Foundation for Continuing Education INC: FY2023 Nonprofit Profile & Form 990 (EIN 04-2629472)

Revenue by fiscal year
FY2021	$242K
FY2022	−$19K
FY2023	$58K
FY2024	$63K

Expenses by fiscal year
FY2021	$23K
FY2022	$28K
FY2023	$46K
FY2024	$76K

Net assets by fiscal year
FY2021	$789K
FY2022	$742K
FY2023	$754K
FY2024	$741K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1985.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

85 cents of each dollar spent went to programs.

85%

15%

Program services 85% · $39K Management & general 15% · $7K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

2 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Richard Solano CPA

Pres. Treas & Director

$0Pt VII · Sec A

Earle Solano ESQ.

Sec/Clerk & Director

$0Pt VII · Sec A

See Foundation for Continuing Education INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aNo
Loans to or from officersSch L · Pt II1 listed

Programs and updates

Educates business and legal professionals through seminars, workshops, and training on important tax and legal matters.

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Provided by the organization

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1 program · $39K · in their own filed words · FY2022

01

Conducts seminars, workshops, meetings, training events,team building activities & provides the program materials to the Professional Tax, Legal, Accounting and Business community including the Massachusetts Law Libraries.

$39Kprogram expense

By the numbers

The FY2023 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$58K

Ln 12

Fees for servicesLn 2g$51K

Gifts and grantsLn 1h$7K

Money outPt IX

$46K

Ln 25

Programscol B$39K

Managementcol C$7K

Owns and owesPt X

$754K

net assets · Ln 32

Cash and savingsLn 1–2$248K

Total assetsLn 16$1.0M

LiabilitiesLn 26$259K

PeoplePt VI, VII

2

listed · VII A

PaidVII A0

Voting boardVI 1a2

IndependentVI 1b0

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7K

Noncash giftsLn 1g$7K

Fees for servicesLn 2g$51K

Total revenueLn 12$58K

Assets in detailPt X, end of year

CashLn 1$29K

SavingsLn 2$219K

Cash and savings togetherLn 1–2$248K

InvestmentsLn 11–13$163K

Land, buildings, equipmentLn 10c$595K

Other assetsLn 15$7K

Total assetsLn 16$1.0M

LiabilitiesLn 26$259K

Net assetsLn 32$754K

OperationsPt I, VI

EmployeesI 50

VolunteersI 62

Fiscal year endsHeaderOctober

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$244K	$248K
InvestmentsLn 11–13	$163K	$163K
Land, buildings, equipmentLn 10c	$588K	$595K
Total assetsLn 16	$1.0M	$1.0M
LiabilitiesLn 26	$259K	$259K
Net assetsLn 32	$742K	$754K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Management feesLn 11a	$4K	$3K	$600
Accounting feesLn 11c	$830	$705	$125
Advertising and promotionLn 12	$300	$255	$45
Office expensesLn 13	$355	$302	$53
Information technologyLn 14	$1K	$1K	$207
OccupancyLn 16	$24K	$20K	$4K
Depreciation, depletion and amortizationLn 22	$3K	$3K	$476
InsuranceLn 23	$2K	$1K	$264
Other expenses (24a–d)Ln 24	$11K	$9K	$2K
Total functional expensesLn 25	$46K	$39K	$7K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$63K	$76K	−$13K	$741K	990 PDF
FY2023 Viewing	$58K	$46K	$12K	$754K	990 PDF
FY2022	−$19K	$28K	−$47K	$742K	990 PDF
FY2021	$242K	$23K	$219K	$789K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $58,213 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$7,000

I-9 Program service revenuePrior year $31,869$51,213

I-10 Investment incomePrior year −$50,802$0

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year −$18,933$58,213

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $27,735$46,398

I-18 Total expensesPrior year $27,735$46,398

I-19 Revenue less expensesPrior year −$46,668$11,815

Part VI · Governance 0 of 2 board members independent, 4 to look at

VI-1a Voting members of the governing body2

VI-1b Independent voting members0

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyNo

VI-13 Written whistleblower policyNo

VI-15a Process for setting top official's payNo

VI-14 Document retention and destruction policyYes

Part VIII · Statement of revenue $58,213 across 5 lines filed

VIII-1f All other contributions, gifts and grants$7,000

VIII-1g Noncash contributions (included above)$7,000

VIII-1h Total contributions, gifts and grants$7,000

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $51,213$51,213

VIII-12 Total revenueRelated to mission $51,213 · Unrelated business $0 · Excluded from tax $0$58,213

Part IX · Statement of functional expenses $46,398 across 9 lines filed

IX-11a Management feesPrograms $3,400 · Management $600$4,000

IX-11c Accounting feesPrograms $705 · Management $125$830

IX-12 Advertising and promotionPrograms $255 · Management $45$300

IX-13 Office expensesPrograms $302 · Management $53$355

IX-14 Information technologyPrograms $1,175 · Management $207$1,382

IX-16 OccupancyPrograms $20,030 · Management $3,535$23,565

IX-22 Depreciation, depletion and amortizationPrograms $2,698 · Management $476$3,174

IX-23 InsurancePrograms $1,493 · Management $264$1,757

IX-24 Other expenses (24a–d)Programs $9,380 · Management $1,655$11,035

IX-25 Total functional expensesPrograms $39,438 · Management $6,960 · Fundraising $0$46,398

Part X · Balance sheet $1,013,172 assets, 9 lines filed

X-1 Cash, non-interest-bearingStart of year $24,383$28,613

X-2 Savings and temporary cash investmentsStart of year $219,220$219,220

X-10c Land, buildings and equipment, netStart of year $587,675$595,260

X-11 Publicly traded securitiesStart of year $163,126$163,126

X-15 Other assetsStart of year $6,953$6,953

X-16 Total assetsStart of year $1,001,357$1,013,172

X-26 Total liabilitiesStart of year $259,161$259,161

X-32 Total net assets or fund balancesStart of year $742,196$754,011

X-33 Total liabilities and net assetsStart of year $1,001,357$1,013,172

Part XI · Reconciliation of net assets $754,011 net assets at year end

XI-1 Total revenue$58,213

XI-2 Total expenses$46,398

XI-3 Revenue less expenses$11,815

XI-4 Net assets at start of year$742,196

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$754,011

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Foundation for Continuing Education INC FY2023 filing

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