Overview
What is Fashion Institute Of Technology Foundation?
The Fashion Institute of Technology Foundation is a nonprofit organization based in New York, specifically at 227 West 27th Street, ZIP code 10001. Their primary focus includes granting scholarships and awards to 700 students of the Fashion Institute of Technology each year. They engage in various fundraising activities to support these initiatives, as well as offer program assistance and subsidies to the Fashion Institute of Technology and its affiliated units. The workforce at the foundation consists of 14 employees.
Official website here: www.fitnyc.edu/effi
What are the reviews and ratings of this charity?
Charity Navigator rating: 92%, Four-Star out of Four Star rating
The Fashion Institute of Technology Foundation has achieved a commendable Four-Star rating from Charity Navigator, indicating a strong commitment to accountability and transparency. With an overall score of 92%, the organization demonstrates high performance in financial management and governance practices. Notably, the foundation has a perfect score in Leadership & Adaptability, reflecting effective leadership and strategic vision.
The foundation benefits from a predominantly independent board, with 96% of its 29 members being independent, enhancing its governance structure. The financial health of the organization is robust, evidenced by a very low liabilities to assets ratio of 1.91% and an impressive working capital ratio of 14.44 years, showcasing its stability and ability to meet obligations for the long term.
There are no significant limitations reported in the data, and the foundation adheres to best practices in terms of policies and financial oversight. All required policies, including conflict of interest and whistleblower protections, are in place, which strengthens stakeholder trust and operational integrity. The leadership's salaries are disclosed and appear reasonable in relation to their responsibilities.
This AI summary has been generated from information found on Charity Navigator.
Is Fashion Institute Of Technology Foundation legitimate?
Fashion Institute Of Technology Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fashion Institute Of Technology Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $54,672
Professional Fundraising Fees: $37,637
Other Salaries and Wages: $871,816
For more financial information, click here
Official website here: www.fitnyc.edu/effi
What is the mission statement of Fashion Institute Of Technology Foundation?
The Fashion Institute of Technology Foundation plays a crucial role in supporting the educational institution and its affiliated units. Its mission encompasses providing scholarships, facilitating fundraising activities, offering program support, and extending subsidies to enhance the capabilities of the Fashion Institute of Technology. During the fiscal year 2022, the foundation granted scholarships and awards to over 700 deserving students. This commitment to financial aid helps the institute attract talented individuals, fostering a diverse and innovative student body.
Official website here: www.fitnyc.edu/effi
Who is the CEO of Fashion Institute Of Technology Foundation?
Dr Joyce F Brown is the Chief Executive Officer of Fashion Institute Of Technology Foundation. The CEO's salary of Fashion Institute Of Technology Foundation is $44,672 and their total compensation is $44,672.
Official website here: www.fitnyc.edu/effi
What is the revenue of Fashion Institute Of Technology Foundation?
Fashion Institute Of Technology Foundation's revenue in 2022 was $11,865,196.
Official website here: www.fitnyc.edu/effi
Who are the executives of Fashion Institute Of Technology Foundation and what are their salaries?
The average compensation at Fashion Institute Of Technology Foundation during 2022 was $66,178. There are 14 employees and 25 volunteers at Fashion Institute Of Technology Foundation.
Here are 32 key members and their salaries (Fashion Institute Of Technology Foundation's CEO's salary is $44,672 and their total compensation is $44,672):
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Official website here: www.fitnyc.edu/effi
Where can I find the form 990 for Fashion Institute Of Technology Foundation?
Fashion Institute Of Technology Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fitnyc.edu/effi
Learn more at the official website: www.fitnyc.edu/effi
Mission Statement of Fashion Institute Of Technology Foundation
The Fashion Institute of Technology Foundation is a charitable organization that plays a significant role in supporting the Fashion Institute of Technology (FIT) and its affiliated units. The foundation's mission is to provide vital resources and funding for scholarships, fundraising activities, program support, and subsidies to FIT and its components.
In practice, the Fashion Institute of Technology Foundation grants scholarships and awards to deserving students of the Fashion Institute of Technology, enabling them to pursue their academic and professional goals. The foundation's contributions extend beyond financial aid, as it also engages in various fundraising activities to generate revenue for FIT's programs and initiatives. Furthermore, the foundation offers program support and subsidies, ensuring the continued success and growth of the esteemed institution.
During the fiscal year 2022, the Fashion Institute of Technology Foundation granted scholarships and awards to an impressive 700 students of the Fashion Institute of Technology. This investment in the future of these students not only benefits the individuals themselves but also contributes to the larger fashion industry, as the next generation of designers, merchandisers, and fashion professionals hone their skills and prepare to make their mark. By providing necessary resources and support, the Fashion Institute of Technology Foundation plays a crucial role in fostering the success of FIT and its students.
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Impact
October, 2024
The Fashion Institute of Technology Foundation significantly enhances educational opportunities for students at the Fashion Institute of Technology (FIT) in New York. By providing scholarships, the foundation has directly supported 700 students in FY 2022, helping to alleviate the financial burdens associated with pursuing higher education in fashion and related fields.
Additionally, the foundation engages in fundraising activities and offers program support, which not only sustains but also enriches the educational environment at FIT. This commitment to financial support and program enhancement empowers students to achieve their academic and career aspirations, fostering a new generation of talent in the fashion industry. The foundation's efforts play a crucial role in ensuring that students have access to quality education and learning experiences, contributing to their success and the broader creative economy.
This information is meant to be a general summary of Fashion Institute Of Technology Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,062,603
- Gross Receipts: $23,658,824
Assets and Liabilities:
- Total Assets: $66,238,372
- Total Liabilities: $1,436,354
- Net Assets: $64,802,018
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Organization Details
Founding Year
1944
Phone
(212) 217-7820Principal Officer
Dr Joyce F Brown
Main Address
227 WEST 27TH STREET, NEW YORK, NY, 10001
Website
www.fitnyc.edu/effiNTEE Category
Code: B82 - Education
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