Frequently Asked Questions


Why does Florida Tech need financial support? Doesn’t tuition cover most of the costs associated with operations?

Tuition is able to cover only about 30 percent of the overall costs associated with Florida Tech. Private philanthropy and contracts are critical to sustaining the university and enabling it to grow. Without the support of generous individuals and organizations, Florida Tech would be a very different university. Fortunately, those individuals and companies do step up and provide needed funds. However, growth and innovation are dependent on continued support, which is why philanthropy is a key culture value at Florida Tech and why building the Florida Tech family is so important.

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Why should I consider giving to Florida Tech? What makes it worthy of philanthropic support?

Florida Tech is one of the best universities in the world, which is evident in the increasing numbers of students from across the nation as well as the growing international student body. For more information on why Florida Tech is worthy of philanthropic consideration, consider some of these facts:

  • Florida Tech is recognized as one of the top 200 universities in the world – honored in the Times Higher Education (THE) World University Rankings 2013-2014.
  • For the fifth straight year, the university is ranked a Tier One Best National University by U.S. News & World Report in its 2015 edition of “Best Colleges.”
  • Florida Tech is honored by U.S. News & World Report as the #2 National University in the country for fostering international student experiences.
  • The 2014-2015 College Salary Report published by PayScale.com ranked Florida Tech graduates’ mid-career median salaries in first place among Florida universities and among the best in the nation. Florida Tech graduates have mid-career median salaries of $89,800.
  • Bloomberg Businessweek has named the university “Best College for Return on Investment in Florida.”
  • The university has been named the third-fastest growing campus among private nonprofit research institutions in the Chronicle of Higher Education Almanac.
  • Florida Tech is one of just nine public and private schools in Florida recognized by the 2015 Fiske Guide to Colleges. The Fiske Guide places Florida Tech in the “inexpensive” category for private schools and lists it under the heading, “Engineering/Top Technical Institutes.”
  • Forbes lists Florida Tech among America’s Top Colleges in its 2014 rankings of just 650 select schools, placing the university among the best of America’s undergraduate institutions.
  • Washington Monthly annually honors Florida Tech for its contribution to the public good in three broad categories: social mobility, research and service.
  • Florida Tech was also listed among U.S. News & World Report’s 2015 “Best Colleges for Veterans.” The rankings recognize universities that “participate in federal initiatives helping veterans and active service members apply, pay for and complete their degrees.” The university is certified for the G.I. Bill and participates in the Yellow Ribbon Program.

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Where do philanthropic funds come from?

Gifts come from various sources, but the greatest number of gifts come from alumni and friends who want to be partners with Florida Tech, helping sustain its rich legacy and advance the future of academic excellence.

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How does the Office of Development support Florida Tech?

The office helps people make philanthropic commitments and provides support services that ensure that gifts are handled according to donor-focused, ethical standards. Gifts made annually are used to support the broad array of university needs and donor-designated gifts are applied to various programs in which the donors have expressed interest. This combination of unrestricted and designated gifts provides the lifeblood to Florida Tech and makes innovation possible. Funds are raised, managed, invested and disbursed to enhance the Florida Tech educational experience. Outright gifts, planned gifts (through bequests, trusts), and other forms of giving create partnerships through which alumni, friends, and communities can be part of the dynamic forward movement of our great university.

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What is meant by “philanthropic partnership”?

Philanthropy is always based on what the donor wants, not on the needs of the institution. Once a donor has articulated a particular interest, we are able to see if that interest can be addressed through engagement in a Florida Tech initiative. If so, a partnership is possible. This is a win/win in which the donor is able to achieve his or her objectives and Florida Tech is able to receive funding for that initiative. Shared vision is established and both parties can celebrate the successes. Philanthropic partnerships are the only way to reach for the highest level of engagement and the highest return on investment for all concerned.

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How can I be sure that my gift will support the college or program of my choice?

When you designate your gift for a particular college or program and your gift is accepted, Florida Tech is legally responsible to fulfill your designation. More important, Florida Tech is ethically accountable to follow your instructions if we accept your gift. You have our word on it!

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Are gifts tax deductible?

Yes, Florida Institute of Technology is a 501(c)3 organization and gifts are fully tax deductible to the extent allowed by the law. The Office of Development will provide you with a letter for your tax filing purposes. Keep in mind that some gifts may have a “return in goods and services” or something you receive in return that has a fair market value. If so, your letter will stipulate the portion that is not considered a tax deduction. For example, tickets to an event may be only partially tax deductible, because you receive a dinner, etc. Also, raffle tickets are not considered gifts and auction items for which you paid less than the estimated value are not considered gifts. There are many nuances in how the IRS defines a “gift” and this description is not intended to offer tax advice or information. You should consult your tax advisor.

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