Civic Intelligence

Foundations in Education Inc.

990 • Fiscal year 2023 • EIN 47-5130557

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 22, 2024

Organization Profilewww.foundationsineducation.org
238 Jewett AvenueBridgeport, CT 06606-2845

(203) 416-1642

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.09x

Higher debt load relative to assets than 33% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

63rd percentile

0.51x

Higher debt load relative to revenue than 63% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

69th percentile

13%

Higher net margin than 69% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

46th percentile

$241,935

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

65th percentile

12%

Faster asset growth than 65% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

8th percentile

-39%

Faster revenue growth than 8% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Up

$40,425,890

Up $4,244,709 (+12%) from 2022

Net Assets

Up

$36,819,466

Up $3,735,989 (+11%) from 2022

Liabilities

Up

$3,606,424

Up $508,720 (+16%) from 2022

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin69th percentile

Revenue

Down

$7,032,652

Down $4,494,330 (-39%) from 2022

Expenses

Up

$6,118,695

Up $265,648 (+4.5%) from 2022

Net Income

Down

$913,957

Down $4,759,978 (-84%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth65th percentile

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

$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

2023

Assets$40,425,890
Liabilities$3,606,424
Net Assets$36,819,466
Open 2023 Filing

Operations Trend

Revenue Growth8th percentile

Revenue, expenses, and net income across loaded years, with this 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

2023

Revenue$7,032,652
Expenses$6,118,695
Net Income$913,957
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 22, 2024
Return Version
2022v5.0
Gross Receipts
$8,529,559
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$20,387,851$23,853,503▲ $3,465,652
Cash and Non-Interest-Bearing Accounts$9,395,672$12,424,373▲ $3,028,701
Pledges and Grants Receivable$6,397,658$4,120,487▼ $2,277,171
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$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$36,181,181$40,425,890▲ $4,244,709
Other Assets Total$0$27,527▲ $27,527
Liabilities
Other Liabilities$2,923,772$3,408,814▲ $485,042
Grants Payable$142,268$160,491▲ $18,223
Accounts Payable and Accrued Expenses$31,664$37,119▲ $5,455
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$3,097,704$3,606,424▲ $508,720
Net Assets / Fund Balance
Net Assets With Donor Restrictions$31,137,133$34,572,787▲ $3,435,654
Net Assets Without Donor Restrictions$1,946,344$2,246,679▲ $300,335
Total Net Assets Fund Balance$33,083,477$36,819,466▲ $3,735,989
Total Liabilities and Net Assets / Fund Balance$36,181,181$40,425,890▲ $4,244,709

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$16,585,918$1,883,208▲ $2,073,919-$19,949,781
2021$19,807,872$500,000▼ $3,173,182-$16,585,918
2020$15,912,819-▲ $5,261,519-$19,807,872
2019-$16,329,060▼ $16,241-$15,912,819
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Holly Doherty-LemoineExecutive DirectorFT$170,705$8,421$179,126

Board Members and Trustees

NameTitle
Thomas E McInerneyChairman
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 PurcellTrustee
Leslie LopezTrustee
Lisa Ferraro MartinoTrustee
Michael Shea until 113022Trustee
Paula SummaTrustee
Sister Mary Grace WalshTrustee
Tim FitzpatrickTrustee
Tom McDevittTrustee
Michele MitolaSecretary
Michael HanlonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,096,118
Program Service Revenue
$0
Investment Income
$990,649
Other Revenue
$-54,115
All Other Contributions
$3,934,764
Change in Net Assets
$913,957

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 Traded4$562,407Fair Market Value (FMV)
Other Non Cash Contri Table1$9,2310
Total Noncash Contributions5$571,638-

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,019,343
Revenue Not Reported on Financial Statements
$13,309
Revenue Not Reported on Form 990
$1,597,925
Total Revenue per Audited Statements
$8,617,268
Total Revenue per Form 990
$7,032,652
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,565,772
Salaries, Compensation, and Employee Benefits$430,587
Total Fundraising Expense$150,946
Other Expenses$122,336
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$5,565,772--$5,565,772
Other Salaries and Wages$54,695$77,327$56,580$188,602
Current Officers, Directors, Trustees, and Key Employees$49,877$70,516$51,597$171,990
Other Employee Benefits$8,715$12,322$9,017$30,054
Payroll Taxes$7,484$10,581$7,742$25,807
Fees for Services Other-$22,766$1,250$24,016
Office Expenses-$20,268-$20,268
Pension Plan Contributions$4,099$5,795$4,240$14,134
Fees for Services Accounting-$14,000-$14,000
Fees for Service Investment Mgmnt Fees-$13,309-$13,309
Information Technology--$11,430$11,430
Advertising$600$3,166$3,580$7,346
Other Expenses$3,187$546$5,510$546
Total Functional Expenses$5,694,429$273,320$150,946$6,118,695

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,197,761
Total Expenses per Form 990$6,118,695
Expenses per Audited Statements$6,105,386
Expenses Not Reported on Form 990$92,375
Expenses Not Reported on Financial Statements$13,309
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Kolbe Cathedral High School Inc--Scholarships$1,215,282
Office of School Superintendent - Dio of Bpt--Scholarships/grants$536,287
Assumption Catholic School LLC--Scholarships$443,996
Catholic Academies of Bridgeport--Scholarships$440,350
St Peter School LLC--Scholarships/Grants$375,024
All Saints Catholic School LLC--Scholarships/Grants$355,263
St Theresa School LLC--Scholarships$266,960
St Joseph's High School Inc--Scholarships$242,267
St James School LLC--Scholarships$217,415
Notre Dame Catholic High School Inc--Grants$158,668
Catholic Academy of Stamford Inc--Scholarships/Grants$138,870
St Mark School LLC--Scholarships/Grants$137,826
Immaculate High School Inc--Grants$135,845
St Mary School Bethel LLC--Scholarships/Grants$133,699
St Joseph School Danbury LLC--Scholarships/Grants$130,701
St Gregory the Great School LLC--Scholarships/Grants$124,067
Regina Pacis Academy--Scholarships$91,950
Greenwich Catholic Elementary School LLC--Scholarships/Grants$81,050
Holy Trinity Catholic Academy Inc--Scholarships/Grants$72,144
St Mary School Ridgefield LLC--Scholarships/Grants$67,017
St Thomas Aquinas Catholic School--Scholarships/Grants$64,848
St Catherine of Siena School LLC--Scholarships/Grants$60,792
St Rose of Lima School LLC--Scholarships/Grants$52,900
Cardinal Kung Academy--Scholarships/grants$13,300
St Aloysius School LLC--Scholarships$9,251
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$92,375
Fundraising Gross Income$38,260
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$1,366,399$38,260$92,375$-54,115
Total Events$1,366,399$38,260$92,375$-54,115
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$3,408,814
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
% MICHAEL HANLON TREASURER
Phone
2034161642
Address
238 Jewett Avenue, Bridgeport, CT 06606-2845

Signing Officer

Name
Michael Hanlon
Title
Treasurer
Phone
2034161390
Signed
2024-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Holly Doherty-lemoine
Formed
2015
Legal Domicile
Ct
Voting Board Members
22
Independent Board Members
19
Employees
6
Volunteers
51

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 A RELATED ENTITY, FOUNDATION IN FAITH, INC.”

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 2019.”

Part XI, Line 2D

“Special events expenses of $92,375 included as net in the form 990.”

Part XII, Line 2D

“Special events expenses of $92,375 included as net in the form 990.”

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IRS990/Form990PartVIISectionAGrp/PersonNm3Thomas E McInerney
IRS990/Form990PartVIISectionAGrp/PersonNm4Dr Julia McNamara
IRS990/Form990PartVIISectionAGrp/PersonNm5Bernard Reidy
IRS990/Form990PartVIISectionAGrp/PersonNm6Michael Shea until 113022
IRS990/Form990PartVIISectionAGrp/PersonNm7David Cappiello
IRS990/Form990PartVIISectionAGrp/PersonNm8Joseph Purcell
IRS990/Form990PartVIISectionAGrp/PersonNm9George Coleman
IRS990/Form990PartVIISectionAGrp/PersonNm10Andrea Maldon
IRS990/Form990PartVIISectionAGrp/PersonNm11Sister Mary Grace Walsh
IRS990/Form990PartVIISectionAGrp/PersonNm12Leslie Lopez
IRS990/Form990PartVIISectionAGrp/PersonNm13Michele Mitola
IRS990/Form990PartVIISectionAGrp/PersonNm14Tim Fitzpatrick
IRS990/Form990PartVIISectionAGrp/PersonNm15Jennifer St Victor - de Pinho
IRS990/Form990PartVIISectionAGrp/PersonNm16Tom McDevitt
IRS990/Form990PartVIISectionAGrp/PersonNm17GEOFFREY Raker
IRS990/Form990PartVIISectionAGrp/PersonNm18Barbara Ripp
IRS990/Form990PartVIISectionAGrp/PersonNm19Henry Rondon
IRS990/Form990PartVIISectionAGrp/PersonNm20Lisa Ferraro Martino
IRS990/Form990PartVIISectionAGrp/PersonNm21PAULA SUMMA
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt20Trustee
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IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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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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IRS990/OtherExpensesGrp/Desc1OTHER EVENTS
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$40,425,890
Liabilities
$3,606,424
Net assets
$36,819,466
Revenue
$7,032,652
Expenses
$6,118,695
Net income
$913,957
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