Civic Intelligence

Friends of the Italian Cultural Institute of New York

EIN 27-5497979 • 501(c)3 • New York, NY

Revoked990-N Coverage

Profile

Lafondazione, formerly known as the friends of the italian cultural institute of new york, inc. Is aimed at supporting young italian artists by promoting their integration in the american cultural landscape. The organization supports young american artists, providing access to highly regarded training opportunities in italy. Moreover, la fondazione organizes exhibits, translation projects, audiovisual shows, conferences and other cultural events, both in italy and in the us; such events highlight the principle of cultural cooperation between the two countries.

Revocation date: May 15, 2018

25 East 67th Street No St 7ENew York, NY 10065

lafondazioneny.org

Siviq Scores

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

Liabilities / Assets

74th percentile

0.05x

Higher debt load relative to assets than 74% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

75th percentile

0.03x

Higher debt load relative to revenue than 75% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Net Margin

10th percentile

-88%

Higher net margin than 10% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

16th percentile

-57%

Faster asset growth than 16% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

13th percentile

-62%

Faster revenue growth than 13% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Assets

Down

$152,210

Down $205,139 (-57%) from 2013

Liabilities

Down

$6,925

Down $45 (-0.6%) from 2013

Net Assets

Down

$145,285

Down $205,094 (-59%) from 2013

Revenue

Down

$232,308

Down $377,416 (-62%) from 2013

Expenses

Up

$437,402

Up $51,946 (+13%) from 2013

Net Income

Down

-$205,094

Down $429,362 (-191%) from 2013

Trend Graphs

Balance Sheet Trend

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

$400K$300K$200K$100K$0Assets 2012: $135,239Liabilities 2012: $9,128Net Assets 2012: $126,1112012Assets 2013: $357,349Liabilities 2013: $6,970Net Assets 2013: $350,3792013Assets 2014: $152,210Liabilities 2014: $6,925Net Assets 2014: $145,2852014

Highlighted filing

2014

Assets$152,210
Liabilities$6,925
Net Assets$145,285

Operations Trend

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

$1.0M$500K$0-$500KExpenses 2012: $204,1942012Revenue 2013: $609,724Expenses 2013: $385,456Net Income 2013: $224,2682013Revenue 2014: $232,308Expenses 2014: $437,402Net Income 2014: -$205,0942014

Highlighted filing

2014

Revenue$232,308
Expenses$437,402
Net Income-$205,094

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 6, 2015
Return Version
2014v5.0
Gross Receipts
$293,689
Mission and Program Overview

Mission

Lafondazione, formerly known as the friends of the italian cultural institute of new york, inc. Is aimed at supporting young italian artists by promoting their integration in the american cultural landscape. The organization supports young american artists, providing access to highly regarded training opportunities in italy. Moreover, la fondazione organizes exhibits, translation projects, audiovisual shows, conferences and other cultural events, both in italy and in the us; such events highlight the principle of cultural cooperation between the two countries.

Lafondazione, formerly known as "the friends of the italian cultural institute", is aimed at supporting young italian artists by promoting their integration in the american cultural landscape. The organization supports young american artists, providing access to highly regarded training opportunities in italy. Moreover, la fondazione organizes exhibits, translation projects, audiovisual shows, conferences and other cultural events, both in italy and in the us; such events highlight the principle of cultural cooperation between the two countries.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$196,604$95,848▼ $100,756
Pledges and Grants Receivable$154,500$41,500▼ $113,000
Land, Buildings, and Equipment, Net$2,445$4,159▲ $1,714
Total Assets$357,349$152,210▼ $205,139
Other Assets Total$3,800$10,703▲ $6,903
Liabilities
Accounts Payable and Accrued Expenses$6,970$6,925▼ $45
Total Liabilities$6,970$6,925▼ $45
Net Assets / Fund Balance
Unrestricted Net Assets$350,379$145,285▼ $205,094
Total Net Assets Fund Balance$350,379$145,285▼ $205,094
Total Liabilities and Net Assets / Fund Balance$357,349$152,210▼ $205,139

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,159$3,165$7,324
Other Assets Org$10,703--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Alain ElkannBoard Member
Alberto MilaniBoard Member
Alvise CasellatiBoard Member
Barbara ToberBoard Member
Claudio Del VecchioBoard Member
Enrico PellegriniBoard Member
Fabrizio FerriBoard Member
Francesca BodiniBoard Member
Judy CoxBoard Member
Luca BarabinoBoard Member
Marco GrassiBoard Member
Stefano LucchiniBoard Member
Steve AcuntoBoard Member
Christian MorettiExecutive Director and Secretary
Riccardo VialeFounder
Revenue and Support

Revenue Composition

Contributions and Grants
$232,308
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-205,094

Audited Revenue Reconciliation

Revenue per Audited Statements
$232,308
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$232,308
Total Revenue per Form 990
$232,308
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$372,033
Total Fundraising Expense$140,240
Salaries, Compensation, and Employee Benefits$65,369
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$60,000$20,000$20,000$100,000
Other Salaries and Wages$39,221$13,074$13,074$65,369
Fees for Services Accounting-$46,082-$46,082
Occupancy$25,666$8,555$8,555$42,776
Travel$19,537$3,914$11,743$35,194
Advertising$13,609$4,536$4,536$22,681
Other Expenses$9,658$1,993$1,993$9,658
Fees for Services Legal-$7,576-$7,576
All Other Expenses$2,323--$2,323
Insurance$1,248$416$416$2,080
Depreciation Depletion$966$322$322$1,610
Office Expenses$963$322$322$1,607
Total Functional Expenses$190,372$106,790$140,240$437,402

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$437,402
Total Expenses per Audited Statements$437,402
Total Expenses per Form 990$437,402
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$61,381
Fundraising Gross Income$61,381
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$293,689$61,381$61,381$0
Total Events$293,689$61,381$61,381$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

Form 990 is prepared by the organization's independent accountants. The board of directors reviews the draft 990 before submission to the government.

Form 990, Part VI, Section C, Line 19

The organization's governing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Lafondazione Nyinc
EIN
27-5497979
Phone
2127522961
Address
25 EAST 67TH STREET NO ST 7E, NEW YORK, NY 10065

Signing Officer

Name
Christian Moretti
Title
Executive Director
Phone
2127522961
Signed
2015-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christian Moretti
Formed
2010
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
1
Volunteers
0

Preparer

Firm
Lutz and Carr Cpas Llp
Address
300 EAST 42ND STREET, NEW YORK, NY 10017
Preparer
Chris Bellando
Phone
2126972299
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting fees: program service expenses 60,000. Management and general expenses 20,000. Fundraising expenses 20,000. Total expenses 100,000.

Financial Statement Notes

PART X, LINE 2:

Management has evaluated all income tax positions and concluded that no disclosures relating to uncertain tax positions are required in the financial statements.

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IRS990/MissionDesc0LAFONDAZIONE, FORMERLY KNOWN AS THE FRIENDS OF THE ITALIAN CULTURAL INSTITUTE OF NEW YORK, INC. IS AIMED AT SUPPORTING YOUNG ITALIAN ARTISTS BY PROMOTING THEIR INTEGRATION IN THE AMERICAN CULTURAL LANDSCAPE. THE ORGANIZATION SUPPORTS YOUNG AMERICAN ARTISTS, PROVIDING ACCESS TO HIGHLY REGARDED TRAINING OPPORTUNITIES IN ITALY. MOREOVER, LA FONDAZIONE ORGANIZES EXHIBITS, TRANSLATION PROJECTS, AUDIOVISUAL SHOWS, CONFERENCES AND OTHER CULTURAL EVENTS, BOTH IN ITALY AND IN THE US; SUCH EVENTS HIGHLIGHT THE PRINCIPLE OF CULTURAL COOPERATION BETWEEN THE TWO COUNTRIES.
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03800
IRS990/OtherAssetsTotalGrp/EOYAmt010703
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0INDIRECT BENEFIT EXPENS
IRS990/OtherExpensesGrp/Desc1SPONSORSHIPS
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc3CONFERENCES & EXHIBITS
IRS990/OtherExpensesGrp/FundraisingAmt079279
IRS990/OtherExpensesGrp/FundraisingAmt11993
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01993
IRS990/OtherExpensesGrp/ProgramServicesAmt011201
IRS990/OtherExpensesGrp/ProgramServicesAmt15980
IRS990/OtherExpensesGrp/ProgramServicesAmt29658
IRS990/OtherExpensesGrp/TotalAmt079279
IRS990/OtherExpensesGrp/TotalAmt111201
IRS990/OtherExpensesGrp/TotalAmt29966
IRS990/OtherExpensesGrp/TotalAmt39658
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt013074
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt013074
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt039221
IRS990/OtherSalariesAndWagesGrp/TotalAmt065369
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0154500
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt041500
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0CHRISTIAN MORETTI
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0518062
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0377056
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt091662
IRS990/PYRevenuesLessExpensesAmt0224268
IRS990/PYSalariesCompEmpBnftPaidAmt08400
IRS990/PYTotalExpensesAmt0385456
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0609724
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-205094
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0232308
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0518062
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0294827
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01045197
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0113871
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.60830
IRS990ScheduleA/PublicSupportPY170Pct00.46940
IRS990ScheduleA/PublicSupportTotal170Amt0635759
IRS990ScheduleA/SubstantialContributorsTotAmt0409438
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0232308
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0518062
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0294827
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01045197
IRS990ScheduleA/TotalSupportAmt01045197
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0437402
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt010703
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSIT
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04159
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt03165
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt07324
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0232308
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04159
IRS990ScheduleD/TotalBookValueOtherAssetsAmt010703
IRS990ScheduleD/TotalExpensesPerForm990Amt0437402
IRS990ScheduleD/TotalRevenuePerForm990Amt0232308
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0232308
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0437402
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0232308
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0232308
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt061381
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GALA
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0293689
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0293689
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt061381
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt061381
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt00
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt061381
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt061381
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTANTS. THE BOARD OF DIRECTORS REVIEWS THE DRAFT 990 BEFORE SUBMISSION TO THE GOVERNMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CONSULTING FEES: PROGRAM SERVICE EXPENSES 60,000. MANAGEMENT AND GENERAL EXPENSES 20,000. FUNDRAISING EXPENSES 20,000. TOTAL EXPENSES 100,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0357349
IRS990/TotalAssetsEOYAmt0152210
IRS990/TotalAssetsGrp/BOYAmt0357349
IRS990/TotalAssetsGrp/EOYAmt0152210
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0232308
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0140240
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0106790
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0190372
IRS990/TotalFunctionalExpensesGrp/TotalAmt0437402
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06970
IRS990/TotalLiabilitiesEOYAmt06925
IRS990/TotalLiabilitiesGrp/BOYAmt06970
IRS990/TotalLiabilitiesGrp/EOYAmt06925
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0350379
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0145285
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0190372
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00

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