2013-12-16T12:39:15-06:00 2013-04-30 BERMAN HOPKINS WRIGHT LAHAM CPAS & ASSOC 8035 SPYGLASS HILL RD MELBOURNE FL 32940 990 2012-05-01 596046500 FLORIDA INSTITUTE OF TECHNOLOGY FLOR 3216627297 150 W UNIVERSITY BLVD MELBOURNE FL 329016975 ROBERT NIEBUHR 3216627297 2013-12-15 true HEATHER K MCDONOUGH CPA 3217572020 2013-12-16 2012 2016-03-07 17:11:31Z ROBERT NIEBUHR 150 W UNIVERSITY BLVD MELBOURNE FL 32901 351493650 false X WWW.FIT.EDU X 1958 FL TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. 33 30 3356 8881993 -4345216 113237618 110077760 176024389 187075098 902242 2870982 137161 201666 290301410 300225506 126771079 129943124 0 77639590 89460100 81946 0 4787790 76856887 75905443 281349502 295308667 8951908 4916839 191375680 202846583 76967321 80673024 114408359 122173559 X TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. false false 55423505 8422936 155079198 INSTRUCTION AND ACADEMIC SUPPORT THE UNIVERSITY INSTRUCTED 2,978 UNDERGRADUATE AND 2,406 GRADUATE STUDENTS ON-CAMPUS, IN ADDITION TO 3,432 ONLINE STUDENTS IN UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS IN THE FOLLOWING FIELDS OF STUDY: SCIENCE, ENGINEERING, AERONAUTICS, BUSINESS, HUMANITIES, MATHEMATICS, PSYCHOLOGY, COMMUNICATIONS, AVIATION, COMPUTER TECHNOLOGY, ENVIRONMENTAL STUDIES AND EDUCATION. 129957483 91655806 STATEMENT OF STUDENT AID THE UNITED STATES GOVERNMENT AND SEVERAL STATES PROVIDE FUNDS FOR OUR 4,224 STUDENTS ON OUR CAMPUSES IN MELBOURNE, FL; HUNTSVILLE, AL; ABERDEEN AND PATUXENT RIVER, MD; PICATINNY, NJ; AND FORT LEE, NCR AND HAMPTON ROADS, VA LOCATIONS. FUNDS WERE ALSO PROVIDED FOR THOSE STUDENTS OPTING TO TAKE CLASSES VIA THE INTERNET. THE SCHOLARSHIPS AND OTHER FINANCIAL AID SUPPORTED MANY BRIGHT FUTURES, TEACHING STUDENTS, SCIENCE AND ENGINEERING STUDENTS, AND CHILDREN OF DECEASED OR DISABLED VETERANS. 47763110 19202747 STUDENT SERVICES AND AUXILIARY ENTERPRISES CAMPUS LIFE REVOLVES AROUND THE CLEMENTE CENTER FOR SPORTS AND RECREATION, THE DENIUS STUDENT CENTER AND PANTHER PLAZA. STUDENTS PARTICIPATE IN A WIDE VARIETY OF INTRAMURAL SPORTS, MORE THAN 100 STUDENT ORGANIZATIONS AND 22 INTERCOLLEGIATE SPORTS. FROM GREEK LIFE TO THE COLLEGE PLAYERS THEATRICAL ORGANIZATION, STUDENTS ARE ACTIVELY INVOLVED IN THE LIFE OF THE CAMPUS COMMUNITY. 14814757 7103421 OTHER PROGRAM SERVICES: SPONSORED RESEARCH AND TRAINING PROGRAM. 14814757 7103421 247958855 true false false true false false false true false true true true false false true false true false true true true false false false true true false false true true true false false false false false true false true false true false false false false true true false false false true 15 14 true 3356 true true true false false false false true true false true true false X 33 30 true false false false false false false true true false false true true true true true true true true false FL X X ROBERT NIEBUHR 3216747297 150 W UNIVERSITY BLVD MELBOURNE FL 32901 ANTHONY J CATANESE 40.00 X X 594568 0 29477 RAYMOND A ARMSTRONG MD 2.00 X 0 0 0 RICHARD N BANEY MD 2.00 X 0 0 0 NATHAN M BISK 2.00 X 0 0 0 HARRY E BRANDON 2.00 X 0 0 0 JOSEPH CARUSO 2.00 X 0 0 0 ANDREW M CLARK PHD 2.00 X 0 0 0 CHARLES CLEMENTE 2.00 X 0 0 0 DALE A DETTMER JD 2.00 X 0 0 0 PHILLIP W FARMER 2.00 X 0 0 0 JOSEPH M FLAMMIO 2.00 X 0 0 0 STEVEN FREEMAN 2.00 X 0 0 0 RUTH E FUNK 2.00 X 0 0 0 JOHN T HARTLEY 2.00 X 0 0 0 HENRY HEFLICH 2.00 X 0 0 0 ALLEN S HENRY PHD 2.00 X 0 0 0 BJORNAR K HERMANSEN 2.00 X 0 0 0 ERIK E JOH 2.00 X 0 0 0 RICHARD P MCNEIGHT 2.00 X 0 0 0 WILLIAM MUNS 2.00 X 0 0 0 ROBERT L PHEBUS JR 2.00 X 0 0 0 WILLIAM C POTTER JD 2.00 X 0 0 0 TRAVIS PROCTOR 2.00 X 0 0 0 JAMES E PRUITT 2.00 X 0 0 0 KENNETH P REVAY 2.00 X 0 0 0 MICHAEL SCAFATI 2.00 X 0 0 0 EDWARD W SCOTT JR 2.00 X 0 0 0 SCOTT J SEYMOUR 2.00 X 0 0 0 JOHN L SLACK 2.00 X 0 0 0 F ALAN SMITH 2.00 X 0 0 0 ELIZABETH J SWANN 2.00 X 0 0 0 JAMES W THOMAS 2.00 X 0 0 0 THOMAS VICE 2.00 X 0 0 0 JONATHAN ZUNG 2.00 X 0 0 0 T DWAYNE MCCAY 40.00 X 370122 0 25681 ROBERT NIEBUHR 40.00 X 216650 0 12503 KENNETH STACKPOOLE 40.00 X 297958 0 26267 FREDRIC M HAM 40.00 X 264605 0 14346 WINSTON SCOTT 40.00 X 236483 0 13294 FRANK L KINNEY 40.00 X 202838 0 22316 SHIRLEY BECKER 40.00 X 191533 0 28156 GARY L HAMME 40.00 X 185325 0 10837 SUSAN ST ONGE 40.00 X 176523 0 8379 GORDON NELSON 40.00 X 170969 0 16530 MARY BETH KENKEL 40.00 X 169944 0 22944 DOROTHY ALLEN 40.00 X 151857 0 12910 THEODORE BAKER 40.00 X 194966 0 1090 RICHARD FORD 40.00 X 182688 0 20000 CEM KANER 40.00 X 180241 0 28464 HECTOR GUTIERREZ 40.00 X 171751 0 32263 GEOFFREY SWAIN 40.00 X 169420 0 8376 4128441 333833 103 false true false ABA TECHNOLOGIES INC 3011 S BABCOCK ST STE 353 MELBOURNE FL 32901 PROGRAMMING 2971050 MH WILLIAMS CONSTRUCTION GROUP INC 2287 W EAU GALLIE BLVD STE E MELBOURNE FL 32935 CONSTRUCTION 2594072 ELLUCIAN CO LP 2300 MAITLAND CENTER PKWY MAITLAND FL 32751 SOFTWARE 727734 CERT GENERAL CONTRACTORS 1120 E PALMETTO AVE MELBOURNE FL 32901 CONTRACTING 669266 SHAW CONTRACT FLOORING SERVICES INC 2845 W KING ST STE 209 COCOA FL 32926 CONTRACTING 578809 15 156268 99363634 10557858 110077760 TUITION & FEES 156738235 156738235 HOUSING & FOOD SERVICE 15961597 15961597 FIT AVIATION, LLC 611710 9054684 9054684 OTHER 3586069 3586069 RECOVER INDIRECT COSTS-CONTRA 1734513 1734513 187075098 1153440 1153440 292258 464949 -172691 -172691 -172691 52316735 50599193 1717542 1717542 1717542 339474 156268 118193 221281 221281 225600 85809 139791 139791 INSURANCE RECOVERY 13285 13285 13285 300225506 179737956 8881993 1527797 129943124 129943124 4149883 1172036 2801324 176523 68418791 55187713 11423873 1807205 2124823 1566181 511203 47439 10049961 6757169 2960721 332071 4716642 3560948 1060817 94877 19622732 10564854 8462146 595732 408177 31114 377042 21 208441 208441 25503 25503 2743027 2371728 71225 300074 12855207 8044435 4529862 280910 3326420 1642094 1473823 210503 6389156 2288082 4100954 120 2966751 2539642 311557 115552 1373902 807766 246219 319917 2036878 203478 1833400 7907182 7907182 3365431 3157944 207487 COGS 3714645 3714645 TEACHING SCHOLARSHIP 1759424 1745948 13476 RESEARCH SCHOLARSHIP 1755113 1270747 484366 DIRECT COST 1737846 1737846 3709608 1718676 1484086 506846 295308667 247958855 42562022 4787790 14059023 7024079 2636200 3875605 2654932 8112939 8434758 5128620 4952111 822818 955497 5673006 6640430 161050742 51340051 97259685 109710691 53213645 57929579 594139 4544506 191375680 202846583 18356478 17562979 7982652 8784345 25580709 34811528 808694 164393 1583038 22655750 19349779 76967321 80673024 X 60321187 61843404 6908341 11455958 47178831 48874197 114408359 122173559 191375680 202846583 X 4916839 3108310 -259949 X false true X true true true X false false false false false false false false true 133333 133333 false SCHEDULE C, PART II-B, LINE 1 FLORIDA INSTITUTE OF TECHNOLOGY CONTRACTED WITH TWO OUTSIDE VENDORS TO SPEAK DIRECTLY TO LEGISLATORS ON ITS BEHALF. X false 48845386 2229238 5683876 -705884 -1328343 -184580 54539693 49602761 780624 486837 -650923 -1198040 -175873 48845386 44525330 931246 6109565 -632013 -1181924 -149443 49602761 32871772 3192007 10543158 -1158792 -753661 -169154 44525330 42289183 2883933 -10351971 -662027 -1144242 -143104 32871772 1.00000 false false 6332048 6332048 104224973 30700173 73524800 18363543 8026554 10336989 19874926 5834160 14040766 12255252 6779164 5476088 109710691 COMMON STOCKS 20760175 F DEBT MUTUAL FUNDS 11074159 F EQUITY MUTUAL FUNDS 10639813 F MORTGAGE/ASSET BACKED SECURITIES 6181493 F CORPORATE BONDS 4351019 F SHORT TERM INVESTMENTS 1908080 F MANAGED FUTURES 1261852 F MUNICIPAL BONDS 1009464 F US GOVERNMENT NOTES AND BONDS 743524 F FEDERAL AGENCY SECURITIES F CERTFICATES OF DEPOSIT F 57929579 CAPITAL LEASE OBLIGATIONS 12490266 REFUNDABLE GOVERNMENT LOANS 4736185 ANNUITIES PAYABLE & OTHER LIAB. 2123328 INTEREST RATE SWAP LIABILITY 19349779 173354668 3108310 -36024 3072286 170282382 129943124 129943124 300225506 165365543 165365543 129943124 129943124 295308667 TERMS FOR NOT REPORTING ASSETS PER SFAS 116 SCHEDULE D, PAGE 1, PART III, LINE 1A FLORIDA INSTITUTE OF TECHNOLOGY HAS ELECTED TO EXCLUDE THE VALUE OF THE COLLECTIONS FROM THE STATEMENT OF FINANCIAL POSITION. ALSO, GIFTS OF ART OBJECTS ARE EXCLUDED FROM REVENUE IN THE STATEMENT OF ACTIVITIES. GENERALLY, ALL OBJECTS ARE RECEIVED AS A DONATION. COLLECTIONS AND RELATION TO EXEMPT PURPOSE SCHEDULE D, PAGE 2, PART III, LINE 4 TIME PERIOD CLOTHING, PIECES OF HAND WOVEN TEXTILES, ORIGINAL COLLAGE ART WORK, POETRY COLLECTION, DISPLAYS OF INTERNATIONAL ART WORK USED TO FURTHER THE UNDERSTANDING OF CULTURAL AND CREATIVE ACHIEVEMENTS. INTENDED USES FOR ENDOWMENT FUNDS SCHEDULE D, PAGE 2, PART V, LINE 4 ENDOWMENT SPENDING POLICY - AN ANNUAL ALLOCATION TO THE OPERATING FUND IS CALCULATED AS A PERCENTAGE OF THE ENDOWMENT MARKET VALUE. THE POLICY IS TO TRANSFER 5% OF THE MARKET VALUE DURING THE SUBSEQUENT FISCAL YEAR BY USING A MOVING AVERAGE, COMPUTED ON THE LAST THREE CALENDAR YEARS OF ENDOWMENT MARKET VALUES. FOR THE FISCAL YEAR 2013, THE TRANSFER AMOUNTED TO 2,034,227. REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -36,024 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 4B STUDENT FINANCIAL ASSISTANCE 129,943,124 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B STUDENT FINANCIAL ASSISTANCE 129,943,124 true true true true true true true false false false false false false false false true false true PUBLICATION OF NONDISCRIMINATORY POLICY IN MEDIA EXPLANATION SCHEDULE E LINE 3 ALL ADVERTISEMENTS FOR FLORIDA INSTITUTE OF TECHNOLOGY INCLUDE THE NECESSARY INFORMATION REGARDING THE UNIVERSITYS NONDISCRIMINATION POLICY FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION SCHEDULE E LINE 6 THE UNIVERSITY PARTICIPATES IN NUMEROUS FEDERAL AND STATE PROGRAMS AS LISTED BELOW FEDERAL PROGRAMS US DEPARTMENT OF COMMERCE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION NATIONAL DEFENSE UNIVERSITY US DEPARTMENT OF DEFENSE US DEPARTMENT OF ENERGY US DEPARTMENT OF HEALTH AND HUMAN SERVICES US DEPARTMENT OF HOMELAND SECURITY US DEPARTMENT OF EDUCATION US DEPARTMENT OF THE INTERIOR US DEPARTMENT OF LABOR US SMALL BUSINESS ADMINISTRATION NATIONAL SCIENCE FOUNDATION NATIONAL AERONAUTICS AND SPACE ADMINISTRATION US FISH AND WILDLIFE SERVICES US ARMY US DEPARTMENT OF JUSTICE UNITED NATIONS COMPREHENSIVE NUCLEARTEST BAN TREATY ORGANIZATION ENVIRONMENTAL PROTECTION AGENCY HARRIS CORPORATION CORPORATION FOR PUBLIC BROADCASTING STATE PROGRAMS STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION FLORIDA DEPARTMENT OF EDUCATION STATE RESEARCH AND DEVELOPMENT CLUSTER FLORIDA DEPARTMENT OF HEALTH FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION FLORIDA DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES STUDENT FINANCIAL ASSISTANCE BRIGHT FUTURES false EAST ASIA 1 4 PROGRAM SERVICE STUDENT RECRUITMENT 48839 SOUTH ASIA 3 PROGRAM SERVICE STUDENT RECRUITMENT 10500 NORTH AMERICA 1 PROGRAM SERVICE STUDENT RECRUITMENT 3000 1 8 1 8 62339 62339 false false false false false false ACTIVITIES PER REGION SCHEDULE F, PAGE 1, PART I, LINE 3 EAST ASIA 48,839 0 SOUTH ASIA 10,500 0 NORTH AMERICA 3,000 0 FL SPORTING AFFAIR 264669 108320 156349 29625 60585 EVENING OF HOPE 202230 28550 173680 27252 1 28843 19398 9445 731 495742 156268 339474 29625 88568 118193 221281 false false 225600 75000 8450 2359 false 225600 75000 8450 2359 85809 139791 FL false SEC. 849.0935 FLORIDA STATUTES (1996 SUPP) AUTHORIZES TAX-EXEMPT false false false 1.00000 MATTHEW KILCULLEN 150 W UNIVERSITY BLVD MELBOURNE FL 32901 false CHRISTIANA GREENE 10270 TRACK/TABULATE RESULTS X false true ATHLETICS SCHOLARSHIPS 477 4136485 BOOK SCHOLARSHIPS 51 54416 ENDOWED SCHOLARSHIPS 245 793919 FLORIDA TECH GRANTS 3494 8234098 GENERAL SCHOLARSHIPS 21 45810 GOVERNMENT LOANS 13210 67553032 GOVERNMENT SCHOLARSHIPS 3769 12084696 GRADUATE SCHOLARSHIPS 169 708813 MERIT SCHOLARSHIPS 234 568573 NEED BASED GRANTS 59 179682 PRESIDENTIAL SCHOLARSHIPS 2145 23101694 ROOM & BOARD SCHOLARSHIPS 121 28780 OTHER RESIDENT ASSIST ROTC SCHOLARSHIPS 73 368019 STATE SCHOLARSHIPS 2141 4726157 TEACHING SCHOLARSHIPS 155 60932 VA SCHOLARSHIPS 747 7298018 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 A MONTHLY REVIEW IS CONDUCTED TO ASCERTAIN THAT REVENUES HAVE BEEN RECEIVED. THE REVIEW CONSISTS OF CONFIRMATION OF AVAILABILITY OF PROJECT FUNDS, ENSURING THAT COSTS ARE CONSISTENT WITH THE PROJECT SCHEDULE, AND THAT THEY OCCUR BETWEEN THE START AND STOP DATES OF THE PROJECT. WE CREATE REPORTS TO REVIEW EXPENDITURES, BUDGETED LINE ITEMS AND REVENUE TO AVOID OVERSPENDING, SO AS NOT TO CAUSE A DEFICIT AND LIMIT FURTHER SPENDING. WE VERIFY THAT CORRECTIONS HAVE BEEN MADE IN A TIMELY MANNER. WE MAINTAIN A CLEAR AUDIT TRAIL FOR FUTURE USE. WE MONITOR THE FINANCIAL ACTIVITY OF AWARDS FROM THE DAY IT BECOMES ACTIVE UNTIL IT IS TERMINATED. X X X X X true true X X X X false false false false false false false false false ANTHONY J CATANESE 512500 82068 29477 624045 T DWAYNE MCCAY 299420 70702 25681 395803 ROBERT NIEBUHR 211059 5591 12503 229153 KENNETH STACKPOOLE 240220 57738 26267 324225 FREDRIC M HAM 256524 8081 14346 278951 WINSTON SCOTT 231313 5170 13294 249777 FRANK L KINNEY 196419 6419 22316 225154 SHIRLEY BECKER 182961 8572 28156 219689 GARY L HAMME 179661 5664 10837 196162 SUSAN ST ONGE 175000 1523 8379 184902 GORDON NELSON 169561 1408 16530 187499 MARY BETH KENKEL 171075 -1131 22944 192888 DOROTHY ALLEN 133333 18524 12910 164767 THEODORE BAKER 194504 462 1090 196056 RICHARD FORD 109660 73028 20000 202688 CEM KANER 160147 20094 28464 208705 HECTOR GUTIERREZ 102109 69642 32263 204014 GEOFFREY SWAIN 94151 75269 8376 177796 FRINGE OR EXPENSE EXPLANATION SCHEDULE J, PAGE 1, PART I, LINE 1A -FIRST CLASS TRAVEL MAY OCCUR BASED ON THE LENGTH OF TRAVEL TIME. -THE PRESIDENT'S SPOUSE MAY, ON OCCASION, ACCOMPANY THE PRESIDENT ON BUSINESS TRIPS ON BEHALF OF THE UNIVERSITY. -TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: TAXES ARE GROSSED UP ON SOME MINOR FRINGE BENEFITS. -THE PRESIDENT OF THE UNIVERSITY RECEIVES A HOUSING ALLOWANCE OF 50,000 PER YEAR. THIS AMOUNT IS INCLUDED IN HIS SALARY AS REPORTED ON FORM 990, PART VII. A BREVARD CNTY ED FAC AUTHORITY 596000253 2013-02-01 35000000 25M REFUNDING, 10M CONSTRUCTION false false false A 192587 35000000 5753920 4541080 2013 true false false true A false false true true false false false false true A false false false false false false false false true A true EDWARD SCOTT JR TRUSTEE X 1279969 164393 false true true 164393 NATHAN M BISK BOARD MEMBER 300000 LOAN FORGIVENESS false ORGANIZATION'S MISSION FORM 990 - ORGANIZATION'S MISSION TO PROVIDE EDUCATION - THE UNIVERSITY PROVIDES EDUCATIONAL SERVICES TO BACHELORS, MASTERS AND DOCTORAL STUDENTS. FLORIDA INSTITUTE OF TECHNOLOGY IS AN INDEPENDENT TECHNOLOGICAL UNIVERSITY THAT PROVIDES QUALITY EDUCATION, FURTHERS KNOWLEDGE THROUGH BASIC AND APPLIED RESEARCH, AND SERVES THE DIVERSE NEEDS OF OUR LOCAL, STATE, NATIONAL, AND INTERNATIONAL CONSTITUENCIES. ALL OTHER ACCOMPLISHMENT DESCRIPTION FORM 990, PAGE 2, PART III, LINE 4D OTHER PROGRAM SERVICES: SPONSORED RESEARCH AND TRAINING PROGRAM. ADDITIONAL INFORMATION FORM 990, PART VI THE UNIVERSITY HAS A LEASE AGREEMENT WITH A BOARD MEMBER FOR 5,000 SQUARE FEET OF STORAGE SPACE AT A BASE RENT OF 6.50 PER SQUARE FOOT PLUS COMMON AREA MAINTENANCE OF 1.98 PER SQUARE FOOT. THIS LEASE WAS ORIGINALLY SIGNED MARCH 25, 2008 AND IS VALID THROUGH MARCH 31, 2015. THE LEASE HAS AN ANNUAL COST OF LIVING INDEX ESCALATOR DETERMINED IN ACCORDANCE WITH THE U.S. DEPARTMENT OF LABOR COST OF LIVING INDEX. TOTAL RENT PAYMENTS TO THE BOARD MEMBER WERE 32,500 FOR THE YEARS ENDED APRIL 30, 2013 AND 2012. ADDITIONAL OFFICE SPACE WAS RENTED FROM THIS BOARD MEMBER DURING THE RENOVATION OF THE KEUPER BUILDING IN 2012. RENT PAYMENTS ASSOCIATED WITH THE ADDITIONAL SPACE WERE 6,000 AND 24,500 FOR EACH OF THE YEARS ENDED APRIL 30, 2013 AND 2012, RESPECTIVELY. A BOARD MEMBER HAS PROVIDED THE UNIVERSITY WITH A REVOLVING LINE OF CREDIT OF 1,500,000 WITH AN INTEREST RATE OF 3%. PRINCIPAL AND INTEREST ARE DUE IN 24 EQUAL MONTHLY INSTALLMENTS WHICH BEGAN TWO YEARS AFTER THE FIRST ADVANCE ON THE NOTE (AUGUST 2011). AS OF APRIL 30, 2013, THE PRINCIPAL BALANCE REMAINING WAS 161,996 AND THE BOARD MEMBER HAS FORGIVEN ALL INTEREST THROUGH DECEMBER 31, 2012. THE UNIVERSITY HAS AN AGREEMENT WITH BISK EDUCATION, INC. ("BISK") TO DEVELOP VARIOUS ONLINE DEGREE PROGRAMS AND TO MARKET AND RECRUIT STUDENTS FOR THOSE PROGRAMS. BISK ADVANCED PROGRAM START-UP COSTS OF 1,528,292 TO THE UNIVERSITY WHICH WILL BE REPAID TO BISK FROM FUTURE REVENUES. HOWEVER, THE UNIVERSITY RECEIVED A PLEDGE FROM A BOARD MEMBER WHO IS THE CHIEF EXECUTIVE OFFICER OF BISK AND THE PRESIDENT OF THE BISK FAMILY FOUNDATION, INC. TO FORGIVE THE START-UP COST LIABILITY OVER A PERIOD OF FIVE YEARS BEGINNING WITH THE YEAR ENDED APRIL 30, 2011. AS OF APRIL 30, 2013, A TOTAL OF 900,000 OF START-UP COSTS HAS BEEN FORGIVEN. RELATED PARTY INFORMATION AMONG OFFICERS FORM 990, PAGE 6, PART VI, LINE 2 HARRY BRANDON HARRY BRANDON TRUSTEE LEASING OF PROPERTY ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B A SPECIAL MEETING OF THE UNIVERSITY'S AUDIT COMMITTEE IS CONVENED FOR THE PURPOSE OF A REVIEW OF THE FORM 990 RETURN BEFORE THE RETURN IS FILED. EACH MEMBER OF THE AUDIT COMMITTEE RECEIVES A COPY OF THE RETURN TO REVIEW BEFORE THE MEETING. BEFORE EACH MEMBER RECEIVES A COPY, THE FORM 990 IS REVIEWED BY THE CONTROLLER, THE ASSOCIATE VICE PRESIDENT FOR FINANCIAL PLANNING, AND THE SENIOR VICE PRESIDENT FOR FINANCIAL AFFAIRS AND CFO. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C FLORIDA INSTITUTE OF TECHNOLOGY HAS IN PLACE A "CONFLICT OF INTEREST POLICY." THE POLICY REQUIRES EACH EMPLOYEE TO DISCLOSE ALL ACTIVITIES THAT ADVERSELY INFLUENCE THE EMPLOYEE'S JUDGEMENT WITH RESPECT TO PROMOTING THE BEST INTEREST OF THE UNIVERSITY, ANY ACTIVITIES THAT INFLUENCE THEIR PERFORMANCE, AND ANY ACTIVITIES THAT FINANCIALLY BENEFIT THE INDIVIDUAL AS A RESULT OF THEIR EMPLOYMENT BY THE UNIVERSITY. EACH YEAR A "CONFLICT OF INTEREST" QUESTIONNAIRE IS DISTRIBUTED TO THE EMPLOYEES. AN ANNUAL REPORT IS MAINTAINED DISCLOSING ANY CONFLICTS. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A THE UNIVERSITY HAS ESTABLISHED A COMPENSATION COMMITTEE THAT COMPLETES A PROCESS THAT REQUIRES A REVIEW OF THE EXECUTIVE'S COMPENSATION, DETERMINATIONS BY THE DISINTERESTED PERSONS, USE OF APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE PROCESS. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B THE UNIVERSITY HAS ESTABLISHED A COMPENSATION COMMITTEE THAT COMPLETES A PROCESS THAT REQUIRES A REVIEW OF THE EXECUTIVE'S COMPENSATION, DETERMINATIONS BY THE DISINTERESTED PERSONS, USE OF APPROPRIATE COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE PROCESS. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 THE UNIVERSITY MAKES AVAILABLE FORM 990 TO THE PUBLIC FOR INSPECTION THROUGH THE GUIDESTAR WEBSITE - WWW.GUIDESTAR.ORG. THE FORM 990 AND 990-T ARE ALSO PROVIDED UPON REQUEST. THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY, AND OTHER DOCUMENTS CAN BE FOUND AT WWW.FIT.EDU/HR/POLICIES. RECONCILIATION OF CHANGES - OTHER FORM 990, PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -36,024 STUDENT FINANCIAL ASSISTANCE -129,943,124 STUDENT FINANCIAL ASSISTANCE 129,943,124 OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 9 FIT MUSEUM OF ART, INC. 223,925 REMOVAL OF EQUITY FROM FLORIDA INSTITUTE OF TECHNOLOGY, INC.'S CONSOLIDATED BALANCE SHEET TO BE REPORTED ON FIT MUSEUM OF ART, INC.'S FORM 990 BALANCE SHEET. _________________________________________________________ CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 36,024 FIT MUSEUM OF ART, INC. NET LOSS 223,925 _______ 259,949 FIT AVIATION LLC FIT AVIATION LLC 801 HARRY GOODE WAY MELBOURNE FL 32901 593746142 FLIGHT INS FL 9054684 4650913 NA FIT REALTY LLC FIT REALTY LLC 150 W UNIVERSITY BLVD MELBOURNE FL 32901 REAL EST FL NA FIT MUSEUM OF ART INC 150 W UNIVERSITY BLVD MELBOURNE FL 32901 591804524 MUSEUM FL 501 9 N/A false false false false true false false false false false false false false false false false false false false true FIT MUSEUM OF ART INC FIT MUSEUM OF ART INC S 120356 COST FIT MUSEUM OF ART INC FIT MUSEUM OF ART INC D 3397 COST