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Albert E Farone & Angela T Farone FY2021 filing

Tax-deductible

Washington, DC501(c)(3)EducationEIN 16-0911612Revenue $1.4M in FY2021

On file with the IRSCardinal Station 620 Michigan Ave, 20064-0001 · Washington, DCTax-exempt since Jun 1966Supporting organization — 509(a)(3)

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The primary purpose of the foundation is to provide funds to support the charitable, scientific, educational, literary and/or religious purposes of the catholic university of america and to award scholarships to students from the albany diocese of the roman catholic church who are attending the catholic university of america.

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.3M a year · 57% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
22 mo
of spending, in cash
Looks good: 22.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
1
of 5 voting members
Worth a look: 1 of 5 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4M
-73% vs prior year
Spent
$528K
To programs
82%
Net assets
$40.5M
By yearFY2020–FY2025
Revenue
$1.4M
FY2021▼ -73%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.0M
FY2021$1.4M
FY2022$1.9M
FY2023$1.9M
FY2024$1.9M
FY2025$1.8M
Expenses
$528K
FY2021▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$509K
FY2021$528K
FY2022$846K
FY2023$805K
FY2024$1.6M
FY2025$1.7M
Net assets
$40.5M
FY2021▲ +26%
Tap a bar for its year
Net assets by fiscal year
FY2020$32.2M
FY2021$40.5M
FY2022$37.7M
FY2023$39.7M
FY2024$39.7M
FY2025$40.9M

From the FY2021 Form 990 (year ending April 2021) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1966.

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

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $431K Management & general 18% · $97K

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

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
John H Garvey
Ex-Officio Director/President
$0Pt VII · Sec A
$0Pt VII · Sec A
Robert M Specter
Ex-Officio Director/Treasurer
$0Pt VII · Sec A
Christopher P Lydon
Ex-Officio Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Fr David Lefort
Elected Director
$0Pt VII · Sec A
See Albert E Farone & Angela T Farone 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds Catholic University's charitable work and awards scholarships to Albany Diocese students.

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Provided by the organization

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1 program · $431K · in their own filed words · FY2020
01

Scholarship Programs

To support scholarships for students attending the catholic university of america. During fiscal year 2021, 23 scholarships were awarded.

$431Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 6 grants · $5.3M · 2019–2024
Unitemized GrantFY2024$1,588,791
Unitemized GrantFY2023$1,475,300
Unitemized GrantFY2022$712,800
Unitemized GrantFY2021$705,065
Unitemized GrantFY2020$431,015
Unitemized GrantFY2019$393,800

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.4M
Ln 12
Investment incomeLn 3$1.4M
Money outPt IX
$528K
Ln 25
Programscol B$431K
Managementcol C$97K
Owns and owesPt X
$40.5M
net assets · Ln 32
Cash and savingsLn 1–2$974K
Total assetsLn 16$40.5M
LiabilitiesLn 26$0
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$1.4M
Gains on assetsLn 7$780K
Total revenueLn 12$1.4M
Assets in detailPt X, end of year
CashLn 1$974K
Cash and savings togetherLn 1–2$974K
InvestmentsLn 11–13$38.4M
Total assetsLn 16$40.5M
LiabilitiesLn 26$0
Net assetsLn 32$40.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 61
Fiscal year endsHeaderApril
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$577K$974K
InvestmentsLn 11–13$30.7M$38.4M
Total assetsLn 16$32.2M$40.5M
LiabilitiesLn 26$2K$0
Net assetsLn 32$32.2M$40.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$431K$431K
Accounting feesLn 11c$420$420
Investment management feesLn 11f$19K$19K
Other expenses (24a–d)Ln 24$77K$0$77K$0
Total functional expensesLn 25$528K$431K$97K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.8M$1.7M$124K$40.9M 990 PDF
FY2024 $1.9M$1.6M$316K$39.7M 990 PDF
FY2023 $1.9M$805K$1.1M$39.7M 990 PDF
FY2022 $1.9M$846K$1.0M$37.7M 990 PDF
FY2021 Viewing $1.4M$528K$833K$40.5M 990 PDF
FY2020 $5.0M$509K$4.5M$32.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $1,361,588 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $5,021,578$1,361,588
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $5,021,578$1,361,588
I-13 Grants and similar amounts paidPrior year $393,800$431,015
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 $115,634$97,115
I-18 Total expensesPrior year $509,434$528,130
I-19 Revenue less expensesPrior year $4,512,144$833,458
Part VI · Governance 1 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members1
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,361,588 across 5 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $581,633$581,633
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $779,955$779,955
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $1,361,588$1,361,588
Part IX · Statement of functional expenses $528,130 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $431,015$431,015
IX-11c Accounting feesManagement $420$420
IX-11f Investment management feesManagement $19,460$19,460
IX-24 Other expenses (24a–d)Programs $0 · Management $77,235 · Fundraising $0$77,235
IX-25 Total functional expensesPrograms $431,015 · Management $97,115 · Fundraising $0$528,130
Part X · Balance sheet $40,485,942 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $577,282$973,950
X-4 Accounts receivableStart of year $855,466$1,115,513
X-11 Publicly traded securitiesStart of year $15,763,186$19,552,008
X-12 Other securitiesStart of year $14,966,931$18,844,471
X-16 Total assetsStart of year $32,162,865$40,485,942
X-17 Accounts payable and accrued expensesStart of year $1,875$0
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $1,875$0
X-27 Net assets without donor restrictionsStart of year $32,160,990$40,485,942
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $32,160,990$40,485,942
X-33 Total liabilities and net assetsStart of year $32,162,865$40,485,942
Part XI · Reconciliation of net assets $40,485,942 net assets at year end
XI-1 Total revenue$1,361,588
XI-2 Total expenses$528,130
XI-3 Revenue less expenses$833,458
XI-4 Net assets at start of year$32,160,990
XI-5 Net unrealized gains (losses) on investments$7,491,494
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$40,485,942

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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