Fashion Institute of Techology Foundation

Analysis

Fashion Institute of Techology Foundation is a registered charity in United States, based in New York, NY. It received its IRS tax-exemption ruling in January 1946, 80 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Fashion Institute of Techology Foundation reported income of $5.3m and spending of $5.6m, spending 107% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $7.0m to $5.3m (-25%), an average of -7.1% a year. The sharpest change came in the year to June 2022, when income rose by 142%. Over the whole period it spent 63% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Fashion Institute of Techology Foundation sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 90th percentile within NY. Charities of a similar size with the same main cause include Mid-Michigan Recovery Services Lansing Regional Area Inc ($5.3m), Treasures of History Inc ($5.3m) and William B Billy Dunavant Jr Foundation ($5.3m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 72% of the total. Compensation of current officers, directors and key employees was $185k (3.3% of expenses). Other salaries and wages came to $629k. At year end it held assets of $69.0m against liabilities of $1.3m, net assets of $67.7m. It reported 20 employees.