Civic Intelligence

Calvary Fund Inc

990 • Fiscal year 2015 • EIN 13-3259649

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 15, 2016

1740 Eastchester RoadBronx, NY 10461-2392

(718) 518-2069

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

12th percentile

0.04x

Higher debt load relative to assets than 12% of similar nonprofits.

2015 filings • NTEE E • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

32nd percentile

0.17x

Higher debt load relative to revenue than 32% of similar nonprofits.

2015 filings • NTEE E • $10M-$25M nonprofits • Source year 2015

Net Margin

44th percentile

1.6%

Higher net margin than 44% of similar nonprofits.

2015 filings • NTEE E • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

44th percentile

$268,749

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2015 filings • NTEE E • $10M-$25M nonprofits • Source year 2015

Asset Growth

26th percentile

-4.9%

Faster asset growth than 26% of similar nonprofits.

2015 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

5th percentile

-32%

Faster revenue growth than 5% of similar nonprofits.

2015 filings • NTEE E • $10M-$25M nonprofits • Annualized from 2014 to 2015

Assets

Down

$22,761,800

Down $1,182,900 (-4.9%) from 2014

Net Assets

Down

$21,758,100

Down $1,407,200 (-6.1%) from 2014

Liabilities

Up

$1,003,700

Up $224,300 (+29%) from 2014

Revenue

Down

$5,749,200

Down $2,743,100 (-32%) from 2014

Expenses

Down

$5,656,600

Down $402,600 (-6.6%) from 2014

Net Income

Down

$92,600

Down $2,340,500 (-96%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $20,599,300Liabilities 2010: $699,800Net Assets 2010: $19,899,5002010Assets 2011: $22,891,100Liabilities 2011: $927,100Net Assets 2011: $21,964,0002011Assets 2012: $23,260,300Liabilities 2012: $1,160,300Net Assets 2012: $22,100,0002012Assets 2013: $24,996,100Liabilities 2013: $773,000Net Assets 2013: $24,223,1002013Assets 2014: $23,944,700Liabilities 2014: $779,400Net Assets 2014: $23,165,3002014Assets 2015: $22,761,800Liabilities 2015: $1,003,700Net Assets 2015: $21,758,1002015Assets 2016: $24,883,400Liabilities 2016: $1,396,300Net Assets 2016: $23,487,1002016Assets 2017: $29,087,100Liabilities 2017: $1,464,300Net Assets 2017: $27,622,8002017Assets 2018: $28,179,850Liabilities 2018: $1,639,950Net Assets 2018: $26,539,9002018Assets 2019: $33,467,500Liabilities 2019: $2,023,200Net Assets 2019: $31,444,3002019Assets 2020: $37,168,500Liabilities 2020: $2,370,400Net Assets 2020: $34,798,1002020Assets 2021: $41,461,500Liabilities 2021: $2,257,700Net Assets 2021: $39,203,8002021Assets 2022: $34,903,500Liabilities 2022: $2,580,100Net Assets 2022: $32,323,4002022Assets 2023: $37,701,200Liabilities 2023: $2,722,100Net Assets 2023: $34,979,1002023Assets 2024: $42,453,566Liabilities 2024: $2,140,276Net Assets 2024: $40,313,2902024

Highlighted filing

2015

Assets$22,761,800
Liabilities$1,003,700
Net Assets$21,758,100

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2010: $3,805,3482010Expenses 2011: $8,091,0002011Expenses 2012: $5,928,0002012Revenue 2013: $5,233,600Expenses 2013: $5,584,100Net Income 2013: -$350,5002013Revenue 2014: $8,492,300Expenses 2014: $6,059,200Net Income 2014: $2,433,1002014Revenue 2015: $5,749,200Expenses 2015: $5,656,600Net Income 2015: $92,6002015Revenue 2016: $4,293,600Expenses 2016: $3,677,400Net Income 2016: $616,2002016Revenue 2017: $6,467,700Expenses 2017: $4,625,800Net Income 2017: $1,841,9002017Revenue 2018: $9,044,700Expenses 2018: $6,580,900Net Income 2018: $2,463,8002018Revenue 2019: $10,161,000Expenses 2019: $8,503,900Net Income 2019: $1,657,1002019Revenue 2020: $6,241,100Expenses 2020: $6,373,400Net Income 2020: -$132,3002020Revenue 2021: $7,394,900Expenses 2021: $5,540,700Net Income 2021: $1,854,2002021Revenue 2022: $6,733,200Expenses 2022: $6,742,700Net Income 2022: -$9,5002022Revenue 2023: $8,209,600Expenses 2023: $6,908,700Net Income 2023: $1,300,9002023Revenue 2024: $7,373,411Expenses 2024: $2,842,952Net Income 2024: $4,530,4592024

Highlighted filing

2015

Revenue$5,749,200
Expenses$5,656,600
Net Income$92,600
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 15, 2016
Return Version
2015v2.1
Gross Receipts
$6,951,501
Mission and Program Overview

Mission

The calvary fund's primary exempt purpose is to raise public contributions to support the tax-exempt mission of calvary hospital, inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$22,841,900$22,117,800▼ $724,100
Prepaid Expenses and Deferred Charges$343,100$387,600▲ $44,500
Cash and Non-Interest-Bearing Accounts$759,700$256,400▼ $503,300
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$23,944,700$22,761,800▼ $1,182,900
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$509,228$808,400▲ $299,172
Accounts Payable and Accrued Expenses$270,172$195,300▼ $74,872
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$779,400$1,003,700▲ $224,300
Net Assets / Fund Balance
Temporarily Rstr Net Assets$17,547,500$17,641,400▲ $93,900
Unrestricted Net Assets$4,631,600$3,130,500▼ $1,501,100
Permanently Rstr Net Assets$986,200$986,200→ $0
Total Net Assets Fund Balance$23,165,300$21,758,100▼ $1,407,200
Total Liabilities and Net Assets / Fund Balance$23,944,700$22,761,800▼ $1,182,900

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$18,533,700$225,700▲ $265,700-$18,627,600
2014$16,260,500$391,800▲ $2,227,700-$18,533,700
2013$13,759,200$554,100▲ $2,205,600-$16,260,500
2012$12,342,400$640,100▲ $1,058,000-$13,759,200
2011$12,364,600$730,050▲ $295,750-$12,342,400
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy BarrEXECUTIVE VP (as of 05/2015)FT$177,929$90,820$268,749
Elizabeth KougasianDirector Planned GiftsFT$153,495$20,940$174,435
Vincent SpinelliEXECUTIVE VP (thru 02/2015)FT$136,920$6,234$143,154
Leslie BernsteinDIRECTOR, FDN & CORP rELATIONSFT$112,883$30,044$142,927

Board Members and Trustees

NameTitle
Carlos M HernandezChairman
Al RokerDirector
Benedict FargioneDirector
Dennis M SchneiderDirector
Eileen T Nugent ESQDirector
Gerald C Tobin ESQDirector
JAMES O'HARADirector
Joseph A TarantinoDirector
Joseph Deglomini JrDirector
Kenneth KrasneDirector
Louise M Parent ESQDirector
Mary K BuckleyDirector
Michael Ja SmithDirector
Olga Luz TiradoDirector
Paul E TraversDirector
Steven J GolubDirector
William WilsonDirector
Henry J HumphreysDirector (thru 11/2015)
Theodore JadickDirector (thru 11/2015)
William A Mckenna JrDirector (thru 11/2015)
thomas j fahey jr MDEx Officio Director (Non voting)

Highest Paid Contractors

ContractorServicesLocationCompensation
Design Distributorsdirect mail300 Marcus Boulevard, Deer Park, NY 11729$187,855
Empire CMSdirect mail111 North Central Ave Suite 315, Hartsdale, NY 10530$167,511
Whittier Associates Incfundraising90 Main Street No 314, Yonkers, NY 10701$137,821
The Alford Group Incconsulting100 N Lasalle Street Ste 910, Chicago, IL 60602$107,544
Revenue and Support

Revenue Composition

Contributions and Grants
$4,766,727
Program Service Revenue
$0
Investment Income
$1,308,900
Other Revenue
$-326,427
All Other Contributions
$4,181,232
Change in Net Assets
$92,600

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,759,200
Revenue Not Reported on Financial Statements
$-10,000
Revenue Not Reported on Form 990
$-1,302,000
Other Revenue Adjustments
$-10,000
Total Revenue per Audited Statements
$4,457,200
Total Revenue per Form 990
$5,749,200
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,980,000
Total Fundraising Expense$2,087,561
Other Expenses$1,212,380
Salaries, Compensation, and Employee Benefits$1,031,000
Professional Fundraising Fees$433,220

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,980,000--$2,980,000
Current Officers, Directors, Trustees, and Key Employees-$192,208$576,623$768,831
Fees for Services Professional Fundraising--$433,220$433,220
Other Expenses-$70,703$44,418$115,121
Fees for Services Management-$111,047-$111,047
Pension Plan Contributions-$25,332$75,997$101,329
Fees for Services Accounting-$86,100-$86,100
Other Salaries and Wages-$19,182$57,546$76,728
Advertising--$61,521$61,521
Occupancy--$54,000$54,000
Payroll Taxes-$13,133$39,398$52,531
Office Expenses-$20,501$20,501$41,002
Other Employee Benefits-$7,895$23,686$31,581
Insurance-$17,001-$17,001
Fees for Services Legal-$14,983-$14,983
Travel--$5,871$5,871
Conferences and Meetings-$1,297-$1,297
Total Functional Expenses$2,980,000$589,039$2,087,561$5,656,600

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,864,400
Expenses per Audited Statements$5,656,600
Total Expenses per Form 990$5,656,600
Expenses Not Reported on Form 990$207,800
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Calvary Hospital IncBronx, NY501(c)(3)See Part Iv$2,980,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$497,252
Professional Fundraising Fees$433,220
Fundraising Gross Income$147,820
Gaming Gross Income$33,005
Gaming Direct Expenses$10,000

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Dinner$611,865$100,000$79,119$20,881
Golf Outing$121,450$47,820$62,702$-14,882
Total Events$733,315$147,820$497,252$-349,432
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Pension Liability$808,400
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 6

Pursuant to Calvary Fund's bylaws, its sole corporate member is Calvary Holding Company, Inc. FORM 990, PART VI, SECTION B, LINE 7a The Calvary Fund bylaws reserve certain rights to Calvary Holding Company as the sole member. One of those rights, in Article IV, is the power to appoint and remove board members (as well as the Chairman of the Board). FORM 990, PART VI, SECTION B, LINE 7b: Calvary Fund is a full participating member of Catholic Health Care System, a health care delivery system in New York State. Providence Health Services is the sole member of Catholic Health Care System. Providence is the sponsor of Calvary Fund and as such has been reserved certain powers in Calvary Fund's bylaws, exercised in conjunction with recommendations made by Calvary Holding Company (as sole corporate member). These powers are as follows: 1. Right to amend bylaws; 2. Right to change Calvary Fund's mission; 3. Right to approve any merger, joint venture, or dissolution of the Fund. 4. Approval with respect to certain real property transactions exceeding $400,000 5. Approval of any leases expected to exceed a period of 9 years; 6. Approval of the Fund entering into any debt instruments in an amount greater than $400,000 7. Approval on the disposition of any significant historical artifacts. As noted above, the sole member, Calvary Holding Company, has been reserved the right in Calvary Fund's bylaws to make recommendations to Providence about any of the above actions. FORM 990, PART VI, SECTION B, LINE 11: THE 2015 FORM 990 OF CALVARY FUND WAS PREPARED BY Grant Thornton LLP WITH THE ASSISTANCE OF CALVARY ACCOUNTING PERSONNEL. THE DRAFT OF the FORM 990 WAS REVIEWED BY Grant Thornton LLP, THE DIRECTOR OF FINANCE AND the CFO OF CALVARY HOSPITAL BEFORE DISTRIBUTION OF THE FULL VERSION OF THE FINAL DRAFT TO THE BOARD. A COPY OF THE FORM 990 DRAFT WAS PROVIDED TO EACH MEMBER OF THE CALVARY FUND BOARD OF DIRECTORS ON September 22, 2016 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE IN ELECTRONIC FORMAT.

FORM 990, PART VI, SECTION B, LINE 12C:

Each officer, director, trustee and key employee is required to annually disclose any conflicts of interest that arise by virtue of their employment and position with the calvary hospital, or calvary fund, calvary monitors compliance with its conflict of interest policy through an annual questionnaire submitted to these individuals. Potential conflicts are investigated immediately.

FORM 990, PART VI, SECTION B, LINE 15:

Calvary fund, inc. Undertakes a rigorous process to ensure that the executive compensation it pays to its top management official and all officers and key employees of the organization is reasonable. In relevant part, the board of directors has established a compensation committee comprised of independent persons that have no personal interest in the proposed compensation arrangement. The board of directors uses an independent compensation consultant to help advise on the appropriate compensation levels for the aforementioned individuals. That compensation consultant uses comparability or benchmarking data (based on industry surveys) that documents the compensation of persons holding similar positions in similar organizations. Once the compensation consultant has made its recommendations, the calvary fund compensation committee must approve the compensation, without input or voting participation by the person whose compensation is being approved or by any other individual with a conflict of interest. The final determination is then documented in committee minutes. Those minutes will contain the terms of the proposed compensation, the decisions of those individuals who voted on the compensation, and the comparability data that was relied upon immediately.

FORM 990, PART VI, SECTION C, LINE 19:

Calvary fund, inc. Makes its form 990 available to the public by retaining a copy of each at the address listed on page 1 of this return. Any individual requesting a copy of these documents is provided that copy on the same business day. The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request and at management's discretion.

Filing and Contact Details

Filer

Filer Name
Calvary Fund Inc
EIN
13-3259649
In Care Of
% ANDREW V GRECO
Phone
7185182069
Address
1740 EASTCHESTER ROAD, BRONX, NY 10461-2392

Signing Officer

Name
Andrew V Greco
Title
VP/CFO
Phone
7185182069
Signed
2016-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frank A Calamari
Formed
1985
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
17
Employees
10
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
757 THIRD AVE 4TH FLOOR, NEW YORK, NY 10017-2013
Preparer
Scott Thompsett
Phone
2125990100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS:

Pension related adjustments total to form 990, part xi, line 9................$197,800

Financial Statement Notes

Schedule D, Part X, Line 2:

The Fund follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The fund is exempt from federal income tax under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The Fund has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ended December 31, 2012, 2013, 2014, and 2015 are still open to audit for both federal and state purposes. The Fund has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Schedule D, Part XI, Line 4b: Raffle Prize Expenses Reclassed to Offset Revenue ($10,000) Schedule D, Part XII, Line 2d: Pension Related Adjustments $197,800 Raffle Prize Expenses Reclassed to Offset Revenue $10,000 ----------------------------------------------------------------- Total Adjustments $207,800

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IRS990/Desc0THE CALVARY FUND, INC. ("THE FUND") WAS INCORPORATED ON JANUARY 7, 1985 AS A NOT-FOR-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NEW YORK. THE FUND'S PURPOSE IS TO SOLICIT, ACCEPT, AND RECEIVE REAL AND PERSONAL PROPERTY AND TO COLLECT INCOME, THEREFROM, TO BE APPLIED EXCLUSIVELY FOR ANY HEALTH RELATED CHARITABLE ORGANIZATION AFFILIATED WITH THE ROMAN CATHOLIC ARCHDIOCESE OF NEW YORK. ALL EXPENSES INCURRED TO FURTHER THE FUND'S FUNDRAISING ENDEAVORS ARE ALLOCATED TO PART IX, COLUMN (D) AND THEREFORE, ONLY THE FUND'S ANNUAL CONTRIBUTION ($2,980,000 IN 2015) TO ITS SUPPORTED ORGANIZATION, CALVARY HOSPITAL, IS REPORTED AS A PROGRAM SERVICE EXPENSE. ALL EXPENSES REPORTED IN COLUMN (D) SHOULD, LIKEWISE BE CONSIDERED PROGRAM SERVICE EXPENSES.
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IRS990/Form990PartVIISectionAGrp/TitleTxt22EXECUTIVE VP (as of 05/2015)
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR PLANNED GIFTS
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.5$2.14$40.3$7.37$2.84$4.53
2023Detailed filing. Detailed filing data is available for this year.$37.7$2.72$35.0$8.21$6.91$1.30
2022Detailed filing. Detailed filing data is available for this year.$34.9$2.58$32.3$6.73$6.74$0.01
2021Detailed filing. Detailed filing data is available for this year.$41.5$2.26$39.2$7.39$5.54$1.85
2020Detailed filing. Detailed filing data is available for this year.$37.2$2.37$34.8$6.24$6.37$0.13
2019Detailed filing. Detailed filing data is available for this year.$33.5$2.02$31.4$10.2$8.50$1.66
2018Detailed filing. Detailed filing data is available for this year.$28.2$1.64$26.5$9.04$6.58$2.46
2017Detailed filing. Detailed filing data is available for this year.$29.1$1.46$27.6$6.47$4.63$1.84
2016Detailed filing. Detailed filing data is available for this year.$24.9$1.40$23.5$4.29$3.68$0.62
2015Detailed filing. Detailed filing data is available for this year.$22.8$1.00$21.8$5.75$5.66$0.09
2014Detailed filing. Detailed filing data is available for this year.$23.9$0.78$23.2$8.49$6.06$2.43
2013Detailed filing. Detailed filing data is available for this year.$25.0$0.77$24.2$5.23$5.58$0.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.3$1.16$22.1$5.93
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.9$0.93$22.0$8.09
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.6$0.70$19.9$3.81