Pratt Institute is located in Brooklyn, NY. The organization was established in 1935. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Pratt Institute employed 3,619 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pratt Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Pratt Institute generated $327.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $300.9m during the year ending 06/2022. While expenses have increased by 4.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY.
Describe the Organization's Program Activity:
INSTRUCTION: PRATT INSTITUTE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION, AN INSTITUTIONAL ACCREDITING AGENCY RECOGNIZED BY THE US SECRETARY OF EDUCATION AND THE COMMISSION ON RECOGNITION OF POSTSECONDARY ACCREDITATION. THE INSTITUTE OFFERS 5 ASSOCIATE, 27 UNDERGRADUATE, AND 36 GRADUATE DEGREE PROGRAMS IN ART, DESIGN, ARCHITECTURE, LIBERAL ARTS AND SCIENCES, AND INFORMATION AND LIBRARY SCIENCES (GRADUATE LEVEL ONLY). (SEE CONTINUATION IN SCHEDULE O)
STUDENT SERVICES:EXPENSES INCURRED FOR STUDENT' ACTIVITIES AND EVENTS BY THE FOLLOWING DEPARTMENTS: ADMISSIONS, REGISTRAR, BURSAR, FINANCIAL AID, ATHLETICS, INTERNATIONAL AFFAIRS, HEALTH & COUNSELING, CAREER SERVICES AND OTHER STUDENT SUPPORT. THE STUDENT AFFAIRS DIVISION PROVIDES PROGRAMS AND SERVICES THAT PROMOTE STUDENT PERSONAL AND PROFESSIONAL DEVELOPMENT, FOSTERS A CAMPUS ENVIRONMENT THAT IS CONDUCIVE TO STUDENT LEARNING AND ADVOCATES FOR AND SUPPORTS STUDENTS AS THEY MEET ACADEMIC AND PERSONAL CHALLENGES. THE OFFICE OF INTERNATIONAL AFFAIRS PROVIDES SERVICES TO INTERNATIONAL STUDENTS FROM OVER 75 COUNTRIES AS WELL AS J-1 EXCHANGE VISITORS, EXCHANGE STUDENTS, PROFESSORS, AND SCHOLARS. THE OFFICE IS RESPONSIBLE TO ENSURE THE INSTITUTE'S COMPLIANCE WITH REQUIREMENTS OF THE DEPARTMENT OF HOMELAND SECURITY AND DEPARTMENT OF STATE. INSTITUTIONAL SUPPORT:INCLUDES EXPENDITURES PRIMARILY INCURRED BY THE OFFICES OF SECURITY, STRATEGIC PLANNING, INSTITUTIONAL RESEARCH, INFORMATION TECHNOLOGY, MARKETING, FINANCE, AND OTHER GENERAL EXPENSES OF THE INSTITUTION.OPERATION AND MAINTENANCE OF PLANT: INCLUDES EXPENSES FOR THE MAINTENANCE AND UPKEEP OF BUILDINGS, MANAGEMENT AND SUPPORT OF THE OPERATIONS OF PHYSICAL PLANT FACILITIES, UTILITIES, CLEANING AND OTHER RELATED FUNCTIONS, CAPITAL RENOVATION AND DEFERRED MAINTENANCE PROJECTS. THE INSTITUTE IS CURRENTLY UNDERGOING A MAJOR UPGRADE TO ITS AGING STEAM PLANT IN ORDER TO REDUCE CARBON EMISSIONS AND COMPLY WITH LOCAL CARBON REDUCTION REQUIREMENTS. PUBLIC SERVICE:THE INSTITUTE PLAYS AN ACTIVE ROLE IN COMMUNITY-BASED PLANNING AND RESEARCH PROGRAMS THAT EMPOWER LOCAL RESIDENTS AND BUSINESSES TO DEVELOP ROBUST URBAN CENTERS IN WHICH TO WORK, PLAY AND LIVE. COMMUNITY BASED PROGRAMS INCLUDE THE LONG-RUNNING SATURDAY ART SCHOOL AND PRATT YOUNG SCHOLARS PROGRAM. SERVICES OF THE SPATIAL ANALYSIS AND VISUALIZATION LAB ARE AVAILABLE TO THE COMMUNITY AND REGULARLY PROVIDES GIS TECHNICAL ASSISTANCE TO NEW YORK CITY-BASED NONPROFIT, CIVIC, AND COMMUNITY-BASED PLANNING ORGANIZATIONS. SAVI MAINTAINS A DATABASE OF SPATIAL AND INFORMATIONAL DATA SETS, AVAILABLE FOR PUBLIC USE ON MOST NETWORKED COMPUTERS ON THE BROOKLYN CAMPUS. PRATT CENTER FOR COMMUNITY DEVELOPMENT: ESTABLISHED IN 1963, THE CENTER WORKS FOR A MORE SUSTAINABLE AND EQUITABLE CITY IN PARTNERSHIP WITH COMMUNITY-BASED ORGANIZATIONS, SMALL BUSINESSES, AND POLICYMAKERS.
ACADEMIC SUPPORT: THE INSTITUTE PROVIDES FINANCIAL SUPPORT IN THE FORM OF SCHOLARSHIPS TO OVER 80% OF STUDENTS. THIS ASSISTANCE IS VITAL TO FOSTERING THE UNIQUE ABILITIES OF THE TALENTED INDIVIDUALS ENROLLED AT PRATT, THE MAJORITY OF WHOM WOULD OTHERWISE BE UNABLE TO BENEFIT FROM THE WORLD-CLASS, CUTTING EDGE EDUCATION THE INSTITUTE OFFERS. (SEE CONTINUATION IN SCHEDULE O)
AUXILIARY ENTERPRISES: THE INSTITUTE MANAGES AND MAINTAINS MULTIPLE RESIDENCE HALLS WHICH PROVIDE HOUSING FOR PRATT STUDENTS. AUXILIARY ENTERPRISES ALSO INCLUDE MANAGEMENT OF THE STUDENT MEAL PROGRAM AND ATHLETIC CENTER ACTIVITIES WHICH ARE PRIMARILY MAINTAINED FOR THE USE AND CONVENIENCE OF STUDENTS, FACULTY AND STAFF.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Frances Bronet President And Trustee | OfficerTrustee | 35 | $735,438 |
Farzam Yazdanseta Act. Assoc. Chair (as Of 07/2021) | Trustee | 1 | $111,585 |
Maria Sieira Faculty Trustee (as Of 07/2021) | Trustee | 1 | $73,986 |
Richard A Sarrach Faculty Trustee (thru 06/30/2022) | Trustee | 1 | $173,569 |
Donna Moran Faculty Trustee (thru 06/30/2022) | Trustee | 1 | $106,510 |
Chanice Hughes-Greenberg Rec. Grad Trustee (thru 06/30/2022) | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Allied Universal Security Services Security | 6/29/22 | $2,105,804 |
King Rose Construction Construction | 6/29/22 | $1,071,742 |
Shr Group Inc Construction | 6/29/22 | $515,610 |
Cullen And Dykman Llp Legal | 6/29/22 | $439,457 |
Alarmingly Affordable Inc Security | 6/29/22 | $425,942 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $294,283 |
Related organizations | $0 |
Government grants | $11,146,035 |
All other contributions, gifts, grants, and similar amounts not included above | $7,961,791 |
Noncash contributions included in lines 1a–1f | $700,644 |
Total Revenue from Contributions, Gifts, Grants & Similar | $19,402,109 |
Total Program Service Revenue | $291,995,892 |
Investment income | $3,911,727 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $36,010 |
Net Rental Income | $394,267 |
Net Gain/Loss on Asset Sales | $10,127,038 |
Net Income from Fundraising Events | -$64,651 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $327,213,974 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $84,367,431 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $1,608,557 |
Compensation of current officers, directors, key employees. | $323,206 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $107,427,368 |
Pension plan accruals and contributions | $3,687,767 |
Other employee benefits | $22,929,976 |
Payroll taxes | $7,538,425 |
Fees for services: Management | $0 |
Fees for services: Legal | $758,957 |
Fees for services: Accounting | $166,539 |
Fees for services: Lobbying | $157,717 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $1,163,465 |
Fees for services: Other | $5,418,308 |
Advertising and promotion | $26,074 |
Office expenses | $22,565,226 |
Information technology | $4,274,333 |
Royalties | $0 |
Occupancy | $2,234,927 |
Travel | $1,079,839 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,471,633 |
Interest | $4,339,027 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $11,112,448 |
Insurance | $2,345,279 |
All other expenses | $708,118 |
Total functional expenses | $300,881,089 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $54,291,618 |
Savings and temporary cash investments | $16,614,453 |
Pledges and grants receivable | $4,569,236 |
Accounts receivable, net | $4,003,701 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $7,950,007 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $1,289,617 |
Net Land, buildings, and equipment | $306,724,195 |
Investments—publicly traded securities | $255,126,398 |
Investments—other securities | $65,665,643 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $3,413,715 |
Total assets | $719,648,583 |
Accounts payable and accrued expenses | $25,614,099 |
Grants payable | $0 |
Deferred revenue | $12,201,617 |
Tax-exempt bond liabilities | $52,463,798 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $74,163,259 |
Unsecured mortgages and notes payable | $9,675,010 |
Other liabilities | $29,510,864 |
Total liabilities | $203,628,647 |
Net assets without donor restrictions | $402,272,845 |
Net assets with donor restrictions | $113,747,091 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $719,648,583 |