The National Invitation Tournament (NIT) is a men's college basketball tournament operated by the National Collegiate Athletic Association. The association plays two tournaments each season. The first is played in November and is known as the NIT Season Tip-Off (formerly the Preseason NIT), and was founded in 1985. The second is a post-season tournament played in March, with its final rounds in Madison Square Garden in New York City, and was founded in 1938. In both common and official usage, "NIT" or "National Invitation Tournament" refers to the post-season tournament unless otherwise qualified. Both the pre- and post-season tournaments were operated by the Metropolitan Intercollegiate Basketball Association (MIBA) up until 2005, when they were purchased by the NCAA.