Civic Intelligence

Foundations in Education Inc

EIN 47-5130557 • 501(c)3 • Shelton, CT

Profile

To strengthen and transform the mission of catholic education in the diocese of bridgeport by providing tuition assistance to families in need, supporting innovation in academic programs, and fostering opportunities for the professional development of school leaders.

One Waterview DriveShelton, CT 06484

www.foundationsineducation.org

Siviq Scores

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

Liabilities / Assets

27th percentile

0.07x

Higher debt load relative to assets than 27% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2025

Liabilities / Revenue

40th percentile

0.23x

Higher debt load relative to revenue than 40% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2025

Net Margin

93rd percentile

62%

Higher net margin than 93% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2025

Top Officer Pay

32nd percentile

$268,850

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2025

Asset Growth

Score unavailable

No value available

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

Source year 2025

Revenue Growth

Score unavailable

No value available

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

Source year 2025

Balance Sheet
Liabilities / Assets27th percentile

Assets

Up

$59,771,846

Up $16,127,892 (+37%) from 2024

Liabilities

Up

$4,074,933

Up $612,393 (+18%) from 2024

Net Assets

Up

$55,696,913

Up $15,515,499 (+39%) from 2024

Operations
Liabilities / Revenue40th percentileNet Margin93rd percentile

Revenue

Up

$17,351,326

Up $10,573,421 (+156%) from 2024

Expenses

Up

$6,605,146

Up $550,215 (+9.1%) from 2024

Net Income

Up

$10,746,180

Up $10,023,206 (+1386%) from 2024

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$60M$40M$20M$0Assets 2016: $325,892Liabilities 2016: $7,610Net Assets 2016: $318,2822016Assets 2017: $4,163,490Liabilities 2017: $2,603,083Net Assets 2017: $1,560,4072017Assets 2018: $10,481,744Liabilities 2018: $2,590,368Net Assets 2018: $7,891,3762018Assets 2019: $17,853,034Liabilities 2019: $2,506,270Net Assets 2019: $15,346,7642019Assets 2020: $30,835,511Liabilities 2020: $2,979,856Net Assets 2020: $27,855,6552020Assets 2021: $35,937,020Liabilities 2021: $3,734,785Net Assets 2021: $32,202,2352021Assets 2022: $36,181,181Liabilities 2022: $3,097,704Net Assets 2022: $33,083,4772022Assets 2023: $40,425,890Liabilities 2023: $3,606,424Net Assets 2023: $36,819,4662023Assets 2024: $43,643,954Liabilities 2024: $3,462,540Net Assets 2024: $40,181,4142024Assets 2025: $59,771,846Liabilities 2025: $4,074,933Net Assets 2025: $55,696,9132025

Highlighted filing

2025

Assets$59,771,846
Liabilities$4,074,933
Net Assets$55,696,913
Open 2025 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$20M$15M$10M$5.0M$0Revenue 2016: $355,040Expenses 2016: $36,758Net Income 2016: $318,2822016Revenue 2017: $6,287,271Expenses 2017: $5,030,146Net Income 2017: $1,257,1252017Revenue 2018: $9,460,447Expenses 2018: $3,129,478Net Income 2018: $6,330,9692018Revenue 2019: $12,146,064Expenses 2019: $4,690,676Net Income 2019: $7,455,3882019Revenue 2020: $5,817,272Expenses 2020: $5,023,515Net Income 2020: $793,7572020Revenue 2021: $7,774,687Expenses 2021: $7,638,169Net Income 2021: $136,5182021Revenue 2022: $11,526,982Expenses 2022: $5,853,047Net Income 2022: $5,673,9352022Revenue 2023: $7,032,652Expenses 2023: $6,118,695Net Income 2023: $913,9572023Revenue 2024: $6,777,905Expenses 2024: $6,054,931Net Income 2024: $722,9742024Revenue 2025: $17,351,326Expenses 2025: $6,605,146Net Income 2025: $10,746,1802025

Highlighted filing

2025

Revenue$17,351,326
Expenses$6,605,146
Net Income$10,746,180
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$59,771,846
Liabilities
$4,074,933
Net assets
$55,696,913
Revenue
$17,351,326
Expenses
$6,605,146
Net income
$10,746,180
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$59.8$4.07$55.7$17.4$6.61$10.7
2024Detailed filing. Detailed filing data is available for this year.$43.6$3.46$40.2$6.78$6.05$0.72
2023Detailed filing. Detailed filing data is available for this year.$40.4$3.61$36.8$7.03$6.12$0.91
2022Detailed filing. Detailed filing data is available for this year.$36.2$3.10$33.1$11.5$5.85$5.67
2021Detailed filing. Detailed filing data is available for this year.$35.9$3.73$32.2$7.77$7.64$0.14
2020Detailed filing. Detailed filing data is available for this year.$30.8$2.98$27.9$5.82$5.02$0.79
2019Detailed filing. Detailed filing data is available for this year.$17.9$2.51$15.3$12.1$4.69$7.46
2018Detailed filing. Detailed filing data is available for this year.$10.5$2.59$7.89$9.46$3.13$6.33
2017Detailed filing. Detailed filing data is available for this year.$4.16$2.60$1.56$6.29$5.03$1.26
2016Detailed filing. Detailed filing data is available for this year.$0.33$0.01$0.32$0.36$0.04$0.32
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Dec 11, 2025
Return Version
2024v5.2
Gross Receipts
$22,717,510
Mission and Program Overview

Mission

To strengthen and transform the mission of catholic education in the diocese of bridgeport.

To strenghten and transform the mission of catholic education in the diocese of bridgeport by providing tuition assistance, supporting innovation, and development of leaders

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$36,303,951$48,942,243▲ $12,638,292
Cash and Non-Interest-Bearing Accounts$3,915,402$7,991,259▲ $4,075,857
Pledges and Grants Receivable$3,173,577$2,741,699▼ $431,878
Other Notes and Loans Receivable, Net$246,134$96,645▼ $149,489
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$43,643,954$59,771,846▲ $16,127,892
Other Assets Total$4,890$0▼ $4,890
Liabilities
Other Liabilities$3,334,460$3,720,405▲ $385,945
Grants Payable$104,191$316,056▲ $211,865
Accounts Payable and Accrued Expenses$23,889$38,472▲ $14,583
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$3,462,540$4,074,933▲ $612,393
Net Assets / Fund Balance
Net Assets With Donor Restrictions$36,569,367$48,519,052▲ $11,949,685
Net Assets Without Donor Restrictions$3,612,047$7,177,861▲ $3,565,814
Total Net Assets Fund Balance$40,181,414$55,696,913▲ $15,515,499
Total Liabilities and Net Assets / Fund Balance$43,643,954$59,771,846▲ $16,127,892

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2025$28,420,300$9,883,720▲ $4,738,639-$41,717,236
2024$19,949,781$5,800,228▲ $3,359,122-$28,420,300
2023$16,585,918$1,883,208▲ $2,073,919-$19,949,781
2022$19,807,872$500,000▼ $3,173,182-$16,585,918
2021$15,912,819-▲ $5,261,519-$19,807,872
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Holly Doherty-LemoineExecutive DirectorFT$190,916$12,043$202,959

Board Members and Trustees

NameTitle
Joseph PurcellChairman
Allison ReilingTrustee
Andrea MaldonTrustee
Anne O McCroryTrustee
Barbara RippTrustee
Bernard ReidyTrustee
David CappielloTrustee
Dr Julia McNamaraTrustee
GEOFFREY RakerTrustee
George ColemanTrustee
Henry RondonTrustee
Jennifer St Victor - de PinhoTrustee
Joseph Rahtelli IIITrustee
Leslie LopezTrustee
Lisa Ferraro MartinoTrustee
Sister Mary Grace WalshTrustee
Thomas E McInerneyTrustee
Tim FitzpatrickTrustee
Tom McDevittTrustee
John CorraroTrustee - Starting 12/1/24
Joseph MatthewsTrustee - Starting 12/1/24
Kara KleinTrustee - Starting 12/1/24
Tom CassidyTrustee - Starting 12/1/24
Michele MitolaSecretary
Paula SummaTreasurer
Michael HanlonTreasurer - Term. 12/1/24
Revenue and Support

Revenue Composition

Contributions and Grants
$14,271,322
Program Service Revenue
$0
Investment Income
$2,966,658
Other Revenue
$113,346
All Other Contributions
$11,628,272
Change in Net Assets
$10,746,180

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded8$85,630Fair Market Value (FMV)
Other Non Cash Contri Table8$15,0260
Total Noncash Contributions16$100,656-

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,302,534
Revenue Not Reported on Financial Statements
$48,792
Revenue Not Reported on Form 990
$2,403,006
Total Revenue per Audited Statements
$19,705,540
Total Revenue per Form 990
$17,351,326
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,942,478
Salaries, Compensation, and Employee Benefits$485,524
Total Fundraising Expense$233,411
Other Expenses$177,144
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,942,478--$5,942,478
Other Salaries and Wages$65,097$88,199$58,299$211,595
Current Officers, Directors, Trustees, and Key Employees$36,594$46,034$112,540$195,168
Fees for Services Management-$48,792-$48,792
Other Employee Benefits$7,576$10,000$12,728$30,304
Payroll Taxes$7,376$9,736$12,392$29,504
Office Expenses-$27,492-$27,492
Fees for Services Accounting-$22,473-$22,473
Pension Plan Contributions$4,738$6,254$7,961$18,953
All Other Expenses--$15,026$15,026
Fees for Services Other-$14,600-$14,600
Information Technology--$14,465$14,465
Advertising$480$3,675-$4,155
Other Expenses$14,968$1,268-$1,268
Total Functional Expenses$6,079,307$292,428$233,411$6,605,146

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,605,146
Expenses per Audited Statements$6,556,354
Total Expenses per Audited Statements$6,556,354
Expenses Not Reported on Financial Statements$48,792
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Kolbe Cathedral High School Inc--Scholarships$1,045,459
Catholic Academies of Bridgeport--Scholarships$467,499
St Peter School LLC--Scholarships/Grants$467,386
Assumption Catholic School LLC--Scholarships$416,457
Office of School Superintendent - Dio of Bpt--Scholarships/grants$269,991
All Saints Catholic School LLC--Scholarships/Grants$264,590
Immaculate High School Inc--Grants$206,001
St James School LLC--Scholarships$199,200
St Theresa School LLC--Scholarships$198,825
St Joseph's High School Inc--Scholarships$162,024
St Joseph School Danbury LLC--Scholarships/Grants$154,250
St Mark School LLC--Scholarships/Grants$128,900
Catholic Academy of Stamford Inc--Scholarships/Grants$118,333
St Mary School Bethel LLC--Scholarships/Grants$115,650
St Catherine of Siena School LLC--Scholarships/Grants$76,018
St Thomas Aquinas Catholic School--Scholarships/Grants$71,000
St Gregory the Great School LLC--Scholarships/Grants$70,900
Greenwich Catholic Elementary School LLC--Scholarships/Grants$62,766
Notre Dame Catholic High School Inc--Grants$57,939
St Rose of Lima School LLC--Scholarships/Grants$46,600
St Mary School Ridgefield LLC--Scholarships/Grants$33,750
Cardinal Kung Academy--Scholarships/grants$30,172
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$120,470
Fundraising Gross Income$118,895
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$2,077,976$118,895$120,470$-1,575
Total Events$2,077,976$118,895$120,470$-1,575
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Scholarships Payable$3,720,405
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Foundations in Education Inc
EIN
47-5130557
In Care Of
% HOLLY DOHERTY-LEMOINE
Phone
2034161642
Address
One Waterview Drive, Shelton, CT 06484

Signing Officer

Name
Paula Summa
Title
Treasurer
Phone
2034161390
Signed
2025-12-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Holly Doherty-lemoine
Formed
2015
Legal Domicile
Ct
Voting Board Members
27
Independent Board Members
24
Employees
4
Volunteers
62

Preparer

Firm
Nanavaty Davenport Studley White
Address
123 South Main St Suite 140, Newtown, CT 06470
Preparer
Glenn J Nanavaty
Phone
2034268500
Supplemental Narrative

Additional Explanations

Form 990

“Part VI, Line 6 - Classes of members or stockholders Members, as the organization is a not-for-profit, Connecticut non-stock corporation. Part VI, Line 7A - Election of members and their rights Members elect trustees of the corporation. Part VI, Line 7B - Decisions subject to approval of members Certain actions of the Board are subject to the members' approval. Part VI, Line 11B - organization's process to review form 990 The completed form 990 was provided to the organization's trustees for their review and comments prior to filing. Part VI, Line 12C - Monitoring and enforcing compliance Annual written declarations were signed by trustees and officers, and monitored by the Board. PART VI, LINE 15A - Determination of compensation A COMMITTEE OF THE BOARD REVIEWS THE PERFORMANCE OF THE EXECUTIVE DIRECTOR AND DETERMINES THE COMPENSATION LEVEL FOR THE NEXT YEAR. Part VI, Line 19 - Governing documents disclosure explanation Governing documents, conflict of interest policies, and financial statements are made available for inspection upon request. PART XI, LINE 9 - OTHER CHANGES IN NET ASSETS CONSIST OF A TRANSFER OF ASSETS IN FROM NOTRE DAME HIGH SCHOOL.”

Financial Statement Notes

Part X, Line 2

“The organization recognizes the benefits of income tax positions only if those positions are more likely than not of being sustained. The organization is subject to routine audits by the internal revenue service. There are currently no audits for any tax periods prior to 2021.”

Raw XML AppendixShowing 400 of 843 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Michael Hanlon
IRS990/Form990PartVIISectionAGrp/PersonNm1Anne O McCrory
IRS990/Form990PartVIISectionAGrp/PersonNm2Holly Doherty-Lemoine
IRS990/Form990PartVIISectionAGrp/PersonNm3Thomas E McInerney
IRS990/Form990PartVIISectionAGrp/PersonNm4Dr Julia McNamara
IRS990/Form990PartVIISectionAGrp/PersonNm5Bernard Reidy
IRS990/Form990PartVIISectionAGrp/PersonNm6David Cappiello
IRS990/Form990PartVIISectionAGrp/PersonNm7Joseph Purcell
IRS990/Form990PartVIISectionAGrp/PersonNm8George Coleman
IRS990/Form990PartVIISectionAGrp/PersonNm9Andrea Maldon
IRS990/Form990PartVIISectionAGrp/PersonNm10Sister Mary Grace Walsh
IRS990/Form990PartVIISectionAGrp/PersonNm11Leslie Lopez
IRS990/Form990PartVIISectionAGrp/PersonNm12Michele Mitola
IRS990/Form990PartVIISectionAGrp/PersonNm13Tim Fitzpatrick
IRS990/Form990PartVIISectionAGrp/PersonNm14Jennifer St Victor - de Pinho
IRS990/Form990PartVIISectionAGrp/PersonNm15Tom McDevitt
IRS990/Form990PartVIISectionAGrp/PersonNm16GEOFFREY Raker
IRS990/Form990PartVIISectionAGrp/PersonNm17Barbara Ripp
IRS990/Form990PartVIISectionAGrp/PersonNm18Henry Rondon
IRS990/Form990PartVIISectionAGrp/PersonNm19Lisa Ferraro Martino
IRS990/Form990PartVIISectionAGrp/PersonNm20PAULA SUMMA
IRS990/Form990PartVIISectionAGrp/PersonNm21Joseph Rahtelli III
IRS990/Form990PartVIISectionAGrp/PersonNm22Allison Reiling
IRS990/Form990PartVIISectionAGrp/PersonNm23Tom Cassidy
IRS990/Form990PartVIISectionAGrp/PersonNm24John Corraro
IRS990/Form990PartVIISectionAGrp/PersonNm25Kara Klein
IRS990/Form990PartVIISectionAGrp/PersonNm26Joseph Matthews
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Treasurer - Term. 12/1/24
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt20Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt21Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt22Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt23Trustee - Starting 12/1/24
IRS990/Form990PartVIISectionAGrp/TitleTxt24Trustee - Starting 12/1/24
IRS990/Form990PartVIISectionAGrp/TitleTxt25Trustee - Starting 12/1/24
IRS990/Form990PartVIISectionAGrp/TitleTxt26Trustee - Starting 12/1/24
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IRS990/MissionDesc0TO STRENGTHEN AND TRANSFORM THE MISSION OF CATHOLIC EDUCATION IN THE DIOCESE OF BRIDGEPORT BY PROVIDING TUITION ASSISTANCE TO FAMILIES IN NEED, SUPPORTING INNOVATION IN ACADEMIC PROGRAMS, AND FOSTERING OPPORTUNITIES FOR THE PROFESSIONAL DEVELOPMENT OF SCHOOL LEADERS.
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