2021-05-12T07:58:40-05:00 2020-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2019-07-01 111630822 Pratt Institute % THOMAS NAWABI PRAT 7186363600 200 Willoughby Ave Brooklyn NY 11205 CATHLEEN KENNY VP OF FINANCE/ADMIN 7183994202 2021-05-11 true SCOTT THOMPSETT P00741490 2125990100 2019 2022-09-23 18:48:47Z FRANCES BRONET 200 Willoughby Ave Brooklyn NY 11205 294201181 false X www.pratt.edu X 1887 NY THE MISSION OF PRATT INSTITUTE IS TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY. FOR MORE INFORMATION, SEE SCHEDULE O. 24 20 4278 0 225699 0 15006966 11013321 262851529 264767890 16243666 8006106 2330101 1635945 296432262 285423262 62791492 65787387 0 0 136819973 143726956 68131 0 2309238 70848105 69410023 270527701 278924366 25904561 6498896 705331204 710606804 294705816 272782899 410625388 437823905 X THE MISSION OF PRATT INSTITUTE IS TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY. FOR MORE INFORMATION, SEE SCHEDULE O. false false 154959722 65254119 245770099 INSTRUCTION: PRATT INSTITUTE IS A COEDUCATIONAL PRIVATE INSTITUTION CHARTERED AND EMPOWERED TO CONFER ACADEMIC DEGREES BY THE BOARD OF REGENTS OF NYS. THE CERTIFICATES AND DEGREES CONFERRED ARE REGISTERED BY THE NYS DEPARTMENT OF EDUCATION. PRATT IS ACCREDITED BY THE COMMISSION ON HIGHER EDUCATION OF THE MIDDLE STATES ASSOCIATION OF COLLEGES AND SCHOOLS. (SEE CONTINUATION IN SCHEDULE O) 30826804 0 0 ACADEMIC SUPPORT: INCLUDES ALL EXPENSES INCURRED IN SUPPORT OF ACADEMIC AND INSTRUCTIONAL PROGRAMS AS WELL AS RESEARCH, LIBRARY AND INFORMATION TECHNOLOGY SERVICES. PRATT LIBRARIES PROVIDE OUTSTANDING SERVICES AND ACCESS TO A RESOURCE-RICH ENVIRONMENT THAT FACILITATES CRITICAL THINKING AND CREATIVE TEACHING AND LEARNING IN THE PRATT COMMUNITY. PRATT ALSO OFFERS ONGOING SUPPORT AND INITIATIVES THROUGH THE WRITING AND TUTORIAL CENTER, INTENSIVE ENGLISH PROGRAM AND WRITING ACROSS THE CURRICULUM. (SEE CONTINUATION IN SCHEDULE O) 26761406 533268 16785704 AUXILIARY ENTERPRISES: THE RESIDENTIAL LIFE AND STUDENT HOUSING EXPENDITURES ARE REPORTED UNDER AUXILIARY ENTERPRISES. ITS MISSION IS TO EFFICIENTLY AND EFFECTIVELY ADMINISTER A HOUSING PROGRAM IN A LEARNING CENTERED ENVIRONMENT THAT CHALLENGES AND SUPPORTS STUDENTS TO 1) ENHANCE SELF-UNDERSTANDING 2) VALUE COMMUNITY RESPONSIBILITY AND 3) LEARN FROM THEIR EXPERIENCES. THE POLICIES, PROCEDURES AND PROGRAMS ESTABLISHED AND ENCOURAGED BY RESIDENTIAL LIFE ARE THOSE WHICH ENHANCE STUDENT LEARNING AND INVOLVEMENT OUTSIDE THE CLASSROOM. (SEE CONTINUATION IN SCHEDULE O) 22128570 0 1986388 Student Services & Public Service 3492786 0 0 Public Service (See Continuation in Schedule O) 25621356 0 1986388 238169288 true true false true false false false true false true true true false false true true true false true true true false false false true false false false true true true false false false false false false false false false false false false false false false false false false false true 508 0 true 4278 true true true false false false false true true false false false false false false X 24 20 true false false false false false false true true false false true true true true true false true true false NY X X THOMAS NAWABI 7186363523 200 WILLOUGHBY AVE BROOKLYN NY 11205 X FRANCES BRONET PRESIDENT AND TRUSTEE 35.0 0.0 X X 797050 0 192056 THOMAS F SCHUTTE FORMER OFFICER 0.0 0.0 X 426409 0 0 KIRK E PILLOW PROVOST 35.0 0.0 X 360151 0 47665 CATHLEEN M KENNY VP FOR FINANCE AND ADMIN 35.0 0.0 X 336620 0 55022 JUDITH AARON VP FOR ENROLLMENT 35.0 0.0 X 287322 0 29750 Daphne R Halpern VP of Instl Advancement 35.0 0.0 X 313827 0 0 JOSEPH M HEMWAY VP OF IT AND CIO 35.0 0.0 X 252882 0 25451 ANITA COONEY DEAN OF SCHOOL OF DESIGN 35.0 0.0 X 248520 0 26500 DONNA HEILAND ASSOC. PROVOST 35.0 0.0 X 244916 0 24370 Richard A Sarrach Faculty Trustee (As of 07/19) 1.0 0.0 X 169666 0 48698 Donna Moran Faculty Trustee (As of 07/19) 1.0 0.0 X 108304 0 15200 Devin M Alexander UG Stud Trustee (as of 07/19) 1.0 0.0 X 4815 0 0 BRUCE J GILTIN CHAIR OF THE BOARD 1.0 0.0 X X 0 0 0 MIKE PRATT VICE CHAIR OF THE BOARD 1.0 0.0 X X 0 0 0 GARY S HATTEM TRUSTEE(THRU 07/19)/VICE CHAIR 1.0 0.0 X X 0 0 0 DR JOSHUA L SMITH SECRETARY 1.0 0.0 X X 0 0 0 HOWARD S STEIN TREASURER 1.0 0.0 X X 0 0 0 ANNE E EDWARDS trustee (thru 07/19)/secretary 1.0 0.0 X X 0 0 0 KURT ANDERSEN TRUSTEE 1.0 0.0 X 0 0 0 KATHRYN C CHENAULT TRUSTEE 1.0 0.0 X 0 0 0 JUNE KELLY TRUSTEE 1.0 0.0 X 0 0 0 KATHARINE L MCKENNA TRUSTEE 1.0 0.0 X 0 0 0 DAVID O PRATT TRUSTEE 1.0 0.0 X 0 0 0 STAN RICHARDS TRUSTEE 1.0 0.0 X 0 0 0 CHRISTOPHER D SHYER TRUSTEE 1.0 0.0 X 0 0 0 MARK D STUMER TRUSTEE 1.0 0.0 X 0 0 0 ANNE H VAN INGEN TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL ZETLIN TRUSTEE 1.0 0.0 X 0 0 0 JONELL A JOSHUA REC. GRAD TRUSTEE (thru 10/19) 1.0 0.0 X 0 0 0 William Hilson Trustee (As of 10/19) 1.0 0.0 X 0 0 0 Dr Joan Fallon Trustee (As of 12/19) 1.0 0.0 X 0 0 0 Aeli Gonzalez Gladstein Grad Stud Trust. (as of 07/19) 1.0 0.0 X 0 0 0 Chanice Hughes-Greenberg REC GRAD TrusTEE (AS OF 07/19) 1.0 0.0 X 0 0 0 3550482 0 464712 185 true true false TISHMAN CONSTRUCTION CORP 100 PARK AVENUE 5TH FL NEW YORK NY 10017 CONSTRUCTION 23695970 SAFE ENVIRONMENT BUSINESS 8 REVOLUTIONARY ROAD OSSINING NY 10562 SECURITY 2524543 ALLIED WORKS ARCHITECTURE 1532 SW MORRISON STREET 3RD FL PORTLAND OR 97205 ARCHITECTS 1458733 SHAWMUT DESIGN AND CONSTRUCTION 560 HARRISON AVENUE BOSTON MA 02118 CONSTRUCTION 1203477 SJC CONSTRUCTON COMPANY INC 271 SKIP LANE BAYSHORE NY 11706 CONSTRUCTION 979062 91 393153 5874031 4746137 15000 11013321 TUITION & FEES 900099 245770099 245770099 AUXILIARY ENTERPRISES 451211 17011403 16785704 225699 RELATED STUDENT ACCOUNT REVENUES 900099 1665623 1665623 OTHER PROGRAM RELATED REVENUE 900099 320765 320765 264767890 4489260 4489260 0 10920 10920 595609 201524 394085 0 394085 394085 11933797 8416951 3516846 3516846 3516846 45475 393153 159444 -113969 -113969 0 0 0 0 0 0 BOND PREMIUM 900099 568166 568166 REBATE/COMMISSION 900099 348880 348880 OTHER MISC. REVENUES 900099 427863 427863 1344909 285423262 264542191 225699 9642051 0 65787387 65787387 0 0 2066628 1756634 309994 0 229515 229515 104252594 89052404 13683796 1516394 3519093 2839383 679710 25972716 21300636 4672080 7686410 6206835 1479575 0 375636 375636 167664 167664 202080 202080 0 1006794 1006794 10393570 4951436 4975120 467014 3475323 2432967 867287 175069 10573988 7587215 2942283 44490 1150688 914855 172729 63104 0 4680909 4466807 213515 587 1116521 909299 186716 20506 0 238077 183226 48281 6570 5567393 5226790 340603 0 12871460 11870210 1001250 1251371 446 1250925 SPECIAL EVENTS & ENTERTAIN. 3453028 3049032 392928 11068 MEAL PLAN COST 3334021 3334021 0 0 REPAIRS AND MAINTENANCE 2381269 2096056 284555 658 EQUIPMENT EXPENSE 2085551 1666103 415670 3778 5084680 2537546 2547134 278924366 238169288 38445840 2309238 17922801 7533973 59174382 16588519 4413638 5498307 2924149 4318450 0 0 0 0 11537571 10497178 0 0 1940879 1435051 503263868 180827400 318776179 322436468 234187231 287721697 54454374 54577161 0 0 0 0 0 0 705331204 710606804 26416501 23558395 0 0 9876116 9201055 132763376 129566569 0 0 0 0 0 0 11088871 10657905 114560952 99798975 294705816 272782899 X 309095674 333711572 101529714 104112333 410625388 437823905 705331204 710606804 X 6498896 4985688 15713933 X true true X true true true X 11275838 10240674 8523103 15006966 11013321 56059902 0 0 11275838 10240674 8523103 15006966 11013321 56059902 5201549 50858353 2698849 9608989 4469187 7697538 5095789 29570352 0 4260001 4332853 5141336 2448733 1390384 17573307 103203561 1243400675 0.49280 0.51804 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 22980 false true 179100 202080 false PART II-B, LINE 1I The Pratt Institute utilizes the services of an independent third-party lobbying consultant to assist the Institute with legislation that benefits its educational mission (as well as the Pratt Center). Amounts paid to a lobbying consultant in fiscal year 2020 is $179,100. In addition, The Institute has allocated a portion of employee salary time that is dedicated to lobbying endeavors; total salary costs attributed to lobbying activities is $22,550 and total travel costs attributed to lobbying activities is $150. The Institute is a dues-paying member to NACUBO; a portion of its membership dues ($280) are attributable to NACUBO's lobbying efforts and are disclosed to the Institute in an annual letter. 15000 1111000 X X X false 205216465 757455 10539979 3119681 213394218 193639407 831183 13669275 2923400 205216465 173082446 8153664 15437271 3033974 193639407 150985228 2758244 22054389 2715415 173082446 152178643 7707959 -5594111 3307263 150985228 0.61610 0.23820 0.14570 false false 0 21098556 21098556 0 450571100 156932644 293638456 0 27856387 23894756 3961631 0 3737825 0 3737825 322436468 LIMITED PARTNERSHIPS 36098619 F ALTERNATIVE INVESTMENTS 18478542 F 54577161 0 ACCRUED POST RETIREMENT BENEFIT OBLIGATION 89160376 U.S. GOVERNMENT GRANTS REFUNDABLE 7082275 CONDITIONAL ASSET RETIREMENT OBILIGATION 3556324 99798975 X 223975737 4985688 -65787387 -60801699 284777436 1006794 -360968 645826 285423262 196777220 -15352965 -15352965 212130185 1006794 65787387 66794181 278924366 PART III, LINE 4 works of art: The Institute maintains a collection of artwork, historical treasures, sculptures, and other similar assets for the use and enjoyment of its students, staff, visitors and the general public. FOUNDED IN 1887, PRATT INSTITUTE IS A GLOBAL LEADER IN HIGHER EDUCATION DEDICATED TO PREPARING ITS 4,875 UNDERGRADUATE AND GRADUATE STUDENTS FOR SUCCESSFUL CAREERS IN ART, DESIGN, ARCHITECTURE, INFORMATION AND LIBRARY SCIENCE, AND LIBERAL ARTS AND SCIENCES. THE SCULPTURES AND OTHER WORKS OF ART PROVIDE A BROAD INTELLECTUAL AND CREATIVE CONTEXT FOR STUDENTS AT PRATT INSTITUTE. AS LONG AS THE INSTITUTE OWNS THE WORKS OF ART OR SIMILAR ASSETS, THE WORKS OF ART WILL BE UTILIZED BY THE INSTITUTE FOR ITS EDUCATIONAL AND CULTURAL PURPOSES, INCLUDING THE LENDING OF THE ITEMS TO MUSEUMS OPEN TO GENERAL PUBLIC, AND IN FURTHERANCE OF ITS EXEMPT PURPOSES. Part V, Line 4 ENDOWMENT FUND: The Institute maintains an endowment to support its academic mission. The Endowment's principal remains untouched to provide a foundation of economic stability, while its earnings are deployed to provide student scholarships, fund capital expenditures (when needed) and to support general operating expenses. Part X, Line 2 FIN 48 (ASC 740)- TAX STATUS: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE INSTITUTE IS NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSES. THE INSTITUTE UTILIZES A THRESHOLD OF MORE LIKELY THAN NOT FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR FISCAL YEARS 2020 OR 2019. RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS TO FORM 990 PART XI, LINE 2D: RECLASS OF SCHOLARSHIP EXPENSES FROM AN OFFSET $(65,787,387) TO TUITION REVENUE IN THE FINANCIAL STATEMENTS ============= PART XI, LINE 4B: RECLASS OF RENTAL EXPENSE TO OFFSET RENTAL $(201,524) INCOME ON PART VIII RECLASS OF FUNDRAISING EVENT EXPENSES TO $(159,444) OFFSET FUNDRAISING EVENT REVENUE ------------- TOTAL $(360,968) ============= RECONCILIATION OF EXPENSE PER AUDITED FINANCIAL STATEMENTS TO FORM 990 PART XII, LINE 2D: RECLASS OF RENTAL EXPENSE TO OFFSET RENTAL $201,524 INCOME ON PART VIII RECLASS OF FUNDRAISING EVENT EXPENSES TO $159,444 OFFSET FUNDRAISING EVENT REVENUE POSTRETIREMENT BENEFIT COST $(15,757,056) OTHER NON-OPERATING RECONCILING ITEMS $43,123 ------------- TOTAL $(15,352,965) ============= PART XII, LINE 4B: RECLASS OF SCHOLARSHIP EXPENSES FROM AN OFFSET $65,787,387 TO TUITION REVENUE IN THE FINANCIAL STATEMENTS ============= true true true true true true true false false false false false false false false true false true PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY: The Institute publicizes its racial nondiscriminatory policy in newspaper advertisements, student handbooks and on the Institutes website. The Institute does not discriminate on the basis of race, color, sexual orientation, national or ethnic origin to all the rights, privileges, programs and activities generally accorded or made available to students. Part I, Line 6a GOVERNMENTAL AID OR ASSISTANCE: THE INSTITUTE RECEIVES FEDERAL TITLE IV STUDENT FINANCIAL AID GRANTS FROM SEVERAL SOURCES, INCLUDING THE U.S. DEPARTMENT OF EDUCATION, NYS BUNDY AID, NYS HEOP GRANT, NYS TAP, THE SCHOOL OF INFORMATION AND LIBRARY SCIENCE. Europe (Including Iceland and Greenland) 1 3 Program Services INSTRUCTIONAL 386129 Central America and the Caribbean 0 0 Investments 23663585 1 3 1 3 24049714 24049714 true false true true true true PART IV, FOREIGN FORMS THE INSTITUTE INVESTS IN DOMESTIC AND FOREIGN INVESTMENT VEHICLES THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, THE INSTITUTE'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS COMPLETED, IT HAS BEEN FILED WITH THE INSTITUTE'S FORM 990-T. KX ASSOCIATES INC EVENT MANAGEMENT false DWIGHT JOHNSON DESIGN EVENT MANAGEMENT false PRATT LEGENDS 438628 393153 45475 63535 48800 27890 19219 0 438628 393153 45475 63535 48800 27890 19219 159444 -113969 Fund-raising events Beginning in March 2020, Pratt Institute experienced changes to its operations as a result of the COVID-19 Pandemic. As such, DONOR-BASED REVENUES HAVE BEEN MATERIALLY IMPACTED, AS IN-PERSON FUNDRAISING EVENTS MOVED TO VIRTUAL EVENTS AND CONNECTIONS WITH DONORS TURNED TO ONLINE FORMATS. OVERALL, THE IMPACT WAS A REDUCTION OF 55% OF contribution revenue from fundraising events. true STUDENT FINANCIAL AID 3659 65787387 Part I, Line 2 MONITORING THE USE OF GRANTS: THE OFFICE OF FINANCIAL AID PROCESSES ALL STUDENTS' FINANCIAL AID AWARDS BASED ON GUIDELINES SET FORTH BY FEDERAL, STATE AND LOCAL GOVERNMENTS. THESE AWARDS ARE INCLUDED IN THE STUDENT FINANCIAL PACKAGE AND ARE APPLIED TO THE STUDENTS' ACCOUNTS ONCE ALL ELIGIBILITY REQUIREMENTS ARE MET. THE OFFICE OF FINANCIAL AID RECONCILES ALL FEDERAL FUNDS TO THE US DEPARTMENT OF EDUCATION COMMON ORIGINATION AND DISBURSEMENT SYSTEM ON A MONTHLY BASIS. IN ADDITION, THE CONTROLLER'S OFFICE RECONCILES THE AWARD DISBURSEMENT ACTIVITIES POSTED TO THE INSTITUTE'S GENERAL LEDGER ACCOUNT TO THE STUDENTS' ACCOUNTS RECEIVABLE LEDGERS AND FINANCIAL AID AWARDS REPORTS. THE CONTROLLER'S OFFICE ALSO PROCESSES THE REIMBURSEMENT REQUESTS AND RECONCILIATION OF FUNDS RECEIVED, AND MONITORS THE SPENDING LEVEL TO ENSURE THAT ACTUAL DISBURSEMENTS DOES NOT EXCEED THE AUTHORIZED GOVERNMENT GRANT. X false false X X true false false false false false false true false FRANCES BRONET PRESIDENT AND TRUSTEE 695070 0 100000 0 1980 0 14000 0 180680 0 991730 0 0 0 THOMAS F SCHUTTE FORMER OFFICER 426409 0 0 0 0 0 0 0 0 0 426409 0 426409 0 CATHLEEN M KENNY VP FOR FINANCE AND ADMIN 335330 0 0 0 1290 0 14000 0 42660 0 393280 0 0 0 KIRK E PILLOW PROVOST 359461 0 0 0 690 0 14000 0 36235 0 410386 0 0 0 JUDITH AARON VP FOR ENROLLMENT 283718 0 0 0 3604 0 14000 0 17195 0 318517 0 0 0 DONNA HEILAND ASSOC. PROVOST 243362 0 0 0 1554 0 12320 0 14695 0 271931 0 0 0 JOSEPH M HEMWAY VP OF IT AND CIO 251832 0 0 0 1050 0 12682 0 14052 0 279616 0 0 0 ANITA COONEY DEAN OF SCHOOL OF DESIGN 247092 0 0 0 1428 0 11750 0 15940 0 276210 0 0 0 Richard A Sarrach Faculty Trustee (As of 07/19) 169538 0 0 0 128 0 6152 0 44675 0 220493 0 0 0 Daphne R Halpern VP of Instl Advancement 296937 0 0 0 16890 0 0 0 712 0 314539 0 0 0 Part I, Line 1 HOUSING ALLOWANCE: PRATT INSTITUTE PROVIDED HOUSING TO THE FORMER PRESIDENT, THOMAS F. SCHUTTE, DURING HIS TENURE AND CURRENTLY PROVIDES HOUSING TO THE PRESIDENT, FRANCES BRONET (BEGINNING JANUARY 2019). HOUSING IS A CONDITION OF THE PRESIDENTS' EMPLOYMENT AND IS PROVIDED FOR THE CONVENIENCE OF THE INSTITUTE, THEREFORE, IT IS NOT INCLUDED IN TAXABLE INCOME and is reported in Schedule J, Part II, column (d). Part I, Line 4a SEVERANCE PAYMENT: Former President, Thomas Schutte, received a severance payment of $426,409. This payment is reflected in Schedule J, Part II, column (b)(iii) and in column (f) to reflect that this amount was previously reported as deferred compensation on the Institutes prior Form 990. PART I, LINE 7 The compensation committee of the Board of Directors authorized a one-time bonus of $100,000 for President, Frances Bronet, in calendar year 2019 because she met certain objective performance-based criteria established by the Board. A DASNY - SERIES 2015A 146000293 6499073M2 2015-01-07 82585148 REFD 09A&B PURCH DORM R false false false B DASNY - SERIES 2016 146000293 64990BR70 2016-06-08 61336413 REFUND 2009C, CONSTRUCTION false false false A 6365000 0 82585148 0 0 0 1040452 0 0 41829000 39715696 0 2019 true false true true B 3705000 0 61336413 0 0 0 767914 0 0 15075000 45493499 0 2019 false true true true A false false false false 0 false false false true B false false false false 0 false false false true A false true false false false false 0 false false false 0 false true B false true false false false false 0 false false false 0 false true A true B true Part I, Column (F) 2016 BOND ISSUE DESCRIPTION OF PURPOSE: (I) FULLY REDEEM OUTSTANDING SERIES 2009C BONDS, (II) CONSTRUCT AND EQUIP OF A TWO-STORY EXPANSION OF AN ORIGINAL 260-BED RESIDENTIAL FACILITY AND (III) RENOVATE AND EQUIP NINE TOWNHOUSES TO HOUSE APPROXIMATELY 54 STUDENTS. Part I, Line 2, Column (A) 2015 Bond Issue Rebate Calculation: On September 29, 2020, the Institute completed a refunding of its outstanding Series 2015A tax-exempt bond with a taxable loan; no rebate calculation was performed as it was anticipated that the re-financing would occur and obviate the need for a rebate calculation. Impact of COVID-19 Pandemic Beginning in March 2020, Pratt Institute experienced changes to its operations as a result of the COVID-19 Pandemic. After closing residence halls, approximately 50% of the spring 2020 semester was delivered in an online instructional format. As a consequence of that decision, the Institute provided pro-rata refunds of room, board and certain fees to resident students totaling approximately $4.6 million. The Institute received approximately $2.8 million in CARES funding from the U.S. Department of Education, 50% of which was used to provide direct assistance to students who had been adversely impacted by COVID-19. The balance of the funds received were used by the Institute to offset additional costs incurred as a result of the closure of campus and transition to online instruction. During the summer of 2020, the faculty delivered instruction in both online and a hybrid format that blends online instruction with some face to face instruction. After extensive analysis and deliberation, the Institute made a decision not to reopen its residence halls for the fall semester. Fall 2020 enrollment is approximately 15% lower than the fall 2019 enrollment level. Given this decline in student headcount and an absence of room and board revenue, the Institute developed an operating budget for fiscal 2021 that reflects reductions in both personnel and non-personnel expenditures. At present, the Institute expects it will continue to meet all debt service obligations as they become due, financial covenants and maintain sufficient cash flow to support operations. FORM 990, PART I AND PART III, LINE 1 ORGANIZATION'S MISSION: THE MISSION OF PRATT INSTITUTE IS TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY. PRATT SEEKS TO INSTILL IN ALL GRADUATES AESTHETIC JUDGMENT, PROFESSIONAL KNOWLEDGE, COLLABORATIVE SKILLS, AND TECHNICAL EXPERTISE. WITH A FIRM GROUNDING IN THE LIBERAL ARTS AND SCIENCES, A PRATT EDUCATION BLENDS THEORY WITH CREATIVE APPLICATION IN PREPARING GRADUATES TO BECOME LEADERS IN THEIR PROFESSIONS. PRATT ENROLLS A DIVERSE GROUP OF HIGHLY TALENTED AND DEDICATED STUDENTS, CHALLENGING THEM TO ACHIEVE THEIR FULL POTENTIAL. FORM 990, PART III STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS: LINE 4A: INSTRUCTION: --------------------- THE COMMISSION ON HIGHER EDUCATION IS AN INSTITUTIONAL ACCREDITING AGENCY RECOGNIZED BY THE US SECRETARY OF EDUCATION AND THE COMMISSION ON RECOGNITION OF POSTSECONDARY ACCREDITATION. PRATT OFFERS 6 ASSOCIATE, 27 UNDERGRADUATE DEGREE, AND 36 GRADUATE DEGREE PROGRAMS IN ART & DESIGN, ARCHITECTURE, LIBERAL ARTS & SCIENCES (UNDERGRADUATE), INFORMATION & LIBRARY SCIENCE (GRADUATE) AND CENTER FOR CONTINUING & PROFESSIONAL STUDIES. IT OFFERS, PRE-COVID, AN AVERAGE OF 23 STUDY ABROAD AND INTERNATIONAL EXCHANGE PROGRAMS IN MORE THAN A DOZEN LOCATIONS INCLUDING ROME, FLORENCE, MILAN, COPENHAGEN, LONDON AND TOKYO. IN ADDITION, PRATT PROVIDES STUDENTS WITH OPPORTUNITIES TO ENROLL IN FOUR DUAL DEGREE PROGRAMS. IT ALSO OFFERS SEVEN PROGRAMS LEADING TO AN ADVANCED CERTIFICATE AWARD: ART & DESIGN EDUCATION, ARCHIVES PROGRAMS, LIBRARY & INFORMATION SPECIALIST AND MUSEUM LIBRARIES, MINOR PROGRAMS IN CONSTRUCTION MANAGEMENT, CULTURAL STUDIES AND HISTORY OF ART & DESIGN. IT ALSO OFFERS TWO FULL-TIME ENGLISH AS A SECOND LANGUAGE (ESL) PROGRAMS FOR INTERNATIONAL STUDENTS THAT FOCUS ON THE LANGUAGE OF ART, DESIGN AND ARCHITECTURE. PRATT INSTITUTE'S OFFICIAL ENROLLMENT FOR THE FY2019-20 WAS 4,875 STUDENTS. *UNDERGRADUATE (3,501 STUDENTS) -ART: 1,043 -DESIGN: 1,420 -ARCHITECTURE: 713 -LIBERAL ARTS & SCIENCES: 165 -ASSOCIATE DEGREE PROGRAMS: 103 -DUAL DEGREES: 0 -NON-MATRIC/PRE-COLLEGE - HIGH SCHOOL PROGRAM: 57 *GRADUATE (1,374 STUDENTS) -ART: 372 -DESIGN: 417 -ARCHITECTURE: 322 -INFORMATION & LIBRARY SCIENCE: 210 -LAS: 42 -DUAL DEGREES: 11 *DEGREES - 1,317 -ASSOCIATE'S DEGREE: 58 -BACHELOR'S DEGREE: 729 -MASTER'S DEGREE: 530 PRATT INSTITUTE'S SCHOOL OF CONTINUING AND PROFESSIONAL STUDIES (SCPS) PROVIDES HIGH-QUALITY CREDIT AND NON-CREDIT COURSES AND PROGRAMS TO THE NONTRADITIONAL STUDENT IN A VARIETY OF SUBJECTS FOR EDUCATIONAL ADVANCEMENT, CAREER CHANGE, AND ENRICHMENT. INCLUDED IN ITS PROGRAMS IS THE PRECOLLEGE PROGRAM THAT PROVIDES HIGH SCHOOL STUDENTS WITH A RIGOROUS COLLEGE LEVEL ART, DESIGN AND CREATIVE THINKING COURSES, MODELED AFTER PRATT INSTITUTE'S UNDERGRADUATE OFFERINGS. FORM 990, PART III STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS: LINE 4B: ACADEMIC SUPPORT: -------------------------- SCHOLARSHIPS ARE VITAL TO FOSTERING THE UNIQUE ABILITIES OF THE MORE THAN 3,600 TALENTED YOUNG MEN AND WOMEN ENROLLED AT PRATT, THE MAJORITY OF WHOM WOULD OTHERWISE BE UNABLE TO BENEFIT FROM THE WORLD-CLASS, CUTTING EDGE EDUCATION THAT THE INSTITUTE OFFERS. CURRENTLY, OVER 80% OF PRATT STUDENTS RECEIVE SOME FORM OF FINANCIAL AID. SCHOLARSHIPS PROVIDE THESE STUDENTS WITH MEANINGFUL SUPPORT THAT ENABLE THEM TO PURSUE THEIR EDUCATION WHILE REDUCING THEIR FINANCIAL BURDENS. PRATT INSTITUTE'S ENDOWED FACULTY DEVELOPMENT FUNDS PROVIDE INCREASED RESOURCES FOR THE COMPETITIVELY AWARDED ANNUAL GRANTS THAT NOT ONLY ADVANCE PRATT FACULTY MEMBERS' RESEARCH AND CREATIVE INTERESTS BUT ALSO STRENGTHEN THE INSTITUTE'S CURRICULUM OVERALL. WITH THE SUPPORT OF THESE FUNDS, PRATT FACULTY CAN UNDERTAKE RESEARCH AND PROJECTS TO ADVANCE THE CURRICULUM AND THEIR FIELDS, EXPLORE NEW DIRECTIONS IN TEACHING, AND INSPIRE NEW INTERDISCIPLINARY WORK THAT WILL CONTRIBUTE TO THE LEARNING ENVIRONMENT. SPECIFIC ACTIVITIES MIGHT INCLUDE STUDIO PROJECTS, PUBLICATIONS, TRAVEL, RESEARCH, AND CROSS-DISCIPLINARY COURSES AND STUDIES BY FACULTY TEAMS. FORM 990, PART III STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS: LINE 4C: AUXILIARY ENTERPRISES: ------------------------ THE INSTITUTE MANAGES AND MAINTAINS NUMEROUS DORMITORIES ON AND OFF CAMPUS AND TOWNHOUSES THAT PROVIDE HOUSING FOR PRATT STUDENTS. INCLUDED ALSO IN THE AUXILIARY ENTERPRISE IS THE MANAGEMENT OF THE STUDENT MEAL PLAN PROGRAM, AND ACTIVITY RESOURCE CENTER ACTIVITIES WHICH ARE PRIMARILY MAINTAINED FOR THE USE AND CONVENIENCE OF STUDENTS, FACULTY AND STAFF. FORM 990, PART III STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS: LINE 4D: OTHER PROGRAM SERVICES: -------------------------------- STUDENT SERVICES: INCLUDES EXPENSES INCURRED FOR STUDENTS' ACTIVITIES AND EVENTS BY THE FOLLOWING STUDENT SUPPORT SERVICES DEPARTMENTS: ADMISSIONS, REGISTRAR, BURSAR, FINANCIAL AID, ATHLETICS, INTERNATIONAL AFFAIRS, HEALTH & COUNSELING, CAREER SERVICES AND OTHER STUDENT SERVICES DEPARTMENTS. THE STUDENT AFFAIRS DIVISION PROVIDES PROGRAMS AND SERVICES THAT PROMOTE STUDENT PERSONAL AND PROFESSIONAL DEVELOPMENT, FOSTERS A CAMPUS ENVIRONMENT THAT IS CONDUCIVE TO STUDENT LEARNING AND ADVOCATES FOR AND SUPPORTS STUDENTS AS THEY MEET THE CHALLENGES OF THE PRATT EXPERIENCES. THE OFFICE OF INTERNATIONAL AFFAIRS PROVIDES SERVICES TO INTERNATIONAL STUDENTS FROM OVER 75 COUNTRIES AS WELL AS J1 EXCHANGE VISITORS, EXCHANGE STUDENTS, PROFESSORS AND SCHOLARS. THIS OFFICE IS RESPONSIBLE TO ENSURE PRATT'S COMPLIANCE WITH THE DEPARTMENT OF HOMELAND SECURITY AND DEPARTMENT OF STATE. INSTITUTIONAL SUPPORT: INCLUDES EXPENDITURES PRIMARILY INCURRED BY THE SECURITY OFFICE, STRATEGIC PLANNING, OFFICE OF INSTITUTIONAL RESEARCH INFORMATION TECHNOLOGY, ACADEMIC MARKETING, FINANCE, SUSTAINABILITY AND OTHER PROGRAM SERVICES RELATED GENERAL INSTITUTE EXPENSES. OPERATION AND MAINTENANCE OF PLANT: INCLUDES EXPENSES FOR THE MAINTENANCE AND UPKEEP OF BUILDINGS, MANAGEMENT AND SUPPORT OF THE OPERATIONS OF PHYSICAL PLANT FACILITIES, UTILITIES, CLEANING AND OTHER RELATED FUNCTIONS, CAPITAL RENOVATION PROJECTS, ETC. FY19/20 THE FINAL PHASE OF THE CONSTRUCTION OF A 10 STORY RESIDENCE DORM FOR FIRST YEAR STUDENTS, LOCATED ON EMERSON PLACE. EACH DORM FLOOR WILL OFFER 24 STUDENTS DOUBLE ROOM ACCOMMODATION AND 10 SINGLE USE BATHROOM FACILITIES ARRANGED AROUND A LARGE CENTRAL FLOOR LOUNGE WITH KITCHENETTES. DORM OPENED IN FALL 2019. FY19/20 STARTED PHASE 2 OF THE 14TH STREET CAMPUS RENOVATION IN MANHATTAN. INCLUDES THE INCREASE IN CLASS ROOMS, EXPANSION OF GALLERY SPACE AND THE UPGRADE OF THE LOBBY SPACE TO THE INSTITUTE. UPGRADED A NUMBER OF THE ELEVATORS ON CAMPUS AND CONTINUED TO UPGRADE THE ROOF ON THE THRIFT BUILDING. PUBLIC SERVICE: IN VIEW OF PRATT'S MISSION TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY, PRATT INSTITUTE PLAYS AN ACTIVE ROLE IN COMMUNITY-BASED PLANNING AND RESEARCH PROGRAMS THAT EMPOWER LOCAL RESIDENTS AND BUSINESSES TO DEVELOP ROBUST URBAN CENTERS IN WHICH TO WORK, PLAY AND LIVE. PRATT'S DEPARTMENT OF ART AND DESIGN EDUCATION OFFERS A VARIETY OF PROGRAMS FOR THE COMMUNITY. IT PROVIDES OPPORTUNITIES FOR ARTISTS AND DESIGNERS OF ALL AGES TO RECOGNIZE PRATT INSTITUTE OFFERS A NUMBER OF PROGRAMS, CENTERS AND INITIATIVES THAT BENEFIT THE PUBLIC AND COMMUNITIES. A NUMBER OF THEM ARE LISTED BELOW. THE ART EDUCATION PROGRAM: PRATT'S DEPARTMENT OF ART AND DESIGN EDUCATION OFFERS A VARIETY OF PROGRAMS FOR THE COMMUNITY. IT PROVIDES OPPORTUNITIES FOR ARTISTS AND DESIGNERS OF ALL AGES TO RECOGNIZE AND DEVELOP THEIR CREATIVE POTENTIAL. CLASSES ARE HELD ON PRATT'S CAMPUS WHERE PARTICIPANTS LEARN IN A COLLEGE ENVIRONMENT. THESE PROGRAMS PREPARE PRATT STUDENTS STUDYING ART & DESIGN EDUCATION TO WORK AS TEACHERS AND ARTISTS WHILE SIMULTANEOUSLY BRINGING ART AND DESIGN CLASSES TO THE COMMUNITY. FEATURED PROGRAMS ARE DESIGN INITIATIVE FOR COMMUNITY EMPOWERMENT (DICE), PRATT YOUNG SCHOLARS, SATURDAY ART SCHOOL, AND SUMMER DESIGN. THE SPATIAL ANALYSIS AND VISUALIZATION INITIATIVE (SAVI): SAVI AT PRATT INSTITUTE IS A GEOGRAPHIC INFORMATION SYSTEMS (GIS)-CENTERED INITIATIVE THAT PROVIDES STUDENTS AND FACULTY ACROSS DISCIPLINES ACCESS TO GIS AND VISUALIZATION RESOURCES. SAVI IS DEDICATED TO PRATT'S COMMITMENT TO BENEFIT THE GREATER COMMUNITY AND PROVIDES SERVICES AND GIS TECHNICAL ASSISTANCE TO NEW YORK CITY-BASED NONPROFIT, CIVIC, AND COMMUNITY-BASED PLANNING ORGANIZATIONS, AND OFFERS A GIS AND DESIGN CERTIFICATE PROGRAM THROUGH THE SCHOOL OF CONTINUING AND PROFESSIONAL STUDIES. SAVI MAINTAINS A DATABASE OF SPATIAL AND INFORMATIONAL DATA SETS, AVAILABLE FOR PUBLIC USE ON MOST NETWORKED COMPUTERS AT THE PRATT BROOKLYN CAMPUS. PRATT CENTER FOR COMMUNITY DEVELOPMENT: ESTABLISHED IN 1963, THE CENTER WORKS FOR A MORE SUSTAINABLE AND EQUITABLE NEW YORK CITY IN PARTNERSHIP WITH COMMUNITY-BASED ORGANIZATIONS, SMALL BUSINESSES, AND POLICYMAKERS. AS PART OF PRATT INSTITUTE, WE USE URBAN PLANNING, ARCHITECTURE, AND PUBLIC POLICY TO SUPPORT COMMUNITY-BASED ORGANIZATIONS IN THEIR EFFORTS TO IMPROVE QUALITY OF LIFE, CREATE ECONOMIC OPPORTUNITY, AND ADVANCE SUSTAINABLE DEVELOPMENT. OUR WORK IS GROUNDED IN FOUR CORE VALUES: EQUITY, SUSTAINABILITY, LOCAL KNOWLEDGE, AND DIVERSE ECONOMY. BELOW ARE THREE MAJOR GRANT PROJECTS THAT PRATT CENTER EXCHANGED IN FOR THE FISCAL YEAR: THE BROOKLYN FASHION AND DESIGN ACCELERATOR: THE BROOKLYN FASHION AND DESIGN ACCELERATOR (BF+DA) IS A VIBRANT HUB WHERE DESIGNERS CAN BUILD SUCCESSFUL BUSINESSES THAT INTEGRATE THE ENVIRONMENT AND SOCIETY INTO THEIR BOTTOM LINE AND EXPLORE THE RELATIONSHIP OF TECHNOLOGY, PRODUCT, AND FASHION. THE ACCELERATOR PROVIDES SPACE, MENTORSHIP, AND ACCESS TO A NETWORK OF EXPERTS THAT RANGE FROM DESIGN, PRODUCTION, FUTURE TECHNOLOGIES, BUSINESS DEVELOPMENT, AND ENVIRONMENTAL AND SOCIAL IMPACT. THE BF+DA WELCOMES CREATIVE ENTREPRENEURS FROM THROUGHOUT NEW YORK CITY. CONSORTIUM FOR RESEARCH AND ROBOTICS: THE CENTER IS A NEW MODEL FOR COLLABORATION, COMPETITION AND CREATIVITY WITH NEW YORK CITY'S LARGEST INDUSTRIAL ROBOT. OFFERING UNIQUE FACILITIES, LOCATION, PROFESSIONAL AND ACADEMIC NETWORKS, AND VARIOUS OTHER RESOURCES. BELOW IS A BRIEF DESCRIPTION OF A FEW EXAMPLES OF THE MAJOR PROGRAM AND PROJECT ACCOMPLISHMENTS FOR PRATT RELATED TO EXTERNAL FUNDER AWARDS IN FY19/20: - PRATT INSTITUTE'S CONSORTIUM FOR RESEARCH AND ROBOTICS WAS AWARDED $1.5M IN FUNDING FOR THE SCIENCE TECHNOLOGY ENTRY PROGRAM (STEP) FROM THE NEW YORK STATE DEPARTMENT OF EDUCATION. THIS FIVE-YEAR FUNDING CYCLE FROM JULY 2020 TO JUNE 2025 AIMS TO SERVE 167 LOW-INCOME AND DISADVANTAGED NYC MIDDLE AND HIGH SCHOOL STUDENTS PER YEAR WITH SUPPLEMENTAL SCIENCE AND TECHNOLOGY EDUCATION. - PRATT INSTITUTE'S SCHOOL OF INFORMATION, IN COLLABORATION WITH NEW YORK UNIVERSITYS MOVING IMAGE ARCHIVING PRESERVATION PROGRAM, WAS AWARDED A GRANT OF $600K OVER TWO YEARS TO ESTABLISH A NETWORK OF TRAINING RESOURCES AVAILABLE TO CULTURAL HERITAGE PROFESSIONALS NATIONWIDE TO ENHANCE THEIR DIGITAL PRESERVATION KNOWLEDGE WITH A SIGNIFICANT OUTREACH AND RECRUITMENT COMPONENT. - CITY COUNCIL MEMBER STEPHEN LEVIN (NYC DISTRICT 33) AND THE BROOKLYN BOROUGH PRESIDENT AWARDED PRATT INSTITUTE WITH $795K IN CAPITAL FUNDS TO HELP RENOVATE APPROXIMATELY 21K SQ FT OF SPACE IN THE BROOKLYN NAVY YARD (BNY). WITH THESE CAPITAL FUNDS, PRATT SEEKS TO CREATE A NEW RESEARCH FACILITY, THE PRATT RESEARCH YARD, IN PARTNERSHIP WITH THE BNY AND SHARED WITH THE COMMUNITY OF NAVY YARD INDUSTRY LEADERS. FORM 990, PART VI, LINE 2 FAMILY RELATIONSHIP: MIKE PRATT, DAVID O. PRATT, AND ANNE H. VAN INGEN HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, LINE 11 REVIEW OF 990: THE RETURN IS PREPARED BY AN INDEPENDENT FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IN CONSULTATION WITH THE ORGANIZATION'S STAFF. THE DRAFT PREPARED BY THE ACCOUNTING FIRM IS THEN SUBMITTED TO THE CONTROLLER, VP OF FINANCE, THE FINANCE AND AUDIT COMMITTEE FOR THEIR REVIEW, AND THEN TO THE FULL BOARD OF DIRECTORS BEFORE FILING THE COMPLETED FORM 990 WITH THE IRS. FORM 990, PART VI, LINE 12 CONFLICT OF INTEREST POLICY: THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY COVERING ALL TRUSTEES, OFFICERS, AND EMPLOYEES THAT PROVIDES THAT NO INDIVIDUAL MAY PARTICIPATE IN DISCUSSION OR DECISION ON ANY MATTER IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. ALL TRUSTEES, OFFICERS AND INDIVIDUALS WHO HAVE PURCHASING AUTHORITY ARE REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. FORM 990, PART VI, LINE 15 PROCESS OF DETERMINING COMPENSATION: COMPENSATION FOR THE PRESIDENT, OFFICERS AND KEY EMPLOYEES IS DETERMINED BY A PROCESS THAT INCLUDES THE USE OF EXTERNAL COMPARABILITY DATA, REVIEW AND APPROVAL BY THE BOARD AND EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, AND CONTEMPORANEOUS RECORDKEEPING OF THEIR DELIBERATIONS AND DECISIONS. THE PRESIDENT'S COMPENSATION IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. BASED UPON THE REVIEW, PRESIDENT'S COMPENSATION IS THEN DETERMINED AND APPROVED BY THE BOARD. FORM 990, PART VI, LINE 19 DISCLOSURE: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST FROM THE OFFICE OF THE VP OF FINANCE OR THE CONTROLLER'S OFFICE. IN ADDITION, THE FORM 990 IS AVAILABLE AT GUIDESTAR.ORG. FROM 990, PART VII AND SCHEDULE J COMPENSATION TIMING: COMPENSATION REPORTED ON PART VII AND SCHEDULE J IS BASED ON THE CALENDAR YEAR WITHIN THE TAXPAYER'S FISCAL YEAR. FOR THIS FISCAL 2020 FORM 990, CALENDAR YEAR 2019 COMPENSATION IS REPORTED. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCE: OTHER NON-OPERATING RECONCILING ITEMS $(43,123) POSTRETIREMENT RELATED CHANGES $15,757,056 -------------- TOTAL $15,713,933 ===============