Pratt Institute

“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.”

“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.”

“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.”

“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.”

“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 ===============”

“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.”

“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.”

“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”