Form 990 for tax year 2023
Filed by FASHION INSTITUTE OF TECHOLOGY FOUNDATION.
Totals
- Total revenue
- $7,222,532
- Total expenses
- $7,380,322
- Contributions and grants received
- $4,944,142
- Grants paid
- $4,588,454
- Program service revenue
- $0
- Investment income
- $2,583,325
- Other revenue
- -$304,935
- Total assets, end of year
- $75,238,646
- Total liabilities, end of year
- $2,509,944
- Net assets or fund balances, end of year
- $72,728,702
- Program services expenses (Part IX)
- $5,468,297
- Management and general expenses
- $1,737,604
- Fundraising expenses
- $174,421
- Program service expenses (Part III)
- $5,468,297
Program services were 74.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1b · Membership dues
$45,700
-
1c · Fundraising events
$810,684
-
1f · All other contributions, gifts and grants
$4,087,758
-
3 · Investment income
total $2,097,062 · excluded $2,097,062
-
7a · Gross sales of assets other than inventory
securities $13,084,153
-
7b · Less cost or other basis and sales expenses
securities $12,597,890
-
7c · Gain or loss
securities $486,263
-
7d · Net gain or loss
total $486,263 · excluded $486,263
-
8a · Fundraising events: gross income
$155,233
-
8a · Fundraising events: contributions included on line 1c
$810,684
-
8b · Fundraising events: direct expenses
$460,168
-
8c · Net income from fundraising events
total -$304,935 · excluded -$304,935
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $2,200,134 · program services $2,200,134
-
2 · Grants to domestic individuals
total $2,388,320 · program services $2,388,320
-
5 · Compensation of officers, directors and key employees
total $457,247 · management and general $457,247
-
7 · Other salaries and wages
total $190,000 · management and general $190,000
-
8 · Pension plan contributions
total $69,888 · management and general $69,888
-
9 · Other employee benefits
total $394,955 · management and general $394,955
-
10 · Payroll taxes
total $48,271 · management and general $48,271
-
11b · Fees: legal
total $1,525 · management and general $27 · fundraising $1,498
-
11c · Fees: accounting
total $77,000 · management and general $77,000
-
11f · Fees: investment management
total $264,701 · management and general $264,701
-
11g · Fees: other
total $447,236 · program services $311,572 · management and general $48,806 · fundraising $86,858
-
12 · Advertising and promotion
total $1,150 · program services $1,000 · management and general $150
-
13 · Office expenses
total $459,759 · program services $273,200 · management and general $186,559
-
16 · Occupancy
total $7,290 · program services $7,290
-
17 · Travel
total $130,622 · program services $92,879 · fundraising $37,743
-
19 · Conferences, conventions and meetings
total $176,903 · program services $128,581 · fundraising $48,322
-
24a · Other expenses: EXHIBITIONS
total $58,733 · program services $58,733
-
24b · Other expenses: LIBRARY MATERIALS
total $6,500 · program services $6,500
-
24c · Other expenses: MISCELLANEOUS
total $88 · program services $88
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $11,117,195 · end of year $10,702,778
-
4 · Accounts receivable
beginning of year $2,643,446 · end of year $1,845,872
-
9 · Prepaid expenses and deferred charges
beginning of year $38,065 · end of year $52,854
-
11 · Investments: publicly traded securities
beginning of year $41,428,520 · end of year $48,121,704
-
12 · Investments: other securities
beginning of year $13,380,851 · end of year $14,044,326
-
15 · Other assets
beginning of year $387,992 · end of year $471,112
-
17 · Accounts payable and accrued expenses
beginning of year $554,051 · end of year $759,014
-
19 · Deferred revenue
beginning of year $434,000 · end of year $328,500
-
25 · Other liabilities
beginning of year $330,976 · end of year $1,422,430
-
27 · Net assets without donor restrictions
beginning of year $1,699,340 · end of year $2,329,989
-
28 · Net assets with donor restrictions
beginning of year $65,977,702 · end of year $70,398,713
Mission and programs · 2023
Mission
THE FIT FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.
Activities or mission (Part I)
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.
-
SCHOLARSHIPS & AWARDS:DURING FY 2024 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 564 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY.
Expenses $2,388,320 · Grants $2,388,320
-
FUNDRAISING:THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.
Expenses $3,079,977 · Grants $2,200,134
As filed on the 2023 return.
Listed in Part VII
-
Douglas HandDOUGLAS HAND
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Sarah Curtis HenrySARAH CURTIS HENRY
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Ivan BartIVAN BART
DIRECTOR (END 10/23)
- Total calculated
- $0
- Hours/week
- 1
-
Adam BanfieldADAM BANFIELD
DIRECTOR (START 09/23)
- Total calculated
- $0
- Hours/week
- 1
-
David CaseyDAVID CASEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tom ChuTOM CHU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lisa ClydeLISA CLYDE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sarah DavisSARAH DAVIS
DIRECTOR (START 09/23)
- Total calculated
- $0
- Hours/week
- 1
-
Fredric DechnikFREDRIC DECHNIK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Trish DonnellyTRISH DONNELLY
DIRECTOR (START 12/23)
- Total calculated
- $0
- Hours/week
- 1
-
Abbey DonegerABBEY DONEGER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Muge Erdirik DoganMUGE ERDIRIK DOGAN
DIRECTOR (END 11/23)
- Total calculated
- $0
- Hours/week
- 1
-
Sam HaddadSAM HADDAD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jane Hertzmark HudisJANE HERTZMARK HUDIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eric FischERIC FISCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Robert FischROBERT FISCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Leslie GiffordLESLIE GIFFORD
DIRECTOR (END 08/23)
- Total calculated
- $0
- Hours/week
- 1
-
Morris GoldfarbMORRIS GOLDFARB
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Maloni GossMALONI GOSS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Geoffrey GreenbergGEOFFREY GREENBERG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Madeline GardnerMADELINE GARDNER
DIRECTOR (START 09/23)
- Total calculated
- $0
- Hours/week
- 1
-
Gigi Ganatra DuffGIGI GANATRA DUFF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dayna Isom JohnsonDAYNA ISOM JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Allison LeeALLISON LEE
DIRECTOR (END 12/23)
- Total calculated
- $0
- Hours/week
- 1
-
Laurence C Leeds JrLAURENCE C LEEDS JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kamie LightburnKAMIE LIGHTBURN
DIRECTOR (START 12/23)
- Total calculated
- $0
- Hours/week
- 1
-
Fern MallisFERN MALLIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Alex MontefalcoALEX MONTEFALCO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Corey MoranCOREY MORAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bruce P RockowitzBRUCE P ROCKOWITZ
DIRECTOR (END 12/23)
- Total calculated
- $0
- Hours/week
- 1
-
Robert RizzoloROBERT RIZZOLO
DIRECTOR (START 09/23)
- Total calculated
- $0
- Hours/week
- 1
-
Jamie SingletonJAMIE SINGLETON
DIRECTOR (END 08/23)
- Total calculated
- $0
- Hours/week
- 1
-
J Michael StanleyJ MICHAEL STANLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Molly TaylorMOLLY TAYLOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Amber VallettaAMBER VALLETTA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Philips McCartyPHILIPS MCCARTY
EXECUTIVE DIRECTOR
- Total calculated
- $0
- Hours/week
- 35
-
Dr Joyce F BrownDR JOYCE F BROWN
CHIEF EXECUTIVE OFFICER
- Total calculated
- $44,672
- From this org
- $44,672
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Sherry BrabhamSHERRY BRABHAM
CHIEF FINANCIAL OFFICER
- Total calculated
- $10,000
- From this org
- $10,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Dulce KontakDULCE KONTAK
ASSISTANT TO VP
- Total calculated
- $156,595
- From this org
- $102,373
- From related orgs
- $0
- Other
- $54,222
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $102,373
- Bonus
- $0
- Other
- $0
- Deferred
- $10,531
- Nontaxable benefits
- $43,691
- Filer's total
- $156,595
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
FASHION INSTITUTE OF TECHNOLOGY
$2,200,134
DEPARTMENTAL SUPPORT
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 25 April 2025
- IRS schema version
- 2023v6.0
- Source object
- 202541219349300319
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.