FASHION INSTITUTE OF TECHNOLOGY FOUNDATION

EIN: 135675757 501(c)(3)

NEW YORK, NY

Total Revenue
$9,446,809
Total Expenses
$6,170,679
Total Assets
$85,746,981
Net Assets
$79,364,466
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1944
Legal Domicile
NY
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 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.

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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%)

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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

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Liquidity & Cash Position

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

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Governance

Voting Members
33
Independent Members
32
Employees
10
Volunteers
37

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
3
$54,672
Total Directors
37
$0
Key Employees
0
$0
Highest Compensated
5
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
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