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Giving FAQs

What is the Fashion Institute of Technology Foundation?
If FIT is a public institution, why does it need my support?
Who should donate to FIT?
How can I donate to FIT?
Can I donate in honor of a family member or friend?
Can I give an anonymous gift?
What is an endowment?
Is my gift to FIT tax-deductible?
Can my company match my gift to FIT?
How does FIT use the donations it receives?
What types of gifts are accepted by FIT?
Can I designate my gift?
Can I make a gift of stock?
Can I make a bequest?
Does FIT have a “Donor Bill of Rights”?
What is FIT’s tax identification number?

What is the Fashion Institute of Technology Foundation?
The Fashion Institute of Technology Foundation is the organization charged with receiving gifts for FIT.
In 1944, apparel industry leaders organized the Fashion Institute of Technology Foundation, obtaining a charter from the New York Board of Regents to establish a "fashion institute of design and technology." Charged with nurturing and educating future leaders for the constantly evolving fashion industry, the Fashion Institute of Technology opened its doors to 100 students its first semester.

Today, the FIT Foundation still serves as an advisory and fundraising body to FIT. Board members, who include today's leaders and innovators, serve on panels and appear as special lecturers, enabling students to meet outstanding representatives from the fields of industrial production, design, merchandising, and the arts.

The Fashion Institute of Technology Foundation is designated a tax-exempt institution under the Federal Internal Revenue Service Code Section 501(c)(3).  

If FIT is a public institution, why does it need my support?
Tuition revenue and the State and City of New York provide funding that supports basic operations at FIT. However, limited resources are inadequate to support a college whose strategic goal is to “be a creative hub.” Recent city appropriations have provided xx percent and recent state appropriations have provided just 18 percent of our overall budget. 

Only through enhanced private support will FIT realize its full potential. FIT must rely on private donors to support everything from scholarships to curriculum support. Gifts and endowments also enable a college to weather the inevitable "lean years," when budget cuts and competing priorities result in greater challenges for public institutions.

Who should donate to FIT?
Alumni, parents, faculty, industry leaders, corporations, foundations, and community members support FIT through contributions. Private and corporate philanthropy have played a crucial role in propelling FIT into its leadership position as an educator for the fashion and related industries. Every gift to FIT – no matter how large or small – is a real investment in the future of our students, our college, and the industries we serve.

How can I donate to FIT?
The FIT Foundation welcomes gifts made by check, money order,or credit card. Additionally, you can donate gifts of stock, employer-matched gifts, and make bequests to FIT. Learn more about the Ways to Give to FIT or donate now.

Can I donate in honor of a family member or friend?
Endowments and scholarships are often named in honor of a family member, industry colleague, or friend. Also, naming opportunities for classrooms and gathering spaces, laboratories and buildings are available for donors who wish to honor or memorialize their loved ones in this manner.

Can I give an anonymous gift?
Yes, donors often choose to remain anonymous. FIT always respects a donor's stated wish for privacy.

What is an endowment?
An endowment preserves capital, overcomes inflation and provides long-term, reliable income to the college. For example, a $100,000 scholarship gift might be awarded to deserving students at $5,000 per year -- meaning the scholarship fund will be depleted in 20 years. But if that $100,000 were used to establish an endowment, the gift would be invested and a portion of the earnings used to award scholarships. Another portion would be used to increase the principal and offset investment costs. The endowment would therefore continue to grow over time, supporting scholarships for as long as the college exists.

Is my gift to FIT tax-deductible?
Yes. Through the Fashion Institute of Technology Foundation, a tax-exempt institution under the Federal Internal Revenue Service Code Section 501 (c) (3), your gift to the Fashion Institute of Technology Foundation is tax deductible to the fullest extent allowed by law.

Can my company match my gift to FIT?
Many employers sponsor matching gift programs and will match any charitable contributions made by their employees. You can double or triple the impact of your gift by having your company match your gift to FIT. Search for your employer in our matching gift database to find out if your company has a matching gift policy. If your company is eligible, request a matching gift form from your employer, and send it, completed and signed, with your gift, and we will do the rest.

How does FIT use the donations it receives?
Unrestricted gifts to the Educational Development Fund are made available to FIT on an annual basis to provide much needed funding.  The Educational Development Fund also supports the operations of the Foundation, which ensures that your donations help maintain FIT's position as a premier college in New York's SUNY system.  In the past, gifts to the Educational Development Fund have been used to underwrite:  

  • Student scholarships and academic achievement awards
  • Student housing support
  • Precollege programs for talented high school students

What types of gifts are accepted by FIT?
FIT accepts outright gifts of cash, checks, and credit cards, securities, gifts-in-kind, bequests, charitable gift annuities, and charitable lead trusts. For more information, please see the Ways to Give.

Can I designate my gift?
Your online gift to FIT will go toward the Annual Fund, and support programs where the need is greatest. To designate your gift, please contact the Fashion Institute of Technology Foundation at 212 217.4100.

Can I make a gift of stock?
Yes, FIT accepts gifts of stock and securities. Learn more about gifts of stock.

Can I make a bequest?
Yes. Learn more about bequest gifts, or call the Fashion Institute of Technology Foundation at 212 217.4100.

Does FIT have a “Donor Bill of Rights”?
FIT believes that philanthropy merits the respect and trust of the general public and of donors, and has established an official Donor Bill of Rights.

What is FIT’s tax identification number?
The Fashion Institute of Technology Foundation is the organization charged with receiving gifts for FIT.  It is designated a tax-exempt institution under the Federal Internal Revenue Service Code Section 501 (c) (3), and its tax ID is 13-5675757.

 

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