Florida Institute of Technology Inc.

“The university had a lease agreement with a board member for 5,000 square feet of storage space at a base rent of 6.50 per square foot plus common area maintenance of 1.98 per square foot. This lease was entered into on march 25, 2008 and extended through march 31, 2016. The lease had an annual cost of living index escalator determined in accordance with the u.s. Department of labor cost of living index. Total rent payments made to the board member were 30,000 and 32,500 for the years ended april 30, 2016 and 2015, respectively. The lease was not renewed upon termination. A board member has provided the university with a revolving line of credit of 1,500,000 with an interest rate of 3%. Principal and interest are due in 24 equal monthly installments which began two years after the first advance on the note (august 2011). As of april 30, 2015, the principal balance was repaid in full and all interest was forgiven. The university has an agreement with bisk education, inc. ("bisk") to develop various online degree programs and to market and recruit students for those programs. Bisk advanced program start-up costs of 1,528,292 to the university which will be repaid to bisk from future revenues. However, the university received a pledge from a board member who is the chief executive officer of bisk and the president of the bisk family foundation, inc. To forgive the start-up cost liability over a period of five years beginning with the year ended april 30, 2011. As of april 30, 2015, all 1,528,292 of start-up costs have been forgiven.”

“The form 990 is reviewed internally by the controller and the senior vice president for financial affairs and cfo. A copy of the 990 is sent to all board of trustee members for review. During the audit committee meeting the 990 is reviewed and approved for filing.”

“Florida institute of technology has in place a "conflict of interest policy." the policy requires each employee and board of trustee member to disclose all activities that adversely influence the individuals judgement with respect to promoting the best interest of the university, any activities that influence their performance, and any activities that financially benefit the individual as a result of their employment/ affiliation with the university. Each year a "conflict of interest" questionnaire is distributed to employees and board of trustee members. An annual report is maintained disclosing any conflicts.”

“The university's board of trustees completes a process that requires a review of the executive's compensation, determinations by the disinterested persons, use of appropriate comparability data and contemporaneous documentation of the process.”

“The university's board of trustees completes a process that requires a review of the officer's compensation, determinations by the disinterested persons, use of appropriate comparability data and contemporaneous documentation of the process.”

“The university makes available form 990 to the public for inspection through the guidestar website - www.guidestar.org. The form 990 and 990-t are also provided upon request. The university's governing documents, conflict of interest policy, whistleblower policy, and other documents can be found at www.fit.edu/hr/policies.”

“Florida institute of technology's mission is to provide high-quality education to a culturally diverse student body in order to prepare students for entering the global workforce, seeking higher-education opportunities, and serving within their communities. The university also seeks to expand knowledge through basic and applied research and to serve the diverse economic, cultural, and societal needs of our local, state, national and international constituencies.”