Florida Institute Of Technology Inc
- Assets
- $392.5m
- Revenue
- $211.7m
- Investments
- $100.8m
- Employees
- 2,791
- Location
- Melbourne, FL
- Founding
- 01/1960
- Data as of
- 06/2023
- 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 06/2024, Florida Institute Of Technology Inc employed 2,791 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 06/2023, Florida Institute Of Technology Inc generated $211.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $195.5m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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:
Part 3 - Line 4a
INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 3,469 UNDERGRADUATE, 1,092 GRADUATE AND 482 DOCTORATE STUDENTS ON CAMPUS AND OFF CAMPUS SITES. IN ADDITION, THERE WERE 4,613 ONLINE STUDENTS IN UNDERGRADUATE, GRADUATE AND DOCTORAL PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: AERONAUTICS AND AVIATION, BUSINESS AND MANAGEMENT, PSYCHOLOGY AND BEHAVIOR ANALYSIS, ARTS AND COMMUNICATION, ENGINEERING, SCIENCE AND MATHEMATICS, COMPUTING, PREMED.
STUDENT SERVICES, AUXILLARY 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 16 INTERCOLLEGIATE SPORTS. FROM GREEK LIFE TO THE COLLEGE PLAYERS THATRICAL 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 |
|---|---|---|---|
Marco Carvalho Executive Di | 40 | $581,813 | |
Mr Robert King Interim Pres | Officer | 40 | $360,150 |
John Harris Dean | 40 | $339,432 | |
Hamid Rassoul Interim Prov | Officer | 40 | $299,720 |
Dr John Nicklow President | Officer | 40 | $296,848 |
Gary Grant VP Advanceme | Officer | 40 | $281,538 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aba Technologies Inc Online Ed. | 6/29/24 | $11,698,935 |
Bisk Education Inc Online Ed. | 6/29/24 | $4,575,013 |
National Management Resources Corp Janitorial | 6/29/24 | $2,781,502 |
Mammoth Sports Llc Dba Legacy Sports Surfacing Construction | 6/29/24 | $2,481,613 |
K Mills Construction Llc Construction | 6/29/24 | $2,435,662 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,668,415 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,641,795 |
| Noncash contributions included in lines 1a–1f | $14,951 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,310,210 |
| Total Program Service Revenue | $181,510,415 |
| Investment income | $4,346,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,591,009 |
| Net Gain/Loss on Asset Sales | $444,572 |
| Net Income from Fundraising Events | $152,832 |
| Net Income from Gaming Activities | $62,199 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $211,689,614 |
| 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. | $2,299,096 |
| Compensation of current officers, directors, key employees. | $1,686,858 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $80,243,366 |
| Pension plan accruals and contributions | $2,810,360 |
| Other employee benefits | $12,538,527 |
| Payroll taxes | $6,269,264 |
| Fees for services: Management | $21,448,501 |
| Fees for services: Legal | $477,080 |
| Fees for services: Accounting | $221,701 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,523,591 |
| Office expenses | $7,257,632 |
| Information technology | $5,648,210 |
| Royalties | $6,667 |
| Occupancy | $16,317,270 |
| Travel | $2,412,195 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $643,967 |
| Interest | $3,867,569 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,219,553 |
| Insurance | $5,560,433 |
| All other expenses | $895,237 |
| Total functional expenses | $195,508,670 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,171,599 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,527,497 |
| Accounts receivable, net | $13,470,758 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,488,297 |
| Inventories for sale or use | $1,660,567 |
| Prepaid expenses and deferred charges | $4,960,037 |
| Net Land, buildings, and equipment | $220,153,152 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $100,805,797 |
| Investments—program-related | $0 |
| Intangible assets | $225,682 |
| Other assets | $12,051,633 |
| Total assets | $392,515,019 |
| Accounts payable and accrued expenses | $13,005,658 |
| Grants payable | $0 |
| Deferred revenue | $5,426,973 |
| Tax-exempt bond liabilities | $99,954,093 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,282,341 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,259,710 |
| Total liabilities | $148,928,775 |
| Net assets without donor restrictions | $148,841,207 |
| Net assets with donor restrictions | $94,745,037 |
| 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 | $392,515,019 |