Civic Intelligence

Foundation for Italian Art and Culture-

990 • Fiscal year 2013 • EIN 32-0081843

Jan 01, 2013 to Dec 31, 2013 • Filed on Oct 01, 2014

Organization ProfileWWW.FIACFOUNDATION.ORG
460 Park Avenue 11th Floor10022

(212) 980-1755

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$342,437

Up $869 (+0.3%) from 2012

Net Assets

Down

$310,437

Down $24,131 (-7.2%) from 2012

Liabilities

Up

$32,000

Up $25,000 (+357%) from 2012

Revenue And Expenses

Revenue

$190,260

No earlier filing loaded for comparison.

Expenses

Up

$214,391

Up $52,924 (+33%) from 2012

Net Income

-$24,131

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2012: $341,568Liabilities 2012: $7,000Net Assets 2012: $334,5682012Assets 2013: $342,437Liabilities 2013: $32,000Net Assets 2013: $310,4372013Assets 2014: $322,545Liabilities 2014: $7,000Net Assets 2014: $315,5452014Assets 2015: $368,992Liabilities 2015: $7,000Net Assets 2015: $361,9922015Assets 2016: $425,042Liabilities 2016: $7,000Net Assets 2016: $418,0422016Assets 2017: $442,983Liabilities 2017: $23,249Net Assets 2017: $419,7342017Assets 2018: $436,552Liabilities 2018: $12,416Net Assets 2018: $424,1362018Assets 2019: $443,530Liabilities 2019: $18,092Net Assets 2019: $425,4382019Assets 2020: $479,949Liabilities 2020: $12,416Net Assets 2020: $467,5332020Assets 2021: $407,893Liabilities 2021: $12,867Net Assets 2021: $395,0262021Assets 2022: $510,196Liabilities 2022: $17,331Net Assets 2022: $492,8652022Assets 2023: $599,757Liabilities 2023: $12,471Net Assets 2023: $587,2862023Assets 2024: $632,016Liabilities 2024: $34,637Net Assets 2024: $597,3792024

Highlighted filing

2013

Assets$342,437
Liabilities$32,000
Net Assets$310,437
Open 2013 Filing

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2012: $161,4672012Revenue 2013: $190,260Expenses 2013: $214,391Net Income 2013: -$24,1312013Revenue 2014: $209,733Expenses 2014: $204,625Net Income 2014: $5,1082014Revenue 2015: $190,957Expenses 2015: $144,510Net Income 2015: $46,4472015Revenue 2016: $250,046Expenses 2016: $193,996Net Income 2016: $56,0502016Revenue 2017: $235,601Expenses 2017: $208,909Net Income 2017: $26,6922017Revenue 2018: $248,681Expenses 2018: $244,279Net Income 2018: $4,4022018Revenue 2019: $254,923Expenses 2019: $253,621Net Income 2019: $1,3022019Revenue 2020: $211,215Expenses 2020: $169,120Net Income 2020: $42,0952020Revenue 2021: $48,807Expenses 2021: $121,314Net Income 2021: -$72,5072021Revenue 2022: $295,183Expenses 2022: $197,344Net Income 2022: $97,8392022Revenue 2023: $276,932Expenses 2023: $200,395Net Income 2023: $76,5372023Revenue 2024: $290,593Expenses 2024: $307,959Net Income 2024: -$17,3662024

Highlighted filing

2013

Revenue$190,260
Expenses$214,391
Net Income-$24,131
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Oct 1, 2014
Return Version
2013v3.0
Gross Receipts
$190,260
Mission and Program Overview

Mission

To spread italian culture in united states by organizing exhibitions, shows, displays of paitntings, sculptures and other visual arts in the united states and promoting the restoration of works of art in italy in order to preserve and promote italian culture.

To spread italian culture in the united states.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$309,909$339,925▲ $30,016
Pledges and Grants Receivable$25,000$0▼ $25,000
Prepaid Expenses and Deferred Charges$6,659$2,512▼ $4,147
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$341,568$342,437▲ $869
Liabilities
Deferred Revenue-$25,000-
Accounts Payable and Accrued Expenses$7,000$7,000→ $0
Total Liabilities$7,000$32,000▲ $25,000
Net Assets / Fund Balance
Unrestricted Net Assets$334,568$310,437▼ $24,131
Total Net Assets Fund Balance$334,568$310,437▼ $24,131
Total Liabilities and Net Assets / Fund Balance$341,568$342,437▲ $869

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$16,271$16,271
Compensation and Service Providers

Board Members and Trustees

NameTitle
He Amb Daniele BodiniChairman
Alain ElkannPresident
Amb Claudio BisognieroDirector
Amb Sergio VentoDirector
John DysonDirector
Joseph PerellaDirector
Massimo FerragamoDirector
Mr Lorenzo Bini-smaghiDirector
Mr Mario GabelliDirector
Professor Giuliano UrbaniDirector
Raymond AvansinoDirector
Terry Allen KramerDirector
William AcquavellaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$190,220
Program Service Revenue
$0
Investment Income
$40
Other Revenue
$0
All Other Contributions
$190,220
Change in Net Assets
$-24,131
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$214,391
Total Fundraising Expense$3,750
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$43,144$2,396$2,396$47,936
Travel$23,467$292-$23,759
Office Expenses$8,266$460$460$9,186
Insurance$5,993$333$333$6,659
Fees for Services Accounting$3,796$211$211$4,218
Other Expenses$221$12$12$245
Total Functional Expenses$206,599$4,042$3,750$214,391
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“The audit committee of the board reviews the 990 prior to filing. The board of directors is then informed that the 990 is available for review.”

Form 990, Part VI, Section B, Line 15

“None of the board members nor officers are compensated. Currently, only one consultant is hired whose compensation is determined by the chairman and the president.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

EIN
32-0081843
Phone
2129801755

Signing Officer

Name
Angie Lo
Title
Treasurer
Phone
2129801755
Signed
2014-10-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Angie Lo
Formed
2004
Legal Domicile
Ny
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
14

Preparer

Phone
2126972299
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other: program service expenses 43,144. Management and general expenses 2,396. Fundraising expenses 2,396. Total expenses 47,936.”

Financial Statement Notes

PART X, LINE 2:

“The foundation has evaluated all income tax positions and concluded that no disclosures relating to uncertain positions were required in the financial statements.”

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IRS990/Desc0IN 2013, FIAC CELEBRATED THE EXHIBITION OF ARTEMISIA GENTILESCHI'S JUDITH SLAYING HOLOFERNES FROM THE UFFIZI GALLERY AT THE ART INSTITUTE OF CHICAGO FROM OCTOBER 17, 2013, THROUGH JANUARY 9, 2014.IN COLLABORATION WITH THE METROPOLITAN MUSEUM OF ART, FIAC PLANNED AND ORGANIZED A FOCUSED PRESENTATION OF THE DEVOTIONAL PAINTINGS OF PIERO DELLA FRANCESCA CALLED "PIERO DELLA FRANCESCA: PERSONAL ENCOUNTERS." IT WILL BE EXHIBITED AT THE METROPOLITAN MUSEUM OF ART FROM JANUARY 13, 2014 THROUGH MARCH 30, 2014. WITH THE FRICK COLLECTION, FIAC ORGANIZED "THE POETRY OF PARMIGIANINO'S SCHIAVA TURCA" FROM THE NATIONAL GALLERY IN PARMA. IT WILL BE EXHIBITED AT THE FRICK COLLECTION, NEW YORK AND THE FINE ARTS MUSEUMS OF SAN FRANCISCO DE YOUNG/LEGION OF HONOR IN 2014. FIAC PLANNED AND ORGANIZED FOR ITS 2013 EXCELLENCY AWARDS, HELD IN JANUARY 2014.
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IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0771
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.39100
IRS990ScheduleA/PublicSupportPY170Pct00.41460
IRS990ScheduleA/PublicSupportTotal170Amt0404916
IRS990ScheduleA/SubstantialContributorsTotAmt0630002
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0190220
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0189698
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0235000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0180000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0240000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01034918
IRS990ScheduleA/TotalSupportAmt01035689
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/FootnoteTextInd0X
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt016271
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt016271
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION HAS EVALUATED ALL INCOME TAX POSITIONS AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN POSITIONS WERE REQUIRED IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE AUDIT COMMITTEE OF THE BOARD REVIEWS THE 990 PRIOR TO FILING. THE BOARD OF DIRECTORS IS THEN INFORMED THAT THE 990 IS AVAILABLE FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NONE OF THE BOARD MEMBERS NOR OFFICERS ARE COMPENSATED. CURRENTLY, ONLY ONE CONSULTANT IS HIRED WHOSE COMPENSATION IS DETERMINED BY THE CHAIRMAN AND THE PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OTHER: PROGRAM SERVICE EXPENSES 43,144. MANAGEMENT AND GENERAL EXPENSES 2,396. FUNDRAISING EXPENSES 2,396. TOTAL EXPENSES 47,936.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0341568
IRS990/TotalAssetsEOYAmt0342437
IRS990/TotalAssetsGrp/BOYAmt0341568
IRS990/TotalAssetsGrp/EOYAmt0342437
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0190220
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03750
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt04042
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0206599
IRS990/TotalFunctionalExpensesGrp/TotalAmt0214391
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07000
IRS990/TotalLiabilitiesEOYAmt032000
IRS990/TotalLiabilitiesGrp/BOYAmt07000
IRS990/TotalLiabilitiesGrp/EOYAmt032000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0334568
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IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0206599
IRS990/TotalReportableCompFromOrgAmt00
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0342437
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0292
IRS990/TravelGrp/ProgramServicesAmt023467
IRS990/TravelGrp/TotalAmt023759
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0334568
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0310437
IRS990/USAddress/AddressLine10460 PARK AVENUE
IRS990/USAddress/City0NEW YORK
IRS990/USAddress/State0NY
IRS990/USAddress/ZIPCode010022
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.FIACFOUNDATION.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ANGIE LO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02129801755
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-10-01
ReturnHeader/Filer/BusinessName/BusinessNameLine10FOUNDATION FOR ITALIAN ART AND CULTURE-
ReturnHeader/Filer/BusinessName/BusinessNameLine20C/O AMERICAN CONTINENTAL PROPERTY LLC
ReturnHeader/Filer/BusinessNameControlTxt0FOUN
ReturnHeader/Filer/EIN0320081843
ReturnHeader/Filer/PhoneNum02129801755
ReturnHeader/Filer/USAddress/AddressLine10460 PARK AVENUE 11TH FLOOR
ReturnHeader/Filer/USAddress/City0NEW YORK
ReturnHeader/Filer/USAddress/State0NY
ReturnHeader/Filer/USAddress/ZIPCode010022
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0131655065
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10LUTZ AND CARR CPAS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine10300 EAST 42ND STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode010017

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$342,437
Liabilities
$32,000
Net assets
$310,437
Revenue
$190,260
Expenses
$214,391
Net income
-$24,131
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.32$0.35$5.97$2.91$3.08$0.17
2023Detailed filing. Detailed filing data is available for this year.$6.00$0.12$5.87$2.77$2.00$0.77
2022Detailed filing. Detailed filing data is available for this year.$5.10$0.17$4.93$2.95$1.97$0.98
2021Detailed filing. Detailed filing data is available for this year.$4.08$0.13$3.95$0.49$1.21$0.73
2020Detailed filing. Detailed filing data is available for this year.$4.80$0.12$4.68$2.11$1.69$0.42
2019Detailed filing. Detailed filing data is available for this year.$4.44$0.18$4.25$2.55$2.54$0.01
2018Detailed filing. Detailed filing data is available for this year.$4.37$0.12$4.24$2.49$2.44$0.04
2017Detailed filing. Detailed filing data is available for this year.$4.43$0.23$4.20$2.36$2.09$0.27
2016Detailed filing. Detailed filing data is available for this year.$4.25$0.07$4.18$2.50$1.94$0.56
2015Detailed filing. Detailed filing data is available for this year.$3.69$0.07$3.62$1.91$1.45$0.46
2014Detailed filing. Detailed filing data is available for this year.$3.23$0.07$3.16$2.10$2.05$0.05
2013Detailed filing. Detailed filing data is available for this year.$3.42$0.32$3.10$1.90$2.14$0.24
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.42$0.07$3.35$1.61