Florida Institute of Technology Inc

Analysis

Florida Institute of Technology Inc is a registered charity in United States, based in Melbourne, FL. It received its IRS tax-exemption ruling in January 1960, 66 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Florida Institute of Technology Inc reported income of $222.5m and spending of $205.2m, spending 92% of its income. Across the 6 years on record, from April 2020 to June 2024, income grew from $193.7m to $222.5m (+15%), an average of +2.8% a year. The sharpest change came in the year to June 2021, when income rose by 806%. Over the whole period it spent 92% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Florida Institute of Technology Inc sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within FL. Charities of a similar size with the same main cause include Virginia Tech Foundation Inc ($222.3m), Furman University ($223.2m) and Gettysburg College ($221.8m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 9.3% and program service revenue 85% of the total. Compensation of current officers, directors and key employees was $2.0m (1.0% of expenses). Other salaries and wages came to $87.7m. At year end it held assets of $409.3m against liabilities of $143.2m, net assets of $266.1m. It reported 2,791 employees.