F I T Student Housing Corporation
- Assets
- $172.4m
- Revenue
- $33.9m
- Investments
- $0.0
- Employees
- 42
- Location
- New York, NY
- Founding
- 11/1987
- Data as of
- 06/2022
- EIN
- 13-3263493
Organization Overview
F I T Student Housing Corporation is located in New York, NY. The organization was established in 1987. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 06/2022, F I T Student Housing Corporation employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. F I T Student Housing Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, F I T Student Housing Corporation generated $33.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $33.3m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MANAGEMENT SERVICES AND OPERATION OF DORMITORY FACILITIES FOR STUDENTS OF FIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIT STUDENT HOUSING CORPORATION OPERATES AND MANAGES THE DORMITORY FACILITIES FOR THE FASHION INSTITUTE OF TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christina Diggs Director, Residential Life | 5 | $132,769 | |
Dr Joyce F Brown President | Officer | 5 | $0 |
Sherry Brabham Treasurer | Officer | 5 | $0 |
Stephen Tuttle Secretary | Officer | 5 | $0 |
Gabrielle Fialkoff Trustee | Trustee | 1 | $0 |
Sally Singer Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ug2 Building Maintenance | 6/29/22 | $3,045,595 |
Hobo Construction Company Construction | 6/29/22 | $1,047,606 |
Allied Universal Security Svcs Security Services | 6/29/22 | $1,484,209 |
Aramark Corp Food Service | 6/29/22 | $4,798,178 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $33,070,099 |
| Investment income | $96,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$16,061 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,857,523 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $1,146,380 |
| Other salaries and wages | $65,502 |
| Pension plan accruals and contributions | $418,493 |
| Other employee benefits | $75,676 |
| Payroll taxes | $0 |
| Fees for services: Management | $730,486 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $40,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $287,893 |
| Advertising and promotion | $800 |
| Office expenses | $277,088 |
| Information technology | $71,796 |
| Royalties | $0 |
| Occupancy | $11,333,373 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $261,902 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,207,089 |
| Insurance | $525,555 |
| All other expenses | $0 |
| Total functional expenses | $33,332,242 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,024,603 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,113 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $256,917 |
| Net Land, buildings, and equipment | $106,674,585 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,394,005 |
| Total assets | $172,356,223 |
| Accounts payable and accrued expenses | $2,675,920 |
| Grants payable | $0 |
| Deferred revenue | $1,035,082 |
| Tax-exempt bond liabilities | $127,755,749 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,996,726 |
| Total liabilities | $143,463,477 |
| Net assets without donor restrictions | $23,086,376 |
| Net assets with donor restrictions | $5,806,370 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $172,356,223 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
F I T Student Housing Corporation New York, NY | $172,356,223 | $33,857,523 |
New Leaders New York, NY | $51,919,940 | $51,082,057 |
Morrisville Auxiliary Of State Univ College Of Agricult & Technology Morrisville, NY | $25,329,251 | $17,429,247 |
Faculty Student Association State University College At Fredonia Inc Fredonia, NY | $20,429,854 | $14,962,919 |
The Jain Family Institute New York, NY | $1,266,575 | $5,283,522 |
Brockport Auxilary Service Corporation Brockport, NY | $15,024,153 | $10,683,968 |
Learning Lamp Inc Johnstown, PA | $5,123,554 | $8,804,669 |
West Chester University Student Services Inc West Chester, PA | $13,094,103 | $8,544,648 |
Student Association Inc California, PA | $24,020,549 | $6,805,716 |
Student Cooperative Association Inc Indiana, PA | $29,525,625 | $9,645,452 |
Albert Einstein College Of Medicine Staff Housing Company Inc Bronx, NY | $37,908,103 | $6,828,997 |
The Possible Project Inc Boston, MA | $20,628,656 | $12,891,174 |