irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $1.56MFUNDRAISING:THE FIT FOUNDATION PROVIDES FUND-RAISING ACTIVITIES, PROGRAMS SUPPORT, AND SUBSIDIES TO THE FASHION INSTITUTE OF TECHNOLOGY AND ITS COMPONENT UNITS.
named programs · 3 · from sources
What they call their work
Fundraising Activities
Conducts fundraising to support FIT’s academic programs, faculty initiatives, and institutional needs
Program Support and Subsidies
Provides financial and operational support to FIT departments and component units
Scholarships & Awards
Grants financial aid to FIT students; awarded scholarships to 595 students in FY2020
activities · 6 groups
What they do
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Local High School Scholarship Programs 1 activity
- Awarding student scholarships and financial aidFunds approximately $3 million in annual scholarship awards, supporting around 2,000 students at the Fashion Institute of Technology each year. The foundation awarded grants to 595 students according to IRS-990 reporting.
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Higher Education Degree Programs 1 activity
- Delivering academic programs and experiential learningOffers 10 undergraduate majors focused on fashion business and related professions, provides academic instruction to over 8,000 students annually on a nine-building campus, and operates travel-based experiential learning programs that immerse students in the home products and related industries.
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Architecture and Design Public Education Programs 1 activity
- Hosting public lectures and cultural programmingProduces the Fashion Culture series at the Museum at FIT and hosts a public lecture series featuring prominent fashion professionals, with archived lectures available to the public via a dedicated YouTube channel.
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Student Career Readiness and Internship Placement 1 activity
- Providing industry networking and professional developmentFacilitates opportunities for students to network with senior executives in the fashion industry and collaborates with institutions like the Wharton School of Business to enhance professional exposure.
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Youth and Student Entrepreneurship Competitions 1 activity
- Supporting student competition participation and recognitionCoordinates student participation in national competitions such as the New York Business Plan Competition, the Biodesign Challenge, and the Wharton-Baker Invitational; supports students winning awards including the YMA Fashion Scholarship Fund – Geoffrey Beene National Scholarship and nominations for the SUNY Chancellor’s Award for Student Excellence.
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Uncategorized 6 activities
- Advocating for ethical financial aid practicesMaintains strict policies prohibiting revenue-sharing with lenders, banning financial aid staff from accepting gifts, not assigning loans to specific lenders, rejecting offers of funds for preferred lender arrangements, and refusing lender-provided staffing assistance.
- Building institutional capacity in the beauty and fragrance sectorCollaborated with the Fragrance Foundation to develop their online Fragrance Certification program for retailers, enhancing workforce training and professional standards in the retail beauty sector.
- Conducting applied research in fashion and textilesEngages in faculty-led research including collaborations with Universidad de Monterrey (UDEM) through the COIL program, authoring research on fabric defects and garment yardage yield, and contributing expert analysis to publications such as New York Magazine on denim durability.
- Engaging in public thought leadership and industry speakingDelivers keynote speeches and presentations at academic and corporate venues, including Deloitte, Ohio State University, Macy’s Merchandising Group, and Limited Brands, focusing on topics such as omni-channel retailing and industry trends.
- Operating specialized academic programs and studiosEstablished the only Fragrance Studio on a U.S. college campus, developed a Certificate program in perfumery and the curriculum for the Cosmetic & Fragrance Marketing Program, and co-created an online "Beauty Industry Essentials" certificate with Allure Magazine and FIT's School of Professional Studies.
- Showcasing student creative and technical workPresents the annual Graduating Student Exhibition featuring work from over 600 students across 16 disciplines, including senior projects in packaging design, animation and game design, and menswear garments by AAS capstone students.
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financials · form 990 · fy2024
revenue
Total revenue$9.45M
Contributions & grants$4.96M52%
Program service revenue$00%
Investment income$4.43M47%
Other revenue$64K
expenses
Total expenses$6.17M
Program expenses67%
Admin / overhead30%
Fundraising3%
Salaries & benefits$1.20M
Grants paid out$3.04M
Largest expense lineCompensation
balance sheet
Total assets$85.75M
Cash$15.92M
Investments$68.57M
Liabilities$6.38M
Net assets$79.36M
Liquid reserves164.3 mo
6 years on record · 2019–2024 · YoY revenue +30.8%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 7
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| JULIE SYGIEL | DIRECTOR | 35 | $168K |
| ARIELLE DUMORNAY | DIRECTOR OF DEVELOPMENT (END 04/25) | 35 | $167K |
| AUDREY TEUBER | ASSIST. MANAGER OF ADVANCEMENT OPER. | 35 | $151K |
| CLAIRE GILVAR | DIRECTOR, CORPORATE ENGAGEMENT | 35 | $136K |
| ANGELA PREVOSTO | DATABASE ADMINISTRATOR | 35 | $133K |
| DR JOYCE F BROWN | CHIEF EXECUTIVE OFFICER | 10 | $45K |
| SHERRY BRABHAM | CHIEF FINANCIAL OFFICER | 5 | $10K |
board members · 18
- ABBEY DONEGER — DIRECTOR
- ADAM BANFIELD — DIRECTOR (END 01/25)
- ALEX MONTEFALCO — DIRECTOR
- AMBER VALLETTA — DIRECTOR
- COREY MORAN — DIRECTOR
- DAVID CASEY — DIRECTOR (END 12/24)
- DAYNA ISOM JOHNSON — DIRECTOR (END 09/24)
- DOUGLAS HAND — CHAIR
- ERIC FISCH — DIRECTOR
- FERN MALLIS — DIRECTOR
- FREDRIC DECHNIK — DIRECTOR
- GABRIELLA KHALIL — DIRECTOR (START 09/24)
- GEOFFREY GREENBERG — DIRECTOR
- GIGI GANATRA DUFF — DIRECTOR (END 9/24)
- GWEN WHITING — DIRECTOR (START XX/XX)
- J MICHAEL STANLEY — DIRECTOR
- JACKEE DE LAGARDE — DIRECTOR (START 12/24)
- JANE HERTZMARK HUDIS — DIRECTOR
relationships · 26
Who they work with
- Accreditation Council for Business Schools and Programs Government — Accredits multiple undergraduate programs at the Jay and Patty Baker School of Business and Technology.
- Allure Magazine Partner — Collaborated with FIT to create the online certificate program "Beauty Industry Essentials."
- Barneys New York Foundation Partner — Partners with FIT through its Summer College Intensive Program for student development.
- Black Retail Action Group (BRAG) Network — Renée Cooper serves as a board member and presents on retail leadership and education topics.
- Council for Higher Education Accreditation Government — Recognizes institutional accreditation through its affiliation with ACBSP.
- Council of Fashion Designers of America (CFDA) Government — Granted the Fashion Manufacturing Initiative award to Sunrise Studio Inc., co-founded by Peter Wai Chan.
- Donghua University Partner — Hosts the IFFTI Student Design Competition in which FIT students participate.
- Facebook Partner — Hosts a Facebook page for the Faces and Places in Fashion lecture series.
- Fashion Institute of Technology Network — School of Art and Design operates as an academic division within FIT.
- Fashion Institute of Technology Partner — Primary beneficiary of scholarships, fundraising, program support, and subsidies
- Fulbright Program Government — Granted a Fulbright scholarship to Renée Cooper to lecture in Denmark.
- G-III Apparel Group Partner — Industry partner whose design executive served as a critic for the Menswear capstone exhibition.
- Harper's Bazaar Partner — Hosts the ICONS event where winning FIT student designs are featured during New York Fashion Week.
- Infor Partner — Co-sponsors the Infor-FIT Fashion Design: ICONS Awards Contest with FIT.
- Museum at FIT Partner — Collaborates on programming such as the Fashion Culture series.
- National Association of Student Financial Aid Administrators Network — Member of NASFAA and adheres to its code of conduct for financial aid professionals.
- National Junior College Athletic Association Network — Hosts FIT's student athletes in 15 sports as part of its collegiate athletic network.
- New York State Financial Aid Administrators Association Network — Member of NYSFAAA and adheres to its code of conduct.
- Ralph Lauren Partner — Former employer of a senior design consultant who served as a critic in the Menswear program.
- SUNY Financial Aid Professionals Network — Member of SUNYFAP and adheres to its code of conduct.
- State University of New York Network — Member institution of the SUNY system, enabling access to cross-campus resources and academic partnerships.
- The Fragrance Foundation Partner — Worked with Virginia Bonofiglio to develop their online Fragrance Certification program for retailers.
- Universidad de Monterrey (UDEM) Partner — Collaborated with Renée Cooper through the SUNY COIL program for international academic collaboration.
- Wharton School of Business Partner — Co-coordinates the Wharton-Baker Invitational with the Jay and Patty Baker School of Business and Technology.
- YMA Fashion Scholarship Fund Network — FIT is a member school in the national case study competition hosted by the YMA Fashion Scholarship Fund.
- Zhejiang Sci-Tech University (ZSTU) Partner — Collaborates with FIT on a joint academic program where Peter Wai Chan teaches.
strategies · 5
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Experiential and Problem-Based Learningmethodology: experiential_learningBy immersing students in real-world challenges, travel-based projects, and external opportunities, education becomes a vehicle for practical skill development because direct experience deepens engagement and professional competence.
- Industry-Integrated Education Modelmethodology: industry-integrated_educationBy embedding industry practices, expertise, and equipment into curriculum and instruction, students gain career-relevant skills and professional readiness because learning is aligned with real-world design and business demands.
- Interdisciplinary and Unconventional Innovationmethodology: interdisciplinary_collaboration_and_unconventional_problem-solvingBy fostering collaboration, independent thinking, and integration of design, science, and technology, the institution cultivates breakthrough solutions because diverse perspectives and experimental approaches challenge norms and drive impactful innovation.
- Mentorship-Driven Student Developmentmethodology: mentorship-driven_developmentBy connecting students and alumni with mentorship opportunities, the institution fosters long-term success because guided relationships enhance creativity, opportunity, and professional growth.
- Removing Financial Barriers to Educationmethodology: removing_financial_barriersBy providing financial aid and educational support, the foundation increases access to post-secondary education because reducing economic obstacles enables broader student participation and success.