Civic Intelligence

The Michael a J Farrell Foundation Inc.

990 • Fiscal year 2020 • EIN 31-1714697

Jan 01, 2020 to Dec 31, 2020 • Filed on Jul 31, 2021

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

0.84x

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

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

99th percentile

53.67x

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

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Net Margin

3rd percentile

-178%

Higher net margin than 3% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$0

Higher top officer pay than 33% of similar nonprofits.

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

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Asset Growth

12th percentile

-9.2%

Faster asset growth than 12% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-87%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$3,381,084

Down $342,597 (-9.2%) from 2019

Net Assets

Down

$553,693

Down $93,988 (-15%) from 2019

Liabilities

Down

$2,827,391

Down $248,609 (-8.1%) from 2019

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin3rd percentile

Revenue

Down

$52,680

Down $358,304 (-87%) from 2019

Expenses

Down

$146,668

Down $46,009 (-24%) from 2019

Net Income

Down

-$93,988

Down $312,295 (-143%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2020

Assets$3,381,084
Liabilities$2,827,391
Net Assets$553,693
Open 2020 Filing

Operations Trend

Revenue Growth1st 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

2020

Revenue$52,680
Expenses$146,668
Net Income-$93,988
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jul 31, 2021
Return Version
2020v4.0
Gross Receipts
$52,680
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$124,893$178,382▲ $53,489
Investments in Publicly Traded Securities$25,487$25,602▲ $115
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$3,723,681$3,381,084▼ $342,597
Other Assets Total$3,573,001$3,176,800▼ $396,201
Liabilities
Unsecured Notes Loans Payable$3,076,000$2,827,390▼ $248,610
Other Liabilities-$1-
Total Liabilities$3,076,000$2,827,391▼ $248,609
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$647,681$553,693▼ $93,988
Total Net Assets Fund Balance$647,681$553,693▼ $93,988
Total Liabilities and Net Assets / Fund Balance$3,723,681$3,381,084▼ $342,597
Compensation and Service Providers
Top Officer Pay33rd percentile

Board Members and Trustees

NameTitle
Carolyn FerrolitoTrustee
Kevin GreeneTrustee
Mary R FarrellTrustee
Walter CrumTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$51,893
Program Service Revenue
$0
Investment Income
$787
Other Revenue
$0
All Other Contributions
$51,893
Change in Net Assets
$-93,988
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$146,668
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-$112,790-$112,790
Insurance-$23,291-$23,291
Fees for Services Legal-$6,519-$6,519
Fees for Services Accounting-$3,950-$3,950
Other Expenses-$118-$118
Total Functional Expenses$0$146,668$0$146,668
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rounding$1
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 Ajfoundation Inc
EIN
31-1714697
Phone
2013234508
Address
POBOX 3, SUMMIT, NJ 07902

Signing Officer

Name
Kevin Greene
Title
Trustee
Signed
2021-07-31
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/VotingMembersIndependentCnt00
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN GREENE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Trustee
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-07-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE MICHAEL AJFOUNDATION INC
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01129 BLOOMFIELD AVE STE 110
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ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Leonard P Cohen CPA
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ReturnHeader/ReturnTs02021-07-31T07:27:00-07:00
ReturnHeader/ReturnTypeCd0990
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ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,381,084
Liabilities
$2,827,391
Net assets
$553,693
Revenue
$52,680
Expenses
$146,668
Net income
-$93,988
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