Civic Intelligence

Foundation for Accounting Education Inc

EIN 23-7171151 • 501(c)3 • New York, NY

Profile

Foundation for accounting education (fae) offers educational services to nysscpa members, sponsors nysscpa events qualifying for cpe, and offers a discount off normal fae pricing to nysscpa members, and programs. Fae trustees have entered into an operating agreement with the nysscpa (the society) board of trustees that covers the following: the society makes available business services and staffing, classroom, registration, and office space, equipment furniture, supplies, insurance, and other services, all of which fae reimburses the society. There are provisions for a discretionary annual grant from the society to fae. Provision is made for the use of intellectual property, confidentiality, indemnification, and a number of other miscellaneous provisions.

200 Madison Avenue 11th FloorNew York, NY 10016

www.nysscpa.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

99th percentile

2.43x

Higher debt load relative to assets than 99% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

85th percentile

0.73x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

41st percentile

0.5%

Higher net margin than 41% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

6th percentile

-30%

Faster asset growth than 6% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

44th percentile

4.1%

Faster revenue growth than 44% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$391,223

Down $209,818 (-35%) from 2023

Liabilities

Down

$1,517,478

Down $209,818 (-12%) from 2023

Net Assets

Flat

-$1,126,255

Flat from 2023

Revenue

Up

$2,852,211

Up $151,330 (+5.6%) from 2023

Expenses

Up

$2,860,360

Up $163,225 (+6.1%) from 2023

Net Income

Down

-$8,149

Down $11,895 (-318%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$2.0M$0-$2.0MAssets 2010: $2,776,969Liabilities 2010: $1,126,706Net Assets 2010: $1,650,2632010Assets 2011: $2,813,793Liabilities 2011: $938,365Net Assets 2011: $1,875,4282011Assets 2012: $2,478,730Liabilities 2012: $795,558Net Assets 2012: $1,683,1722012Assets 2013: $2,794,387Liabilities 2013: $932,388Net Assets 2013: $1,861,9992013Assets 2014: $3,547,083Liabilities 2014: $1,642,459Net Assets 2014: $1,904,6242014Assets 2015: $3,193,693Liabilities 2015: $1,306,120Net Assets 2015: $1,887,5732015Assets 2016: $3,290,656Liabilities 2016: $1,409,010Net Assets 2016: $1,881,6462016Assets 2017: $3,465,696Liabilities 2017: $1,734,861Net Assets 2017: $1,730,8352017Assets 2018: $3,729,679Liabilities 2018: $2,030,477Net Assets 2018: $1,699,2022018Assets 2019: $3,716,097Liabilities 2019: $2,270,946Net Assets 2019: $1,445,1512019Assets 2020: $1,270,207Liabilities 2020: $2,396,462Net Assets 2020: -$1,126,2552020Assets 2021: $1,118,949Liabilities 2021: $2,245,204Net Assets 2021: -$1,126,2552021Assets 2022: $787,618Liabilities 2022: $1,913,873Net Assets 2022: -$1,126,2552022Assets 2023: $601,041Liabilities 2023: $1,727,296Net Assets 2023: -$1,126,2552023Assets 2024: $391,223Liabilities 2024: $1,517,478Net Assets 2024: -$1,126,2552024

Highlighted filing

2024

Assets$391,223
Liabilities$1,517,478
Net Assets-$1,126,255

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $5,145,3042010Expenses 2011: $4,855,0522011Expenses 2012: $5,438,5802012Expenses 2013: $4,796,1142013Revenue 2014: $4,828,428Expenses 2014: $4,798,110Net Income 2014: $30,3182014Revenue 2015: $4,599,591Expenses 2015: $4,617,508Net Income 2015: -$17,9172015Revenue 2016: $4,272,896Expenses 2016: $4,175,304Net Income 2016: $97,5922016Revenue 2017: $3,496,048Expenses 2017: $3,807,155Net Income 2017: -$311,1072017Revenue 2018: $3,926,942Expenses 2018: $3,896,530Net Income 2018: $30,4122018Revenue 2019: $4,135,568Expenses 2019: $4,349,326Net Income 2019: -$213,7582019Revenue 2020: $4,041,476Expenses 2020: $6,632,592Net Income 2020: -$2,591,1162020Revenue 2021: $2,504,269Expenses 2021: $2,520,761Net Income 2021: -$16,4922021Revenue 2022: $2,606,275Expenses 2022: $2,593,865Net Income 2022: $12,4102022Revenue 2023: $2,700,881Expenses 2023: $2,697,135Net Income 2023: $3,7462023Revenue 2024: $2,852,211Expenses 2024: $2,860,360Net Income 2024: -$8,1492024

Highlighted filing

2024

Revenue$2,852,211
Expenses$2,860,360
Net Income-$8,149

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.39$1.52$1.13$2.85$2.86$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.60$1.73$1.13$2.70$2.70$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.79$1.91$1.13$2.61$2.59$0.01
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.12$2.25$1.13$2.50$2.52$0.02
2020Detailed filing. Detailed filing data is available for this year.$1.27$2.40$1.13$4.04$6.63$2.59
2019Detailed filing. Detailed filing data is available for this year.$3.72$2.27$1.45$4.14$4.35$0.21
2018Detailed filing. Detailed filing data is available for this year.$3.73$2.03$1.70$3.93$3.90$0.03
2017Detailed filing. Detailed filing data is available for this year.$3.47$1.73$1.73$3.50$3.81$0.31
2016Detailed filing. Detailed filing data is available for this year.$3.29$1.41$1.88$4.27$4.18$0.10
2015Detailed filing. Detailed filing data is available for this year.$3.19$1.31$1.89$4.60$4.62$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.55$1.64$1.90$4.83$4.80$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.79$0.93$1.86$4.80
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.48$0.80$1.68$5.44
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$0.94$1.88$4.86
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.78$1.13$1.65$5.15
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jun 1, 2023 to May 31, 2024
Signed
Apr 8, 2025
Return Version
2023v6.0
Gross Receipts
$2,853,409
Mission and Program Overview

Mission

To provide lifelong continuing education to certified public accountants in new york state.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$478,209$252,126▼ $226,083
Investments in Publicly Traded Securities$97,294$110,288▲ $12,994
Accounts Receivable$9,038$17,809▲ $8,771
Prepaid Expenses and Deferred Charges$16,500$11,000▼ $5,500
Total Assets$601,041$391,223▼ $209,818
Liabilities
Other Liabilities$1,480,268$1,301,834▼ $178,434
Accounts Payable and Accrued Expenses$140,473$152,961▲ $12,488
Deferred Revenue$106,555$62,683▼ $43,872
Total Liabilities$1,727,296$1,517,478▼ $209,818
Net Assets / Fund Balance
Net Assets With Donor Restrictions$81,607$81,607→ $0
Net Assets Without Donor Restrictions$-1,207,862$-1,207,862→ $0
Total Net Assets Fund Balance$-1,126,255$-1,126,255→ $0
Total Liabilities and Net Assets / Fund Balance$601,041$391,223▼ $209,818
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick PayanoChief Financial OfficerPT$101,244$24,158$125,402
Amy WilliamsChief Operating Officer-$8,320$99,280$107,600
Calvin HarrisChief Executive OfficerPT$56,333$12,581$68,914
Timothy Twofoot BouletteGeneral CounselPT$59,839$6,109$65,948
Revira BrennanOutgoing Chief Operating OfficerPT$10,905$47,160$58,065
Emily FrizzellChief Marketing & Communications DirectorPT$40,649$8,112$48,761
Antoine Julian FletcherDirector-human ResourcesPT$30,228$6,332$36,560
Xiomara FoxManager-member Services-$11,184$4,703$15,887

Board Members and Trustees

NameTitle
Patricia JohnsonPast President
Barbara MarinoPresident
J Michael KirklandPresident-elect
George RubinoTrustee
Kenneeth GralakTrustee
Magdalena CzerniawskiTrustee
Timothy J HammondSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,272,965
Program Service Revenue
$1,573,475
Investment Income
$5,771
Other Revenue
$0
Change in Net Assets
$-8,149

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,851,285
Revenue Not Reported on Financial Statements
$926
Revenue Not Reported on Form 990
$8,811,501
Total Revenue per Audited Statements
$11,662,786
Total Revenue per Form 990
$2,852,211
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,450,349
Other Expenses$1,410,011
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$718,887$273,378-$992,265
Conferences and Meetings$427,466$162,549-$590,015
Fees for Services Other$230,261$201,324-$431,585
Current Officers, Directors, Trustees, and Key Employees$149,615$56,893-$206,508
Occupancy$105,806$40,234-$146,040
Information Technology$83,454$31,735-$115,189
Other Employee Benefits$79,967$30,002-$109,969
Payroll Taxes$64,387$24,485-$88,872
Pension Plan Contributions$38,205$14,530-$52,735
Travel$19,654$7,473-$27,127
Insurance$12,622$4,799-$17,421
Fees for Services Legal-$13,951-$13,951
Fees for Services Accounting-$12,844-$12,844
Office Expenses$706$268-$974
Fees for Service Investment Mgmnt Fees-$926-$926
Other Expenses$528$201-$729
Total Functional Expenses$1,984,768$875,592$0$2,860,360

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$11,131,993
Expenses Not Reported on Form 990$8,272,559
Total Expenses per Form 990$2,860,360
Expenses per Audited Statements$2,859,434
Expenses Not Reported on Financial Statements$926
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Parties$1,301,834
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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 A, Line 4

In december 2023, fae amended the by-laws to provide for up to 11 directors, generally serving 4 year terms. It also places certain additional requirements to be able to serve on board.

Form 990, Part VI, Section A, Line 6

The new york state society of certified public accountants is the sole member of foundation for accounting education, inc.

Form 990, Part VI, Section A, Line 7A

The new york state society of certified public accountants as a sole member has the power to appoint the board of trustees.

Form 990, Part VI, Section A, Line 7B

The new york state society of certified public accountants as a sole member has the power to remove any trustees of the organization with or without cause, and to fill any vacancies arising from any circumstances on the board of trustees.

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by an independent accounting firm based on audited financial statements and information provided from management. The form 990 is provided to the audit committee for review. The board of trustees is provided a copy of the form 990 prior to filing with the irs.

Form 990, Part VI, Section B, Line 12C

Fae has adopted the conflict of interest policy of its sole member, the new york state society of certified public accountants. That policy requires all trustees and employees, and certain key volunteers annually to read the nycpa conflict of interest policy and submit a conflict of interest disclosure statement. The disclosure statements are reviewed upon receipt. Conflicts are referred to legal counsel and are determined either not to be conflicts or result in recusal from the decision involving the potential conflict.

Form 990, Part VI, Section C, Line 19

The documents are available upon request and on the organizations website.

Filing and Contact Details

Filer

Filer Name
Foundation for Accounting Education Inc
EIN
23-7171151
Phone
2127198300
Address
200 MADISON AVENUE 11TH FLOOR, NEW YORK, NY 10016

Signing Officer

Name
Calvin Harris Jr
Title
Chief Executive Officer
Phone
2127198300
Signed
2025-04-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Calvin Harris Jr
Formed
1972
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
36
Volunteers
633

Preparer

Firm
Cohnreznick Llp
Address
1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer
Lori Rothe Yokobosky
Phone
2122970400
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2B:

The taxpayer has common paymaster, the new york state society of certified public accountants (tax id#13-1101547) who files all form w-2's and payroll tax return 941's.

Form 990, Part IX, Line 11G

Other consultants: program service expenses 230,261. Management and general expenses 201,324. Fundraising expenses 0. Total expenses 431,585.

Financial Statement Notes

PART X, LINE 2:

Management has analyzed the tax positions taken by the organization and has concluded that, as of may 31, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated and combined financial statements. The organization's federal and state income tax returns prior to fiscal year 2021 are closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Affiliated organizations' revenue 10,531,976. Intercompany eliminations -1,728,624.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Affiliated organizations' expenses 10,001,183. Intercompany eliminations -1,728,624.

Raw XML AppendixShowing 400 of 694 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0FOUNDATION FOR ACCOUNTING EDUCATION (FAE) PROVIDES CONTINUING PROFESSIONAL EDUCATION (CPE) REQUIRED TO MAINTAIN A CPA LICENSE IN NEW YORK STATE. FAE IS QUALIFIED TO PROVIDE CPE BY THE NEW YORK STATE DEPARTMENT OF EDUCATION. UNDER NEW YORK'S ACCOUNTING REFORM LAW, CPAS WHOSE PRINCIPAL PLACE OF BUSINESS IS NEW YORK ARE REQUIRED TO COMPLETE 40 HOURS OF CPE EVERY CALENDAR YEAR IN GENERAL STUDIES, INCLUDING ACCOUNTING, AUDITING, TAXATION, ADVISORY SERVICES, AND OTHER AREAS, OR 24 HOURS IN A SPECIALIZED SUBJECT. TO HELP MEET THIS REQUIREMENT FAE OFFERS MORE THAN 369 COURSES ANNUALLY INCLUDING CONFERENCES, SEMINARS, TECHNICAL SESSIONS, ON-SITE CPE AND ONLINE WEBINARS. COURSES KEEP PARTICIPANTS UPDATED ON CONSTANTLY CHANGING REGULATIONS, TECHNICAL AND ETHICAL ISSUES AND BEST PRACTICES IN ACCOUNTING AND AUDITING.
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IRS990/Form990PartVIISectionAGrp/PersonNm2GEORGE RUBINO
IRS990/Form990PartVIISectionAGrp/PersonNm3J MICHAEL KIRKLAND
IRS990/Form990PartVIISectionAGrp/PersonNm4KENNEETH GRALAK
IRS990/Form990PartVIISectionAGrp/PersonNm5MAGDALENA CZERNIAWSKI
IRS990/Form990PartVIISectionAGrp/PersonNm6PATRICIA JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm7TIMOTHY J HAMMOND
IRS990/Form990PartVIISectionAGrp/PersonNm8AMY WILLIAMS
IRS990/Form990PartVIISectionAGrp/PersonNm9PATRICK PAYANO
IRS990/Form990PartVIISectionAGrp/PersonNm10REVIRA BRENNAN
IRS990/Form990PartVIISectionAGrp/PersonNm11ANTOINE JULIAN FLETCHER
IRS990/Form990PartVIISectionAGrp/PersonNm12EMILY FRIZZELL
IRS990/Form990PartVIISectionAGrp/PersonNm13TIMOTHY TWOFOOT BOULETTE
IRS990/Form990PartVIISectionAGrp/PersonNm14XIOMARA FOX
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
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IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRESIDENT-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6PAST PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHIEF OPERATING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10OUTGOING CHIEF OPERATING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR-HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF MARKETING & COMMUNICATIONS DIR.
IRS990/Form990PartVIISectionAGrp/TitleTxt13GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt14MANAGER-MEMBER SERVICES
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IRS990/MembersOrStockholdersInd01
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt015202
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IRS990ScheduleA/InvestmentIncomeCYPct00.00570
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IRS990ScheduleA/PublicSupportCY509Pct00.57970
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IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990/ScheduleBRequiredInd01
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