Civic Intelligence

Romanian American Foundation

990 • Fiscal year 2014 • EIN 27-1095214

Jan 01, 2014 to Dec 31, 2014 • Filed on Oct 21, 2015

Organization ProfileRAFONLINE.ORG
275 Madison Avenue 6th FloorNew York, NY 10016

(212) 812-4362

Siviq Scores

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

Liabilities / Assets

14th percentile

0.03x

Higher debt load relative to assets than 14% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

15th percentile

0.09x

Higher debt load relative to revenue than 15% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Net Margin

97th percentile

82%

Higher net margin than 97% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

29th percentile

$225,641

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets14th percentile

Assets

$72,558,002

No earlier filing loaded for comparison.

Net Assets

$70,562,267

No earlier filing loaded for comparison.

Liabilities

$1,995,735

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue15th percentileNet Margin97th percentile

Revenue

$22,042,756

No earlier filing loaded for comparison.

Expenses

$3,993,875

No earlier filing loaded for comparison.

Net Income

$18,048,881

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$150M$100M$50M$0Assets 2014: $72,558,002Liabilities 2014: $1,995,735Net Assets 2014: $70,562,2672014Assets 2015: $119,636,309Liabilities 2015: $2,578,617Net Assets 2015: $117,057,6922015Assets 2016: $121,306,241Liabilities 2016: $2,958,180Net Assets 2016: $118,348,0612016

Highlighted filing

2014

Assets$72,558,002
Liabilities$1,995,735
Net Assets$70,562,267
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$60M$40M$20M$0Revenue 2014: $22,042,756Expenses 2014: $3,993,875Net Income 2014: $18,048,8812014Revenue 2015: $54,228,948Expenses 2015: $3,511,458Net Income 2015: $50,717,4902015Revenue 2016: $6,076,118Expenses 2016: $4,785,749Net Income 2016: $1,290,3692016

Highlighted filing

2014

Revenue$22,042,756
Expenses$3,993,875
Net Income$18,048,881
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Oct 21, 2015
Return Version
2014v5.0
Gross Receipts
$33,611,367
Mission and Program Overview

Mission

To strengthen and promote conditions for a sustainable market economy and a democratic society that provides access to opportunity for all segments of the romanian society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$45,473,369$50,810,435▲ $5,337,066
Savings and Temporary Cash Investments$4,244,033$16,610,892▲ $12,366,859
Land, Buildings, and Equipment, Net$3,820,272$3,662,681▼ $157,591
Cash and Non-Interest-Bearing Accounts$914,595$1,230,562▲ $315,967
Investments Program Related$371,000$232,000▼ $139,000
Prepaid Expenses and Deferred Charges$11,838$11,288▼ $550
Accounts Receivable$1,399$144▼ $1,255
Total Assets$54,836,506$72,558,002▲ $17,721,496
Liabilities
Grants Payable$1,813,528$1,934,219▲ $120,691
Accounts Payable and Accrued Expenses$59,273$61,516▲ $2,243
Total Liabilities$1,872,801$1,995,735▲ $122,934
Net Assets / Fund Balance
Unrestricted Net Assets$52,963,705$70,562,267▲ $17,598,562
Total Net Assets Fund Balance$52,963,705$70,562,267▲ $17,598,562
Total Liabilities and Net Assets / Fund Balance$54,836,506$72,558,002▲ $17,721,496

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,078,437$384,545$3,462,982
Land$537,273-$537,273
Equipment$46,971$217,826$264,797
Other Land Buildings$0$12,887$12,887
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Deborah Brown Resigned 62014Corporate/assistant Corporate Secretary--$127,516$127,516
Roxana VitanPresidentFT$83,790-$83,790
Bogdan GiurgincaTreasurer and CFOPT$43,107$17,744$60,851

Board Members and Trustees

NameTitle
Phillip HendersonChair
Mihai TudorVice Chair
I John KlipperFormer Trustee
Anne BusquetTrustee
Carmen ReteganTrustee
Hildy SimmonsTrustee
Ida SchmertzTrustee
Ionut SimionTrustee
Mike GeigerTrustee
Mills T KellyTrustee
Mircea MicleaTrustee
William B Beekman EsqTrustee
Alfred H Moses EsqTrustee (mandate Ended Oct 2014)
Theodor StolojanTrustee (mandate Ended Oct 2014)
Emily GrandAssistant Corporate Secretary
Arthur HickokCorporate Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$20,000,000
Program Service Revenue
$0
Investment Income
$2,042,756
Other Revenue
$0
Change in Net Assets
$18,048,881

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,850,537
Revenue Not Reported on Financial Statements
$192,219
Revenue Not Reported on Form 990
$-450,319
Total Revenue per Audited Statements
$21,400,218
Total Revenue per Form 990
$22,042,756
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,415,441
Other Expenses$931,019
Salaries, Compensation, and Employee Benefits$647,415
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$2,415,441--$2,415,441
Other Salaries and Wages$205,558$43,500-$249,058
Payroll Taxes$235,678--$235,678
Fees for Service Investment Mgmnt Fees-$192,219-$192,219
Travel$30,855$145,576-$176,431
Depreciation Depletion$160,593$1,037-$161,630
Occupancy$151,854--$151,854
Current Officers, Directors, Trustees, and Key Employees$144,641--$144,641
Advertising$55,619--$55,619
Fees for Services Legal$30,202$24,715-$54,917
Fees for Services Accounting-$31,098-$31,098
All Other Expenses$10,988$7,719-$18,707
Other Employee Benefits$18,038--$18,038
Insurance-$15,304-$15,304
Other Expenses$11,088$832-$11,920
Total Functional Expenses$3,529,016$464,859$0$3,993,875

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,993,875
Expenses per Audited Statements$3,801,656
Total Expenses per Audited Statements$3,801,656
Expenses Not Reported on Financial Statements$192,219
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
1
Employees
20
Spending
$3,993,875

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
RomaniaGrantsThe Foundation Contributes to Developing Entrepreneurship, Improving Education, Promoting the Spirit of Philanthropy in Romania and Fostering Innovation. the Foundation Also Provides Use of Meeting Rooms in Its Bucharest Headquarters to Various Romanian Non-profit Organizations With Missions in Allignment With the Mission of the Reporting Organization.120$3,993,875
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Arthur HickokOfficerARTHUR HICKOK WAS A PRINCIPAL WITH GHS PHILANTHROPY MANAGEMENT ("GHS") DURING THE REPORTING PERIOD OF THIS FORM 990. GHS RECEIVED COMPENSATION FOR PROFESSIONAL SERVICES IN THE AMOUNT OF $51,465 FOR THE REPORTING PERIOD. MR. HICKOK RECUSED HIMSELF FROM MATTERS CONCERNING THE SELECTION AND COMPENSATION OF THE MANAGEMENT SERVICES FIRM RETAINED BY RAF.No$51,465
Emily GrandOfficerEMILY GRAND WAS A PRINCIPAL WITH GHS PHILANTHROPY MANAGEMENT ("GHS") DURING THE REPORTING PERIOD OF THIS FORM 990. GHS RECEIVED COMPENSATION FOR PROFESSIONAL SERVICES IN THE AMOUNT OF $51,465 FOR THE REPORTING PERIOD. MS. GRAND RECUSED HERSELF FROM MATTERS CONCERNING THE SELECTION AND COMPENSATION OF THE MANAGEMENT SERVICES FIRM RETAINED BY RAF.No$51,465
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Officers arthur hickok and emily grand are both principals at ghs philanthropy management and are husband and wife.”

Form 990, Part VI, Section A, Line 6

“As a delaware nonstock corporation, the organization has members. The organization's members are the trustees as long as they remain trustees. The members elect the trustees and have certain additional rights of approval as members as provided by deleware law.”

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

“Members are elected by current members of the organization and hold office for up to three years depending on their designated class.”

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

“The members elect the directors/trustees and have certain additional authority under delaware law.”

Form 990, Part VI, Section B, Line 11

“The form 990 is prepared by an independent certified public accounting firm using the organization's certified financial records and through discussions with the organization's president and chief financial officer. The president then reviews the form 990 with the members of the organization's board of trustees. Each member is provided with access to the form 990 prior to filing with the internal revenue service.”

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

“The organization's independent auditors confirm with each director/trustee and key employee that they have complied with the policy's requirements during the organization's annual audit.”

Form 990, Part VI, Section B, Line 15

“The board of trustees reviews all officer salaries and approves all increases and/or compensation.”

Form 990, Part VI, Section C, Line 19

“The organization's financial statements are available upon request to the organization. The conflict of interest policy and governing documents are not made public.”

Filing and Contact Details

Filer

Filer Name
Romanian-american Foundation
EIN
27-1095214
Phone
2128124362
Address
275 MADISON AVENUE 6TH FLOOR, NEW YORK, NY 10016

Signing Officer

Name
Phillip Henderson
Title
Chairman
Phone
2128124362
Signed
2015-10-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phillip Henderson
Formed
2008
Legal Domicile
De
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
0

Preparer

Firm
Lgc&d Llp
Address
TEN WEYBOSSET STREET - SUITE 700, PROVIDENCE, RI 02903
Preparer
LYNN O'MARRA ESQUIRE
Phone
4014214800
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The oversight process of the organization's audit has remained unchanged from the prior year.”

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IRS990/ActivityOrMissionDesc0TO STRENGTHEN AND PROMOTE CONDITIONS FOR A SUSTAINABLE MARKET ECONOMY AND A DEMOCRATIC SOCIETY THAT PROVIDES ACCESS TO OPPORTUNITY FOR ALL SEGMENTS OF THE ROMANIAN SOCIETY.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TREASURER AND CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt12ASSISTANT CORPORATE SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt13CORPORATE SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE (MANDATE ENDED OCT 2014)
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE (MANDATE ENDED OCT 2014)
IRS990/Form990PartVIISectionAGrp/TitleTxt17CORPORATE/ASSISTANT CORPORATE SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18FORMER TRUSTEE
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IRS990/FormationYr02008
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO STRENGTHEN AND PROMOTE CONDITIONS FOR A SUSTAINABLE MARKET ECONOMY AND A DEMOCRATIC SOCIETY THAT PROVIDES ACCESS TO OPPORTUNITY FOR ALL SEGMENTS OF THE ROMANIAN SOCIETY.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0803769
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OtherExpensesGrp/Desc0SUPPLIES
IRS990/OtherExpensesGrp/Desc1EQUIPMENT RENTAL/MAINTE
IRS990/OtherExpensesGrp/Desc2BANKING FEES
IRS990/OtherExpensesGrp/Desc3TELEPHONE
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt185
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt22306
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IRS990/OtherExpensesGrp/TotalAmt311920
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt043500
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0205558
IRS990/OtherSalariesAndWagesGrp/TotalAmt0249058
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0235678
IRS990/PayrollTaxesGrp/TotalAmt0235678
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt011838
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt011288
IRS990/PrincipalOfficerNm0PHILLIP HENDERSON
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IRS990/PYBenefitsPaidToMembersAmt00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesEngagedOrgInvlmntInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesFurtherExemptPrpsInd01
IRS990ScheduleA/Form990SchAType3FuncIntGrp/ActivitiesTestInd0X
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/OfficersCloseRelationshipInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd01
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd01
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE ORGANIZATION WAS ESTABLISHED TO CARRY OUT THE PURPOSES OF THE ROMANIAN-AMERICAN INVESTMENT FOUNDATION ("RAIF"), FORMERLY KNOWN AS THE ROMANIAN-AMERICAN ENTERPRISE FUND. THESE PURPOSES ARE (I) TO PROMOTE PRIVATE SECTOR DEVELOPMENT OF THE COUNTRY OF ROMANIA, PARTICULARLY IN SMALL-SIZED AND MEDIUM-SIZED PRIVATE BUSINESSES, JOINT VENTURES WITH U.S. AND ROMANIAN PARTICIPANTS, AND POLICIES AND PRACTICES CONDUCIVE TO PRIVATE SECTOR DEVELOPMENT IN ROMANIA, WITH EMPHASIS ON EDUCATION, ENTREPRENEURSHIP, AND PRIVATE SECTOR PHILANTHROPY AND VOLUNTEERISM IN ROMANIA, THROUGH LOANS, GRANTS, EQUITY INVESTMENTS, FEASIBILITY STUDIES, TECHNICAL ASSISTANCE, TRAINING, INSURANCE, GUARANTEES AND OTHER MEASURES, AND (II) TO ADVANCE THE PURPOSES OF THE U.S. FOREIGN ASSISTANCE ACT OF 1961 AND THE U.S. SUPPORT FOR EAST EUROPEAN DEMOCRACY ACT OF 1989 ("SEED ACT"). AS FORMALIZED IN A GRANT AGREEMENT BETWEEN THE ORGANIZATION AND RAIF SIGNED IN 2009, AS AMENDED, THE ORGANIZATION CARRIES OUT RAIF'S PURPOSES AND MISSION BY FOCUSING ON AND PROMOTING EDUCATION, JOB CREATION AND ENTREPRENEURSHIP PROGRAMS IN ROMANIA. THESE ARE PROGRAMS AND ACTIVITIES THAT RAIF WOULD ENGAGE IN BUT FOR THE FACT THAT THE ORGANIZATION IS FOSTERING AND SUPPORTING THESE PROGRAMS AND ACTIVITIES ON RAIF'S BEHALF. THE ORGANIZATION, SINCE ITS FORMATION IN 2008, HAS HAD AN HISTORIC AND CONTINUING RELATIONSHIP WITH ITS SUPPORTED PUBLIC CHARITY, RAIF. THE ORGANIZATION'S PURPOSES ARE TO CONDUCT CHARITABLE AND EDUCATIONAL ACTIVITIES THAT SUPPORT AND PROMOTE THE CHARITABLE ACTIVITIES AND MISSION OF RAIF. IN FACT, THE PURPOSE STATEMENTS IN THE GOVERNING INSTRUMENTS OF THE ORGANIZATION AND RAIF ARE NOW IDENTICAL. SINCE THE ORGANIZATION WAS FORMED, A MAJORITY OF THE BOARD OF TRUSTEES OF EACH OF THE ORGANIZATION AND RAIF HAS CONSISTED OF THE SAME INDIVIDUALS, AND THE BOARDS OF TRUSTEES OF BOTH THE ORGANIZATION AND RAIF ARE NOW ENTIRELY COMPOSED OF THE SAME INDIVIDUALS. THE ORGANIZATION AND RAIF HAVE ALSO SINCE THE ORGANIZATION'S FORMATION SHARED CERTAIN KEY OFFICERS IN COMMON, AND THE STAFFS OF BOTH THESE ORGANIZATIONS COORDINATE CLOSELY ON THE TWO ORGANIZATIONS' ACTIVITIES.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, SECTIONS D AND E:
IRS990ScheduleA/IRSWrittenDeterminationInd0X
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0521889172
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeDesc0TYPE 9
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0ROMANIAN-AMERICAN INVESTMENT FOUNDATION
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType3FuncIntInd0X
IRS990ScheduleA/SupportSumAmt03529016
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$72,558,002
Liabilities
$1,995,735
Net assets
$70,562,267
Revenue
$22,042,756
Expenses
$3,993,875
Net income
$18,048,881
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$121$2.96$118$6.08$4.79$1.29
2015Detailed filing. Detailed filing data is available for this year.$120$2.58$117$54.2$3.51$50.7
2014Detailed filing. Detailed filing data is available for this year.$72.6$2.00$70.6$22.0$3.99$18.0