Fit Student Faculty Corporation

“Form 990, part iii, line 3 in november 2017, the corporation's board of directors approved the voluntary dissolution and distribution of all assets and liabilities to the fashion institute of technology ("fit"), a section 115 governmental tax exempt entity. In march 2018, the board of regents for the education department of the university of the state of new york submitted its no objection to the corporation's petition to the supreme court of the state of new york for an order approving dissolution. The supreme court approved and entered the order directing the disposition of all property of a dissolved education corporation on june 7, 2018. Consistent with the disposition plan, all assets and liabilities of the corporation were transferred to fit as of june 30, 2018. Form 990 review form 990, part vi, section b, line 11b the return was prepared by an independent accounting firm based on information provided by the organization and in consultation with the organization's staff. The draft prepared by the accounting firm was then carefully reviewed by officers of the organization. A complete copy of the final version of form 990 was provided to all members of the board of directors prior to filing with the internal revenue service. Questions were referred to the chief financial officer for responses.”

“Form 990, part vi, section b, line 12c on an annual basis, directors review the conflict of interest policy and sign a disclosure statement. The conflict of interest policy and disclosures are monitored by the treasurer of the organization with assistance from fit's (a related organization) controller. Appropriate action is taken based on the nature of the conflict, if any are identified.”

“Form 990, part vi, section c, line 19 the organization's documents including its application for tax exempt status, form 990, conflict of interest policy and financial statements are available to the public upon request. Prior period adjustments form 990, part x, column (a) & form 990, part xi, line 8 in fiscal year 2018, the corporation adopted gasb statement no. 75, accounting and financial reporting for postemployment benefits other than pensions (gasb 75). Gasb 75 replaces the requirements of gasb statement no. 45, accounting and financial reporting by employers for postemployment benefits other than pensions for other postemployment benefits (opeb). Due to the adoption of gasb 75, opeb costs and the opeb liability for the fiscal year 2017 financial statements have been adjusted for retrospective application. The impact of the adjustment resulted in a decrease of prior year net position by (52,865). Other changes in net assets form 990, part xi, line 9 transfer to the fashion institute of technology $(141,480)”