Fashion Institute Of Techology Foundation
- Assets
- $66.3m
- Revenue
- $4.9m
- Investments
- $10.7m
- Employees
- 14
- Location
- New York, NY
- Founding
- 01/1946
- Data as of
- 06/2021
- EIN
- 13-5675757
Organization Overview
Fashion Institute Of Techology Foundation is located in New York, NY. The organization was established in 1946. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, Fashion Institute Of Techology Foundation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fashion Institute Of Techology Foundation 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 06/2021, Fashion Institute Of Techology Foundation generated $4.9m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $3.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (7.5%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Fashion Institute Of Techology Foundation has awarded 13 individual grants totaling $6,224,342. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT (SEE SCH. O)THE FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS & AWARDS:DURING FY 2022 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 700 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY.
FUNDRAISING:THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Sheinbaum Chair | Trustee | 1 | $0 |
Amber Allen Director | Trustee | 1 | $0 |
Ivan Bart Director | Trustee | 1 | $0 |
Fredric Dechnik Director | Trustee | 1 | $0 |
Abbey Doneger Director | Trustee | 1 | $0 |
Robert Fisch Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Other Side Of The Brain Events & Design | 6/29/22 | $167,801 |
10 South Street Banquet Operator Events & Catering | 6/29/22 | $109,225 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,228,277 |
| Investment income | $1,689,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,048,986 |
| Net Income from Fundraising Events | -$57,698 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,909,320 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $1,254,884 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $54,672 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $668,394 |
| Pension plan accruals and contributions | $76,909 |
| Other employee benefits | $275,016 |
| Payroll taxes | $57,346 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $50 |
| Fees for services: Accounting | $55,685 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $31,250 |
| Fees for services: Investment Management | $204,670 |
| Fees for services: Other | $314,130 |
| Advertising and promotion | $1,250 |
| Office expenses | $162,416 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $13,194 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,149 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,682,682 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,687,182 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,258,707 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $304 |
| Investments—publicly traded securities | $45,207,119 |
| Investments—other securities | $10,677,002 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $495,632 |
| Total assets | $66,325,946 |
| Accounts payable and accrued expenses | $665,973 |
| Grants payable | $0 |
| Deferred revenue | $479,965 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $728,817 |
| Total liabilities | $1,874,755 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $64,451,191 |
Grants Awarded
Over the last fiscal year, Fashion Institute Of Techology Foundation has awarded $465,468 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FASHION INSTITUTE OF TECHNOLOGY PURPOSE: DEPARTMENTAL SUPPORT | $450,468 |
FASHION INSTITURE OF TECHNOLOGY PURPOSE: CAPITAL SUPPORT | $15,000 |