Florida Institute Of Technology Inc
- Assets
- $380.1m
- Revenue
- $191.4m
- Investments
- $129.2m
- Employees
- 2,753
- Location
- Melbourne, FL
- Founding
- 01/1960
- Data as of
- 06/2021
- EIN
- 59-6046500
Organization Overview
Florida Institute Of Technology Inc is located in Melbourne, FL. The organization was established in 1960. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2021, Florida Institute Of Technology Inc employed 2,753 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Institute Of Technology Inc 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, Florida Institute Of Technology Inc generated $191.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $179.9m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FLORIDA INSTITUTE OF TECHNOLOGY'S MISSION IS TO PROVIDE HIGH-QUALITY EDUCATION TO A CULTURALLY DIVERSE STUDENT BODY IN ORDER TO PREPARE STUDENTS FOR ENTERING THE GLOBAL WORKFORCE, SEEKING HIGHER-EDUCATION OPPORTUNITIES, AND SERVING WITHIN THEIR COMMUNITIES. THE UNIVERSITY ALSO SEEKS TO EXPAND KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH AND TO SERVE THE DIVERSE ECONOMIC, CULTURAL, AND SOCIETAL NEEDS OF OUR LOCAL, STATE, NATIONAL AND INTERNATIONAL CONSTITUENCIES.
Describe the Organization's Program Activity:
INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,475 UNDERGRADUATE, 2,197 GRADUATE AND 525 DOCTORATE STUDENTS ON CAMPUS AND OFF CAMPUS SITES. IN ADDITION, THERE WERE 2,301 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: ENGINEERING, SCIENCE, AERONAUTICS, PSYCHOLOGY, LIBERAL ARTS, BUSINESS, AVIATION.
STUDENT SERVICES, AUXILIARY ENTERPRISES, AND OTHER REVENUES MAJOR SERVICES PROVIDED ARE HOUSING AND DINING. IN ADDITION, CAMPUS LIFE REVOLVES AROUND THE CLEMENTE CENTER FOR SPORTS AND RECREATION, THE DENIUS STUDENT CENTER AND PANTHER PLAZA. STUDENTS PARTICIPATE IN A WIDE VARIETY OF INTRAMURAL SPORTS, MORE THAN 100 STUDENT ORGANIZATIONS AND 19 INTERCOLLEGIATE SPORTS. FROM GREEK LIFE TO THE COLLEGE PLAYERS THEATRICAL ORGANIZATION, STUDENTS ARE ACTIVELY INVOLVED IN THE LIFE OF THE CAMPUS COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr T Dwayne Mccay President/ce | OfficerTrustee | 40 | $713,326 |
Steve Englehart Coach (thru | 40 | $492,704 | |
Eric Kledzik SVP (thru 4/ | 40 | $350,394 | |
Marco Carvalho Evp/provost | Officer | 40 | $326,792 |
Frank Kinney Vp/sec(thru | 40 | $286,052 | |
Marsha Bewersdorf Svp/cfo (thr | Officer | 40 | $285,327 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ivey's Construction Inc Construction | 6/29/21 | $12,215,816 |
Bisk Education Inc Online Ed. | 6/29/21 | $7,496,944 |
National Management Resources Corp Janitorial | 6/29/21 | $2,576,151 |
Ellucian Co Lp Software | 6/29/21 | $1,778,772 |
Aba Technologies Inc Online Ed. | 6/29/21 | $7,942,327 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $792,542 |
| Related organizations | $0 |
| Government grants | $21,406,318 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,339,573 |
| Noncash contributions included in lines 1a–1f | $167,862 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,538,433 |
| Total Program Service Revenue | $160,259,285 |
| Investment income | $1,101,232 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $701,180 |
| Net Gain/Loss on Asset Sales | $1,675,959 |
| Net Income from Fundraising Events | $56,827 |
| Net Income from Gaming Activities | $92,183 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $191,425,099 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,043,708 |
| Compensation of current officers, directors, key employees. | $2,272,331 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,537,837 |
| Pension plan accruals and contributions | $2,700,639 |
| Other employee benefits | $12,879,509 |
| Payroll taxes | $6,164,489 |
| Fees for services: Management | $1,195,053 |
| Fees for services: Legal | $219,409 |
| Fees for services: Accounting | $262,524 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,936,489 |
| Advertising and promotion | $2,711,297 |
| Office expenses | $10,716,683 |
| Information technology | $5,252,617 |
| Royalties | $6,667 |
| Occupancy | $20,170,436 |
| Travel | $395,924 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $440,553 |
| Interest | $4,107,102 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,012,876 |
| Insurance | $4,505,070 |
| All other expenses | $0 |
| Total functional expenses | $179,874,014 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,843,340 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,707,645 |
| Accounts receivable, net | $7,002,291 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,587,569 |
| Inventories for sale or use | $1,403,357 |
| Prepaid expenses and deferred charges | $5,400,900 |
| Net Land, buildings, and equipment | $199,158,820 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $129,212,083 |
| Investments—program-related | $0 |
| Intangible assets | $85,096 |
| Other assets | $1,698,043 |
| Total assets | $380,099,144 |
| Accounts payable and accrued expenses | $34,527,131 |
| Grants payable | $0 |
| Deferred revenue | $5,035,638 |
| Tax-exempt bond liabilities | $106,886,415 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,508,425 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,283,753 |
| Total liabilities | $166,241,362 |
| Net assets without donor restrictions | $107,574,284 |
| Net assets with donor restrictions | $106,283,498 |
| 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 | $380,099,144 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Florida Institute Of Technology Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Balda Family Foundation Inc Satellite Beach, FL PURPOSE: SCHOLARSHIPS | $7,500 |
Dubose Foundation Marana, AZ PURPOSE: EDUCATION | $2,500 |
Endowment Analysis
| Beg. Balance | $81,763,706 |
| Earnings | $31,021,858 |
| Admin Expense | -$511,385 |
| Net Contributions | $2,068,809 |
| Other Expense | -$5,034,180 |
| Grants | -$1,441,209 |
| Ending Balance | $107,867,599 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nova Southeastern University Inc Fort Lauderdale, FL | $1,812,347,063 | $836,787,691 |
Emory University Decatur, GA | $308,834,835 | $526,678,235 |
Embry-Riddle Aeronautical Daytona Beach, FL | $1,265,271,185 | $616,318,485 |
Savannah College Of Art And Design Inc Savannah, GA | $1,297,162,714 | $587,003,201 |
The Corporation Of Mercer University Macon, GA | $975,470,567 | $444,048,225 |
University Of Tampa Tampa, FL | $995,322,258 | $426,783,303 |
Stetson University Inc DeLand, FL | $684,046,890 | $288,494,091 |
Samford University Birmingham, AL | $801,305,714 | $280,325,292 |
Barry University Inc Miami Shores, FL | $233,517,210 | $207,474,088 |
Saint Leo University Inc Saint Leo, FL | $243,651,425 | $167,609,731 |
Florida Institute Of Technology Inc Melbourne, FL | $380,099,144 | $191,425,099 |
Jacksonville University Jacksonville, FL | $361,875,229 | $172,045,418 |