Civic Intelligence

The Michael a J Farrell Foundation Inc.

990 • Fiscal year 2019 • EIN 31-1714697

Jan 01, 2019 to Dec 31, 2019 • Filed on May 22, 2020

Organization ProfileN/A
Pobox 3Summit, NJ 07902

(201) 323-4508

Siviq Scores

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

Liabilities / Assets

88th percentile

0.83x

Higher debt load relative to assets than 88% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

7.48x

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

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Net Margin

93rd percentile

53%

Higher net margin than 93% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

34th percentile

$0

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • NTEE B • $1M-$5M nonprofits • Source year 2019

Asset Growth

19th percentile

-5.4%

Faster asset growth than 19% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

12th percentile

-21%

Faster revenue growth than 12% of similar nonprofits.

2019 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$3,723,681

Down $213,693 (-5.4%) from 2018

Net Assets

Up

$647,681

Up $218,307 (+51%) from 2018

Liabilities

Down

$3,076,000

Down $432,000 (-12%) from 2018

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin93rd percentile

Revenue

Down

$410,984

Down $105,990 (-21%) from 2018

Expenses

Down

$192,677

Down $287,635 (-60%) from 2018

Net Income

Up

$218,307

Up $181,645 (+495%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$15M$10M$5.0M$0Assets 2018: $3,937,374Liabilities 2018: $3,508,000Net Assets 2018: $429,3742018Assets 2019: $3,723,681Liabilities 2019: $3,076,000Net Assets 2019: $647,6812019Assets 2020: $3,381,084Liabilities 2020: $2,827,391Net Assets 2020: $553,6932020Assets 2021: $2,782,121Liabilities 2021: $2,344,315Net Assets 2021: $437,8062021Assets 2022: $2,297,552Liabilities 2022: $1,945,706Net Assets 2022: $351,8462022Assets 2023: $1,883,891Liabilities 2023: $1,532,045Net Assets 2023: $351,8462023Assets 2024: $14,548,900Liabilities 2024: $1,102,264Net Assets 2024: $13,446,6362024

Highlighted filing

2019

Assets$3,723,681
Liabilities$3,076,000
Net Assets$647,681
Open 2019 Filing

Operations Trend

Revenue Growth12th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $516,974Expenses 2018: $480,312Net Income 2018: $36,6622018Revenue 2019: $410,984Expenses 2019: $192,677Net Income 2019: $218,3072019Revenue 2020: $52,680Expenses 2020: $146,668Net Income 2020: -$93,9882020Revenue 2021: $7,700Expenses 2021: $123,587Net Income 2021: -$115,8872021Revenue 2022: $1,474Expenses 2022: $87,434Net Income 2022: -$85,9602022Revenue 2023: $3,695Expenses 2023: $72,378Net Income 2023: -$68,6832023Revenue 2024: $11,955,728Expenses 2024: $605,109Net Income 2024: $11,350,6192024

Highlighted filing

2019

Revenue$410,984
Expenses$192,677
Net Income$218,307
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 22, 2020
Return Version
2019v5.0
Gross Receipts
$410,984
Mission and Program Overview

Mission

Raise funds to support the education mission of preparatory schools such as The Oratory School of Summit,NJ and institutions of higher education and other education endeavors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$339,121$124,893▼ $214,228
Investments in Publicly Traded Securities$24,953$25,487▲ $534
Cash and Non-Interest-Bearing Accounts$300$300→ $0
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,937,374$3,723,681▼ $213,693
Other Assets Total$3,573,000$3,573,001▲ $1
Liabilities
Unsecured Notes Loans Payable$3,508,000$3,076,000▼ $432,000
Total Liabilities$3,508,000$3,076,000▼ $432,000
Net Assets / Fund Balance
Net Assets With Donor Restrictions$429,374$647,681▲ $218,307
Total Net Assets Fund Balance$429,374$647,681▲ $218,307
Total Liabilities and Net Assets / Fund Balance$3,937,374$3,723,681▼ $213,693

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1--
Compensation and Service Providers
Top Officer Pay34th percentile

Board Members and Trustees

NameTitle
Carolyn FerrolitoTrustee
Edward McdonnellTrustee
Kevin GreeneTrustee
Mary R FarrellTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$123,561
Program Service Revenue
$0
Investment Income
$287,423
Other Revenue
$0
All Other Contributions
$123,561
Change in Net Assets
$218,307
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$192,677
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest-$150,440-$150,440
Insurance-$17,924-$17,924
Fees for Services Accounting-$3,950-$3,950
Other Expenses-$106-$106
Fees for Services Other-$7-$7
Total Functional Expenses$0$192,677$0$192,677
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“No review was or will be conducted.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
The Michael a J Farrell Foundation Inc
EIN
31-1714697
Phone
2013234508
Address
POBOX 3, SUMMIT, NJ 07902

Signing Officer

Name
Kevin Greene
Title
Trustee
Signed
2020-05-22
Discuss with paid preparer
Yes

Organization Details

Formed
2000
Legal Domicile
Nj
Voting Board Members
4
Independent Board Members
0
Employees
0

Preparer

Firm
Naskret Selzer & Associates LLC
Address
1129 BLOOMFIELD AVE STE 110, WEST CALDWELL, NJ 07006
Preparer
Leonard P Cohen CPA
Phone
9739949555
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0287423
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0410984
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03937374
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03723681
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt03508000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt03076000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0POBOX 3
IRS990/USAddress/CityNm0SUMMIT
IRS990/USAddress/StateAbbreviationCd0NJ
IRS990/USAddress/ZIPCd0079020003
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02020-04-17 16:48:07Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN GREENE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Trustee
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MICHAEL A J FARRELL FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0THEM
ReturnHeader/Filer/EIN0311714697
ReturnHeader/Filer/PhoneNum02013234508
ReturnHeader/Filer/USAddress/AddressLine1Txt0POBOX 3
ReturnHeader/Filer/USAddress/CityNm0SUMMIT
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NJ
ReturnHeader/Filer/USAddress/ZIPCd007902
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0800022697
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0NASKRET SELZER & ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01129 BLOOMFIELD AVE STE 110
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WEST CALDWELL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007006
ReturnHeader/PreparerPersonGrp/PhoneNum09739949555
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Leonard P Cohen CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02020-05-22T09:48:55-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,723,681
Liabilities
$3,076,000
Net assets
$647,681
Revenue
$410,984
Expenses
$192,677
Net income
$218,307
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.5$1.10$13.4$12.0$0.61$11.4
2023Detailed filing. Detailed filing data is available for this year.$1.88$1.53$0.35$0.00$0.07$0.07
2022Detailed filing. Detailed filing data is available for this year.$2.30$1.95$0.35$0.00$0.09$0.09
2021Detailed filing. Detailed filing data is available for this year.$2.78$2.34$0.44$0.01$0.12$0.12
2020Detailed filing. Detailed filing data is available for this year.$3.38$2.83$0.55$0.05$0.15$0.09
2019Detailed filing. Detailed filing data is available for this year.$3.72$3.08$0.65$0.41$0.19$0.22
2018Detailed filing. Detailed filing data is available for this year.$3.94$3.51$0.43$0.52$0.48$0.04