2019-02-15T08:39:22-06:00 2018-06-30 KPMG LLP 345 PARK AVENUE New York NY 101540102 990 2017-07-01 131913988 FIT STUDENT FACULTY CORPORATION % SHELCI GRAHAM FITS 2122173602 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY BRABHAM TREASURER 2122173617 2019-02-13 true MARY-EVELYN ANTONETTI P00431862 2127589700 2019-02-08 167.68.102.5 13407320190465000001 2019-02-15 P 7EA1B770DB0974F6EFE5187BDD75D22D29D4E064 DA4F556549C95AEC1A4590AB9843AE87D4A12B12 2017 2019-02-21 02:37:17Z X SHERRY BRABHAM 227 WEST 27TH STREET NEW YORK NY 10001 971696 false X WWW.FITNYC.EDU X 1958 NY TO PLAN, DEVELOP AND CARRY OUT PROGRAMS FOR THE BETTERMENT OF THE COLLEGE LIFE OF THE STUDENTS AND FACULTY OF THE FASHION INSTITUTE OF TECHNOLOGY. X 11 5 43 9 96419 0 0 0 570813 402901 5929 6791 -85316 96434 491426 506126 45000 5000 0 0 341747 300294 0 0 0 261305 113717 648052 419011 -156626 87115 470343 0 363113 0 107230 0 X OPERATIONS OF FOOD SERVICE, BOOKSTORE AND VENDING MACHINES FOR THE COLLEGE, AS WELL AS PROVIDING FUNDS TO ENRICH COLLEGE EDUCATIONAL AND SOCIAL PROGRAMS. THE ORGANIZATION CEASED OPERATIONS DURING THE YEAR ENDED JUNE 30, 2018. false true 195667 5000 402916 OPERATION OF FOOD SERVICE AND BOOKSTORE FOR THE COLLEGE, AS WELL AS PROVIDING FUNDS TO ENRICH COLLEGE EDUCATIONAL AND SOCIAL PROGRAMS. THE ORGANIZATION CEASED OPERATIONS DURING THE YEAR ENDED JUNE 30, 2018. 195667 true false false false false false false false false false false false false false false false true true false false false false false false false false false false false true false false false false false false false false false false true false false true false true false true 7 0 43 true true true false false false false false false false false false X 11 5 false false false false false false false true true false false true true true true true true false false false X SHELCI GRAHAM 2122173617 227 WEST 27TH STREET NEW YORK NY 10001 SHERRY BRABHAM BOARD MEMBER-ADMIN 5.0 30.0 X X 0 284298 59202 SYDNEY SCHIFF BOARD MEMBER-STUDENT(END 8/17) 2.0 0.0 X 0 0 0 EVELYN LOWE BOARD MEMBER-STUDENT(END 8/17) 2.0 0.0 X 0 0 0 JESSICA ACCARDI BOARD MEMBER-STUDENT(END 8/17) 2.0 0.0 X 0 0 0 RYAN DONOHUE BOARD MEMBER-STUDENT(BEG 9/17) 2.0 0.0 X 0 0 0 SONNE BAJWA BOARD MEMBER-STUDENT(BEG 9/17) 2.0 0.0 X 0 0 0 LANA BITTMAN BOARD MEMBER-FACULTY 2.0 33.0 X X 0 93205 21266 SARA AYOBI BOARD MEMBER-STUDENT(BEG 9/17) 2.0 0.0 X 0 0 0 JUSTINE DEYOUNG BOARD MEMBER-FACULTY(BEG 9/17) 2.0 33.0 X X 0 75287 32958 JENNIFER LOTURCO BOARD MEMBER-ADMIN(BEG 9/17) 2.0 33.0 X 0 0 0 CONCETTA HOHENSTEIN BOARD MEMBER-FACULTY(END 8/17) 2.0 33.0 X X 0 114244 27648 SHARI PRUSSIN BOARD MEMBER-ADMIN(END 8/17) 2.0 33.0 X X 0 236209 40844 SHELCI GRAHAM TREASURER 2.0 33.0 X X 0 142960 38251 AMBER CARPENTER-LAGATTUTA BOARD MEMBER-FACULTY(END 8/17) 2.0 33.0 X X 0 116581 38889 SALLY WHITE BOARD MEMBER-FACULTY(BEG 9/17) 2.0 33.0 X 0 0 0 JEAN AMATO BOARD MEMBER-FACUTY (END 8/17) 2.0 33.0 X X 0 142883 38799 SUZANNE MCGILLICUDDY BOARD MEMBER-ADMIN 2.0 0.0 X X 0 126060 43396 SARAVINE NAITINGALE BOARD MEMBER-STUDENT(BEG 9/17) 2.0 0.0 X 0 0 0 MARY OLENICZAK DIRECTOR OF EVENTS 35.0 0.0 X 138905 0 29650 138905 1331727 370903 1 false true false NONE 0 0 BOOKSTORE REVENUE 451211 183747 183747 FOOD SERVICE REVENUE 722310 129154 129154 VENDING MACHINE REVENUE 332710 90000 90000 402901 6791 6791 0 0 561989 465570 96419 0 96419 96419 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 15 15 15 506126 402916 96419 6791 5000 5000 0 0 0 0 0 266530 137985 128545 24262 12561 11701 1548 801 747 7954 4118 3836 0 0 31480 31480 0 0 0 0 238 238 4971 4971 0 0 0 0 0 0 25694 25454 240 0 0 0 46795 46795 SUBSCRIPTIONS and MEMBERSHIPS 3471 3471 TRAINING 1068 1068 419011 195667 223344 0 X 154863 0 0 0 0 0 9004 0 0 0 0 0 0 0 0 0 306476 0 0 0 0 0 0 0 0 0 0 0 0 0 470343 0 347543 0 0 0 15570 0 0 0 0 0 0 0 0 0 0 0 0 0 363113 0 X 107230 0 0 0 0 0 107230 0 470343 0 X 87115 -52865 -141480 X false true X true false X 0 0 0 0 0 0 386021 361999 400447 570813 402901 2122181 0 0 0 386021 361999 400447 570813 402901 2122181 0 0 0 2122181 366753 328662 6119 5929 6791 714254 96418 96418 366753 328662 6119 5929 103209 810672 0 0 146 39 99 15 299 752774 690807 406605 576841 506125 2933152 0.72352 0.70840 0.27638 0.29150 X 882375 376249 376249 506126 506126 795260 376249 376249 419011 419011 SCHEDULE D, PART XI, LINE 2D OTHER REVENUE IN FORM 990 PART VIII, BUT NOT IN AUDITED FINANCIAL STATEMENTS RENTAL EXPENSE $376,249 SCHEDULE D, PART XII, LINE 2 OTHER EXPENSES IN AUDITED FINANCIAL STATEMENTS, BUT NOT IN FORM 990 PART IX RENTAL EXPENSES $376,249 false false false false false false false false false SHERRY BRABHAM BOARD MEMBER-ADMIN 0 284298 0 0 0 0 0 32457 0 26745 0 343500 0 0 SHARI PRUSSIN BOARD MEMBER-ADMIN(END 8/17) 0 236209 0 0 0 0 0 29834 0 11010 0 277053 0 0 SHELCI GRAHAM TREASURER 0 142960 0 0 0 0 0 11506 0 26745 0 181211 0 0 AMBER CARPENTER-LAGATTUTA BOARD MEMBER-FACULTY(END 8/17) 0 116581 0 0 0 0 0 12144 0 26745 0 155470 0 0 JEAN AMATO BOARD MEMBER-FACUTY (END 8/17) 0 142883 0 0 0 0 0 17955 0 20844 0 181682 0 0 SUZANNE MCGILLICUDDY BOARD MEMBER-ADMIN 0 126060 0 0 0 0 0 16651 0 26745 0 169456 0 0 MARY OLENICZAK DIRECTOR OF EVENTS 138905 0 0 0 0 0 18640 0 11010 0 168555 0 0 0 METHODS USED TO DETERMINE COMPENSATION SCHEDULE J, PART I, LINE 3 THE CEO/EXECUTIVE DIRECTOR OF THE FILING ORGANIZATION IS COMPENSATED BY A RELATED ORGANIZATION, FASHION INSTITUTE OF TECHNOLOGY (FIT). FIT UTILIZES A COMPENSATION STUDY AND BOARD APPROVAL WHEN DETERMINING COMPENSATION. CASH AND CASH EQUIVALENT 2018-06-30 5255 CASH VALUE 132556338 FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH NEW YORK NY 10001 115 CLAIM ON POOLED CASH 2018-06-30 513197 CASH VALUE 132556338 FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH NEW YORK NY 10001 115 ACCOUNTS RECEIVABLE 2018-06-30 17192 BOOK VALUE 132556338 FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH NEW YORK NY 10001 115 PREPAID EXPENSES and OTHER RECEIVABLES 2018-06-30 84986 BOOK VALUE 132556338 FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH NEW YORK NY 10001 115 true true false false true true true true false LIQUIDATION, TERMINATION OR DISSOLUTION SCHEDULE N, PART I, LINE 2A AND 2B All the Board Members and Directors of FIT STUDENT FACULTY CORPORATION were employees or Students of FASHION INSTITUTE OF TECHNOLOGY PRIOR TO THE ASSETS TRANSFER AND REMAINED IN SAME POSITIONS AFTER. SIGNIFICANT CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 IN NOVEMBER 2017, THE CORPORATION'S BOARD OF DIRECTORS APPROVED THE VOLUNTARY DISSOLUTION AND DISTRIBUTION OF ALL ASSETS AND LIABILITIES TO THE FASHION INSTITUTE OF TECHNOLOGY ("FIT"), A SECTION 115 GOVERNMENTAL TAX EXEMPT ENTITY. IN MARCH 2018, THE BOARD OF REGENTS FOR THE EDUCATION DEPARTMENT OF THE UNIVERSITY OF THE STATE OF NEW YORK SUBMITTED ITS NO OBJECTION TO THE CORPORATION'S PETITION TO THE SUPREME COURT OF THE STATE OF NEW YORK FOR AN ORDER APPROVING DISSOLUTION. THE SUPREME COURT APPROVED AND ENTERED THE ORDER DIRECTING THE DISPOSITION OF ALL PROPERTY OF A DISSOLVED EDUCATION CORPORATION ON JUNE 7, 2018. CONSISTENT WITH THE DISPOSITION PLAN, ALL ASSETS AND LIABILITIES OF THE CORPORATION WERE TRANSFERRED TO FIT AS OF JUNE 30, 2018. FORM 990 REVIEW FORM 990, PART VI, SECTION B, LINE 11B THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IN CONSULTATION WITH THE ORGANIZATION'S STAFF. THE DRAFT PREPARED BY THE ACCOUNTING FIRM WAS THEN CAREFULLY REVIEWED BY OFFICERS OF THE ORGANIZATION. A COMPLETE COPY OF THE FINAL VERSION OF FORM 990 WAS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. QUESTIONS WERE REFERRED TO THE CHIEF FINANCIAL OFFICER FOR RESPONSES. CONFLICTS OF INTEREST FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, DIRECTORS REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A DISCLOSURE STATEMENT. THE CONFLICT OF INTEREST POLICY AND DISCLOSURES ARE MONITORED BY THE TREASURER OF THE ORGANIZATION WITH ASSISTANCE FROM FIT'S (A RELATED ORGANIZATION) CONTROLLER. APPROPRIATE ACTION IS TAKEN BASED ON THE NATURE OF THE CONFLICT, IF ANY ARE IDENTIFIED. DOCUMENT DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S DOCUMENTS INCLUDING ITS APPLICATION FOR TAX EXEMPT STATUS, FORM 990, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. PRIOR PERIOD ADJUSTMENTS FORM 990, PART X, COLUMN (A) and FORM 990, PART XI, LINE 8 IN FISCAL YEAR 2018, THE CORPORATION ADOPTED GASB STATEMENT NO. 75, ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (GASB 75). GASB 75 REPLACES THE REQUIREMENTS OF GASB STATEMENT NO. 45, ACCOUNTING AND FINANCIAL REPORTING BY EMPLOYERS FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS FOR OTHER POSTEMPLOYMENT BENEFITS (OPEB). DUE TO THE ADOPTION OF GASB 75, OPEB COSTS AND THE OPEB LIABILITY FOR THE FISCAL YEAR 2017 FINANCIAL STATEMENTS HAVE BEEN ADJUSTED FOR RETROSPECTIVE APPLICATION. THE IMPACT OF THE ADJUSTMENT RESULTED IN A DECREASE OF PRIOR YEAR NET POSITION BY (52,865). OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 TRANSFER TO THE FASHION INSTITUTE OF TECHNOLOGY $(141,480) FASHION INSTITUTE OF TECHNOLOGY 227 WEST 27TH STREET NEW YORK NY 10001 132556338 EDUCATION NY N/A NA false FIT STUDENT HOUSING CORPORATION 227 WEST 27TH STREET NEW YORK NY 10001 133263493 DORMITORY NY 501(C)(3) 10 FIT false false true false false false false false false false false false false false false false false true false FASHION INSTITUTE OF TECHNOLOGY R 141480 BOOK VALUE