FASHION INSTITUTE OF TECHNOLOGY FO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1944

Legal Domicile

Principal Officer

DR JOYCE F BROWN

Phone

2122177820

Tax Period

2024-07-01 to 2025-06-30

FASHION INSTITUTE OF TECHNOLOGY FOUNDATION, founded in 1944, is a community nonprofit that reported $9.4M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.3M, a strong 35% operating margin.

Mission

THE FIT FOUNDATION PROVIDES SCHOLARSHIPS, FUNDRAISING ACTIVITIES, PROGRAM SUPPORT AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.

Program Service Accomplishments

Program 1

Expenses: $2,572,916

SCHOLARSHIPS & AWARDS:DURING FY 2025 THE FIT FOUNDATION GRANTED SCHOLARSHIPS AND AWARDS TO 337 STUDENTS OF THE FASHION INSTITUTE OF TECHNOLOGY.

Program 2

Expenses: $1,563,080

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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $4,956,737

Program Service Revenue $0

Investment Income $4,426,444

Other Revenue $63,628

TOTAL REVENUE $9,446,809

Expense Breakdown

Grants Paid $3,040,789

Salaries & Benefits $1,204,796

Fundraising Expenses $172,959

Program Expenses $4,135,996

Other Expenses $1,925,094

TOTAL EXPENSES $6,170,679

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,446,809	$7,222,532	+0.3%
Expenses	$6,170,679	$7,380,322	-0.2%
Net Income	$3,276,130	$-157,790	-21.8%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$54,672

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS HAND	CHAIR	1.00	Director	$0	$0	$0
SARAH CURTIS HENRY	VICE CHAIR	1.00	Director	$0	$0	$0
ADAM BANFIELD	DIRECTOR (END 01/25)	1.00	Director	$0	$0	$0
DAVID CASEY	DIRECTOR (END 12/24)	1.00	Director	$0	$0	$0
TOM CHU	DIRECTOR	1.00	Director	$0	$0	$0
LISA CLYDE	DIRECTOR	1.00	Director	$0	$0	$0
SARAH DAVIS	DIRECTOR	1.00	Director	$0	$0	$0
FREDRIC DECHNIK	DIRECTOR	1.00	Director	$0	$0	$0
TRISH DONNELLY	DIRECTOR	1.00	Director	$0	$0	$0
ABBEY DONEGER	DIRECTOR	1.00	Director	$0	$0	$0
SAM HADDAD	DIRECTOR	1.00	Director	$0	$0	$0
JANE HERTZMARK HUDIS	DIRECTOR	1.00	Director	$0	$0	$0
ERIC FISCH	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT FISCH	DIRECTOR	1.00	Director	$0	$0	$0
MORRIS GOLDFARB	DIRECTOR	1.00	Director	$0	$0	$0
MALONI GOSS	DIRECTOR	1.00	Director	$0	$0	$0
GEOFFREY GREENBERG	DIRECTOR	1.00	Director	$0	$0	$0
MADELINE GARDNER	DIRECTOR	1.00	Director	$0	$0	$0
GIGI GANATRA DUFF	DIRECTOR (END 9/24)	1.00	Director	$0	$0	$0
DAYNA ISOM JOHNSON	DIRECTOR (END 09/24)	1.00	Director	$0	$0	$0
LAURENCE C LEEDS JR	DIRECTOR	1.00	Director	$0	$0	$0
KAMIE LIGHTBURN	DIRECTOR	1.00	Director	$0	$0	$0
FERN MALLIS	DIRECTOR	1.00	Director	$0	$0	$0
ALEX MONTEFALCO	DIRECTOR	1.00	Director	$0	$0	$0
COREY MORAN	DIRECTOR	1.00	Director	$0	$0	$0
ROBERT RIZZOLO	DIRECTOR	1.00	Director	$0	$0	$0
J MICHAEL STANLEY	DIRECTOR	1.00	Director	$0	$0	$0
MOLLY TAYLOR	DIRECTOR	1.00	Director	$0	$0	$0
AMBER VALLETTA	DIRECTOR	1.00	Director	$0	$0	$0
JACKEE DE LAGARDE	DIRECTOR (START 12/24)	1.00	Director	$0	$0	$0
SABRINA DHOWRE ELBA	DIRECTOR (START 12/24)	1.00	Director	$0	$0	$0
JENNY FRESHWATER	DIRECTOR (START 02/25)	1.00	Director	$0	$0	$0
KAREEM GAYLE	DIRECTOR (START 09/24)	1.00	Director	$0	$0	$0
GABRIELLA KHALIL	DIRECTOR (START 09/24)	1.00	Director	$0	$0	$0
MISSY POOL	DIRECTOR (START 09/24)	1.00	Director	$0	$0	$0
GWEN WHITING	DIRECTOR (START XX/XX)	1.00	Director	$0	$0	$0
KARA GAFFNEY ROSS	DIRECTOR (START 12/24)	1.00	Director	$0	$0	$0
PHILIPS MCCARTY	EXECUTIVE DIRECTOR	35.00	Officer	$0	$0	$0
DR JOYCE F BROWN	CHIEF EXECUTIVE OFFICER	10.00	Officer	$44,672	$0	$44,672
SHERRY BRABHAM	CHIEF FINANCIAL OFFICER	5.00	Officer	$10,000	$0	$10,000
JULIE SYGIEL	DIRECTOR	35.00	Highest	$141,025	$26,999	$168,024
ARIELLE DUMORNAY	DIRECTOR OF DEVELOPMENT (END 04/25)	35.00	Highest	$139,943	$26,653	$166,596
AUDREY TEUBER	ASSIST. MANAGER OF ADVANCEMENT OPER.	35.00	Highest	$107,238	$43,416	$150,654
ANGELA PREVOSTO	DATABASE ADMINISTRATOR	35.00	Highest	$108,520	$24,255	$132,775
CLAIRE GILVAR	DIRECTOR, CORPORATE ENGAGEMENT	35.00	Highest	$100,348	$35,535	$135,883

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$9,446,809	$6,170,679	$85,746,981	$3,276,130
2024	No data	No data	No data	No data
2023	$5,252,372	$5,608,981	$68,996,069	$-356,609
2022	$11,865,196	$3,861,294	$66,238,372	$8,003,902
2021	$4,909,320	$3,682,682	$66,325,946	$1,226,638
2020	$8,583,582	$4,588,818	$58,041,389	$3,994,764
2019	$7,045,132	$6,093,713	$53,219,690	$951,419
2018	$7,518,794	$5,417,502	$53,696,394	$2,101,292

FASHION INSTITUTE OF TECHNOLOGY FOUNDATION