Civic Intelligence

Friends of Haac Inc.

EIN 85-3582196 • 501(c)3 • Alexandria, VA

Pub. 78 Eligible990-N Coverage

Profile

The purpose of the organization is to raise funds, distribute funds and provide support for scholarship programs in north america, including the horatio alger association of canada (haac).

99 Canal Center Plz 320Alexandria, VA 22314

n/A

Siviq Scores

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

Liabilities / Assets

95th percentile

1.17x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

80th percentile

0.25x

Higher debt load relative to revenue than 80% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Net Margin

12th percentile

-28%

Higher net margin than 12% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

100th percentile

$2,264,177

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 269.8% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2024

Asset Growth

15th percentile

-18%

Faster asset growth than 15% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

97th percentile

299%

Faster revenue growth than 97% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$181,107

Down $40,538 (-18%) from 2023

Liabilities

Up

$212,056

Up $198,635 (+1480%) from 2023

Net Assets

Down

-$30,949

Down $239,173 (-115%) from 2023

Operations
Liabilities / Revenue80th percentileNet Margin12th percentile

Revenue

Up

$839,272

Up $628,697 (+299%) from 2023

Expenses

Up

$1,078,445

Up $1,073,448 (+21482%) from 2023

Net Income

Down

-$239,173

Down $444,751 (-216%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth15th percentile

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

$300K$200K$100K$0-$100KAssets 2021: $119,425Liabilities 2021: $4,627Net Assets 2021: $114,7982021Assets 2022: $11,707Liabilities 2022: $4,124Net Assets 2022: $7,5832022Assets 2023: $221,645Liabilities 2023: $13,421Net Assets 2023: $208,2242023Assets 2024: $181,107Liabilities 2024: $212,056Net Assets 2024: -$30,9492024

Highlighted filing

2024

Assets$181,107
Liabilities$212,056
Net Assets-$30,949
Open 2024 Filing

Operations Trend

Revenue Growth97th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2021: $120,000Expenses 2021: $5,202Net Income 2021: $114,7982021Revenue 2022: $512,826Expenses 2022: $624,978Net Income 2022: -$112,1522022Revenue 2023: $210,575Expenses 2023: $4,997Net Income 2023: $205,5782023Revenue 2024: $839,272Expenses 2024: $1,078,445Net Income 2024: -$239,1732024

Highlighted filing

2024

Revenue$839,272
Expenses$1,078,445
Net Income-$239,173
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$181,107
Liabilities
$212,056
Net assets
-$30,949
Revenue
$839,272
Expenses
$1,078,445
Net income
-$239,173
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.18$0.21$0.03$0.84$1.08$0.24
2023Detailed filing. Detailed filing data is available for this year.$0.22$0.01$0.21$0.21$0.00$0.21
2022Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.51$0.62$0.11
2021Detailed filing. Detailed filing data is available for this year.$0.12$0.00$0.11$0.12$0.01$0.11
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 6, 2025
Return Version
2024v5.2
Gross Receipts
$839,272
Mission and Program Overview

Mission

The purpose of the organization is to raise funds, distribute funds and provide support for scholarship programs in north america, including the horatio alger association of canada (haac).

To raise and distribute funds and provide support for the horatio alger association of canada.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$221,645$181,107▼ $40,538
Total Assets$221,645$181,107▼ $40,538
Liabilities
Other Liabilities$12,671$209,581▲ $196,910
Accounts Payable and Accrued Expenses$750$2,475▲ $1,725
Total Liabilities$13,421$212,056▲ $198,635
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$208,224$-30,949▼ $239,173
Total Net Assets Fund Balance$208,224$-30,949▼ $239,173
Total Liabilities and Net Assets / Fund Balance$221,645$181,107▼ $40,538
Compensation and Service Providers
Top Officer Pay100th percentile

Board Members and Trustees

NameTitle
Dennis WashingtonPresident
David SokolVice President
Gregory AbelDirector
Terrence J GirouxSecretary-treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$839,272
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$839,272
Change in Net Assets
$-239,173
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,074,810
Other Expenses$3,635
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$746,592--$746,592
Grants to Domestic Orgs$328,218--$328,218
Fees for Services Other-$3,450-$3,450
Fees for Service Investment Mgmnt Fees-$150-$150
Office Expenses-$35-$35
Total Functional Expenses$1,074,810$3,635$0$1,078,445
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Horatio Alger Association of Distinguished Americans IncAlexandria, VA501(c)3Scholarships$328,218

International Summary

Offices
0
Employees
0
Spending
$746,592

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaProgram ServicesTo Provide Scholarship Assistance to Help Promising High School Students Attend College and to Spread the Message Regarding the Opportunities a Free Enterprise System Provides.00$746,592
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$209,581
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
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, Section B, Line 11B

“Following preparation by its external accountants, tax returns are reviewed for accuracy and completeness by the the horatio alger association of distinguished americans cfo and executive director, who are involved in the management of the organization.”

Form 990, Part VI, Section B, Line 12C

“Board members are periodically polled to disclose any conflicts.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Friends of Haac Inc
EIN
85-3582196
Phone
7036849444
Address
99 CANAL CENTER PLZ 320, ALEXANDRIA, VA 22314

Signing Officer

Name
Lesley Albanese
Title
Executive Director
Phone
7036849445
Signed
2025-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lesley Albanese
Formed
2020
Legal Domicile
Va
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Sikich LLC
Address
333 JOHN CARLYLE STREET SUITE 500, ALEXANDRIA, VA 22314
Preparer
Andy Powell
Phone
7038361350
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Horatio, the fund and friends have been recognized as exempt from federal income taxes by the internal revenue service under section 501 (c)(3) of the internal revenue code, and each has been classified as an organization that is not-a-private foundation. None had net unrelated business income tax during the year ended december 31, 2024. Management evaluated the tax positions and concluded that horatio, the fund and friends have taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance.”

Raw XML AppendixShowing 400 of 440 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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IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt0301217
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0499600
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt01380945
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt048437
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt033978
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0TERRENCE J GIROUX
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0SECRETARY-TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt02264177
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FOLLOWING PREPARATION BY ITS EXTERNAL ACCOUNTANTS, TAX RETURNS ARE REVIEWED FOR ACCURACY AND COMPLETENESS BY THE THE HORATIO ALGER ASSOCIATION OF DISTINGUISHED AMERICANS CFO AND EXECUTIVE DIRECTOR, WHO ARE INVOLVED IN THE MANAGEMENT OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE PERIODICALLY POLLED TO DISCLOSE ANY CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ONLY UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0HORATIO ALGER ENDOWMENT FUND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1THE HORATIO ALGER ASSOCIATION OF CANADA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2HORATIO ALGER ASSOCIATION OF DISTINGUISHED AMERICANS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0272480291
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1131669975
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/AddressLine1Txt0C/O FULLER LANDAU -151 BLOOR STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CityNm0TORONTO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CountryCd0CA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/ProvinceOrStateNm0ONTARIO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileForeignCountryCd0CA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0HOLDS AND MANAGES ENDOWMENT FUNDS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1SCHOLARSHIP ASSISTANCE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2CHARITABLE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0509(A)(3), TYPE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1PUBLIC CHARITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt099 CANAL CENTER PLAZA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt199 CANAL CENTER PLAZA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0ALEXANDRIA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1ALEXANDRIA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1VA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd022314
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd122314
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0170150
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt139431
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt2746592
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt3328218
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt3COST
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0HORATIO ALGER ENDOWMENT FUND
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1HORATIO ALGER ASSOCIATION OF DISTINGUISHED AMERICANS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2THE HORATIO ALGER ASSOCIATION OF CANADA
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt3HORATIO ALGER ASSOCIATION OF DISTINGUISHED AMERICANS INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0E
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1E
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2B
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt3B
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0221645
IRS990/TotalAssetsEOYAmt0181107
IRS990/TotalAssetsGrp/BOYAmt0221645
IRS990/TotalAssetsGrp/EOYAmt0181107
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt0839272
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt03635
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01074810
IRS990/TotalFunctionalExpensesGrp/TotalAmt01078445
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013421
IRS990/TotalLiabilitiesEOYAmt0212056
IRS990/TotalLiabilitiesGrp/BOYAmt013421
IRS990/TotalLiabilitiesGrp/EOYAmt0212056
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0208224
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-30949
IRS990/TotalOtherCompensationAmt01429382
IRS990/TotalProgramServiceExpensesAmt01074810
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0839272
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0221645
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0181107
IRS990/TotReportableCompRltdOrgAmt0834795
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00

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