSTON SCOTT 202607 6259 11731 220597 ROBERT E NIEBUHR 193843 6000 11156 210999 FRANK L KINNEY 183820 2849 19791 206460 CEM KANER 179868 29740 209608 GARY L HAMME 172700 4424 10092 187216 RICHARD FORD 169841 25224 195065 GORDON NELSON 163847 1914 14943 180704 MARY BETH KENKEL 166088 -1457 21581 186212 FREDRIC M HAM 230595 13055 243650 JOSHUA ROKACH 214190 28387 242577 SHIRLEY BECKER 165695 29484 195179 SAMUEL T DURRANCE 145525 25249 170774 GERALD A MARIN 142648 31508 174156 LYNN E WEAVER 132000 11290 17776 161066 SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SCHEDULE J, PAGE 1, PART I, LINE 4 T. DWAYNE MCCAY 0 30,729 0 EDWARD SCOTT JR X 1279969 1291639 false true true 1291639 NATHAN M BISK BOARD MEMBER 300000 LOAN FORGIVENESS false X 1 APPRAISED X EQUIPMENT 1 FMV false true false SUPPLEMENTAL INFORMATION SCHEDULE M, PAGE 2, PART II LINE 33 - IN CONFORMITY WITH ACCOUNTING POLICIES GENERALLY FOLLOWED BY UNIVERSITIES, 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 ART OBJECTS ARE RECEIVED AS DONATIONS. FLORIDA INSTITUTE OF TECHNOLOGY HAS ELECTED TO EXCLUDE THE VALUE OF NON-CASH GIFTS FROM THE STATEMENT OF FINANCIAL POSITION. ALL OTHER ACHIEVEMENTS DESCRIPTION FORM 990, PAGE 2, PART III, LINE 4D OTHER PROGRAM SERVICES: SPONSORED RESEARCH AND TRAINING PROGRAM. ADDITIONAL INFORMATION FORM 990, PART VI ONE BOARD MEMBER, EMPLOYED BY WELLS FARGO, PROVIDED INVESTMENT ADVISORY SERVICES FOR THE ENDOWMENT FUND. THE BOARD MEMBER IS NOT COMPENSATED DIRECTLY BY THE UNIVERSITY. THE FEES PAID TO WELLS FARGO ARE REVIEWED ANNUALLY BY THE FINANCE COMMITTEE. FEES PAID TO WELLS FARGO IN 2011 AND 2010 WERE 3,000 AND 6,000 RESPECTIVELY. THE UNIVERSITY ENTERED INTO A THREE-YEAR LEASE ON APRIL 1, 2008 (AMENDED MARCH 1, 2010), WITH A BOARD MEMBER FOR A 5,000 SQ FT STORAGE SPACE AT A BASE RENT OF 6.50 PER SQ FT PLUS COMMON AREA MAINTENANCE OF 1.98 PER SQ FT FOR THE FIRST YEAR. THE LEASE HAS AN ANNUAL COST-OF-LIVING INDEX ESCALATOR DETERMINED IN ACCORDANCE WITH THE US DEPARTMENT OF LABOR COST OF LIVING INDEX. TOTAL RENT PAYMENTS TO THE BOARD MEMBER WERE 32,500 AND 39,283 IN 2011 AND 2010, RESPECTIVELY. A BOARD MEMBER HAS GIVEN THE UNIVERSITY 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 BEGINNING TWO YEARS AFTER THE ADVANCE ON THE NOTE (AUGUST 2011). AS OF APRIL 30, 2011, 1,279,969 WAS ADVANCED TO THE UNIVERSITY. AS OF APRIL 30, 2011, THE BOARD MEMBER HAD FORGIVEN ALL INTEREST THROUGH DECEMBER 31, 2010. THE UNIVERSITY HAS AN AGREEMENT WITH BISK EDUCATION, INC (BISK) TO DEVELOP VARIOUS ONLINE DEGREE PROGRAMS AND TO MARKET AND RECRUIT STUDENTS FOR THE PROGRAMS. BISK ADVANCED PROGRAM START-UP COSTS OF 1,477,132 TO THE UNIVERSITY WHICH IS CURRENTLY RECORDED AS A LIABILITY AND WILL BE REPAID TO BISK FROM FUTURE REVENUES. SUBSEQUENT TO APRIL 30, 2009, THE UNIVERSITY RECEIVED A PLEDGE FROM A BOARD MEMBER WHO IS THE CEO 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. IN FISCAL YEAR 2011, 300,000 OF THE START-UP COSTS HAVE BEEN FORGIVEN. RELATED PARTY INFORMATION AMONG OFFICERS FORM 990, PAGE 6, PART VI, LINE 2 WELLS FARGO WELLS FARGO TRUSTEE INVESTMENT CONSULTANTS HARRY BRANDON HARRY BRANDON TRUSTEE TRUSTEE LEASING OF PROPERTY ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B A SPECIAL MEETING OF THE UNIVERSITY'S AUDIT COMMITTEE IS CONVENED FOR THE PURPOSE OF A REVIEW OF THE FORM 990 RETURN BEFORE THE RETURN IS FILED. EACH MEMBER OF THE AUDIT COMMITTEE RECEIVES A COPY OF THE RETURN TO REVIEW BEFORE THE MEETING. BEFORE EACH MEMBER RECEIVES A COPY, THE FORM 990 IS REVIEWED BY THE CONTROLLER, THE ASSOCIATE VICE PRESIDENT FOR FINANCIAL PLANNING, AND THE SENIOR VICE PRESIDENT FOR FINANCIAL AFFAIRS AND CFO. ENFORCEMENT OF CONFLICTS POLICY 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 TO DISCLOSE ALL ACTIVITIES THAT ADVERSELY INFLUENCE THE EMPLOYEE'S 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 BY THE UNIVERSITY. EACH YEAR A "CONFLICT OF INTEREST" QUESTIONNAIRE IS DISTRIBUTED TO THE EMPLOYEES. AN ANNUAL REPORT IS MAINTAINED DISCLOSING ANY CONFLICTS. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A THE UNIVERSITY HAS ESTABLISHED A COMPENSATION COMMITTEE THAT 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. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B THE UNIVERSITY HAS ESTABLISHED A COMPENSATION COMMITTEE THAT 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. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION 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. OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 5 UNREALIZED GAINS 205,094 PLUS CHANGE IN VALUE OF SWAP (302,135) EQUALS OTHER CHANGES (97,041). 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