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Education : Scholarship and Financial Support

Fashion Institute of Technology Foundation

Nurturing and educating the future leaders of the fashion industry

79.97

236 West 27th Street Suite 500
New York, NY 10001
tel: (212) 217-4100   Web Site
EIN: 13-5675757

Board Leadership
Gary Sheinbaum
Chair

CEO
Philips McCarty
Executive Director

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  Score
(out of 100) 		Rating
Overall Score & Rating 79.97
  Financial 73.91
  Accountability & Transparency 89.00
This rating was published 02/01/2022 and includes data from FY2020, the most recent 990 received at that time.
Why isn't this based on more recent data?

Founded in 1944, when apparel industry leaders obtained a charter to establish a fashion institute of design and technology, The Fashion Institute of Technology Foundation was born, to nurture and educate the future leaders of the fashion industry. The FIT Foundation serves as an advisory and fundraising body to FIT. The special relationship between the college and foundation creates valuable opportunities to share knowledge and experience. Board members, who include today's leaders and innovators, serve on panels and appear as special lecturers, enabling students to meet outstanding representatives from the fields of industrial production, labor, design, merchandising, and the arts.

Founded in 1944, when apparel industry leaders obtained a charter to establish a fashion institute of design and technology, The Fashion Institute of Technology Foundation was born, to nurture and educate the future leaders of the fashion industry. The FIT Foundation serves as an advisory and fundraising body to FIT. The special relationship between the college and foundation creates valuable opportunities to share knowledge and experience. Board members, who include today's leaders and innovators, serve on panels and appear as special lecturers, enabling students to meet outstanding representatives from the fields of industrial production, labor, design, merchandising, and the arts.

Learn more about how we calculate the overall score and rating.

Financial

73.91

Accountability & Transparency

89.00

This rating was published 02/01/2022 and includes data from FY2020, the most recent 990 received at that time.
Why isn't this based on more recent data?
Overall Rating Chart
  Program Expenses
(Percent of the charity's total expenses spent on the programs
and services it delivers)		 63.7%
  Administrative Expenses 32.2%
  Fundraising Expenses 4.0%
  Fundraising Efficiency $0.04
  Working Capital Ratio (years) 7.58
  Program Expenses Growth -12.0%
  Liabilities to Assets 4.7%
All data for Financial Performance Metrics calculations was provided by Fashion Institute of Technology Foundation on recent 990s filed with the IRS.
All data for Financial Performance Metrics calculations was provided by Fashion Institute of Technology Foundation on recent 990s filed with the IRS.
Information Provided on the Form 990  
  Independent Voting Board Members
  No Material diversion of assets
  Audited financials prepared by independent accountant
  Does Not Provide Loan(s) to or Receive Loan(s) From related parties
  Documents Board Meeting Minutes
  Provided copy of Form 990 to organization's governing body in advance of filing
  Conflict of Interest Policy
  Whistleblower Policy
  Records Retention and Destruction Policy
  CEO listed with salary
  Process for determining CEO compensation
  Board Listed / Board Members Not Compensated
Is the following information easily accessible on the charity's website?  
  Donor Privacy Policy
  Board Members Listed
  Audited Financials
  Form 990
  Key staff listed

Highly Rated

Charity Name & State Overall Score Overall Rating
Fashion Institute of Technology Foundation (NY) 79.97
JELF - Jewish Educational Loan Fund (GA) 92.19
Grand Island Public Schools Foundation (NE) 93.32
State University College at Oneonta Foundation Corporation (NY) 95.15
Peninsula Education Foundation (CA) 91.16

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REVENUE  
Contributions  
   Contributions, Gifts & Grants $7,364,520
   Federated Campaigns $0
   Membership Dues $90,869
   Fundraising Events $0
   Related Organizations $0
   Government Grants $0
Total Contributions $7,455,389
   Program Service Revenue $0
Total Primary Revenue $7,455,389
   Other Revenue $1,128,193
TOTAL REVENUE $8,583,582
   
EXPENSES  
   Program Expenses $2,626,503
   Administrative Expenses $1,777,231
   Fundraising Expenses $185,084
TOTAL FUNCTIONAL EXPENSES $4,588,818
   
Payments to Affiliates $0
Excess (or Deficit) for the year $3,994,764
   
Net Assets $55,312,010

Program names and associated costs are listed for the top programs as reported on the charity's most recently filed Form 990. The top programs displayed will include the largest three programs, or those programs covering at least 60% of the charity's total expenses, whichever comes first.

Program Name Amount Spent % of Program Expenses
Support for Fashion Institute of Technology $1,475,202 56.2%
Scholarships to Students of Fashion Institute of Technology $1,151,301 43.8%

Ratings History

Form 990 FYE Date Published Overall Score Overall Rating
CN 2.1
2020-06 02/01/2022 79.97
2019-06 12/01/2020 81.18
2018-06 11/01/2019 81.75
2017-06 07/01/2018 82.99
2016-06 12/22/2017 84.93
2015-06 08/01/2017 83.68

The data displayed on this tab is provided by the IRS in the form of Publication 78 and the Business Master File (BMF).

EIN 13-5675757
Name in IRS Master File FASHION INSTITUTE OF TECHOLOGY FOUNDATION
NTEE Code [Not Provided by IRS]
NTEE Classification [Not Provided by IRS]
NTEE Type [Not Provided by IRS]
Classification Educational Organization
Subsection 501(c)(3)  (View the list of codes)
Activities (59) Other school related activities
(922) Endowment fund or financial services
(34) Alumni association or group
Foundation Status Organization which receives a substantial part of its support from a governmental unit or the general public   170(b)(1)(A)(vi)
Deductibility Contributions are deductible
Affiliation Independent - the organization is an independent organization or an independent auxiliary (i.e., not affiliated with a National, Regional, or Geographic grouping of organizations).
Group Name [Not Applicable]
Ruling Date January, 1946
Filing Requirement 990 (all other) or 990EZ return
Fiscal Year End June
IRS Forms 990
(provided courtesy of Foundation Center)		 (Log In or Register Now to View Forms 990!)
  • June, 2017
  • June, 2016
  • June, 2015
  • June, 2014
  • June, 2013
Compensation % of Expenses Paid to Title
$44,672 0.97% Joyce F. Brown Chief Executive Officer
Other Salaries of Note
$124,932 2.72% Victoria Guranowski Director, Special Events
$100,009 2.17% Tina Genovese-Cherna Director, Operations

Highly Rated

Charity Name & State Overall Score Overall Rating
Fashion Institute of Technology Foundation (NY) 79.97
Manhattan Beach Education Foundation (CA) 92.92
Israel Scholarship Education Foundation (NY) 86.29
Highland Park Education Foundation (TX) 95.05
Peninsula Education Foundation (CA) 91.16

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Charity Contact Info

Fashion Institute of Technology Foundation
236 West 27th Street
Suite 500
New York, NY 10001
tel: (212) 217-4100
fax: (212) 217-4101
EIN: 13-5675757

Visit Web Site

Board Leadership

Gary Sheinbaum
Chair

CEO

Philips McCarty
Executive Director

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