Spoleto Study Abroad EIN 31-1539757 Form 990 (PDF) Claim this org

Spoleto Study Abroad FY2021 filing

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Offers summer study programs in Italy for students and educators, exploring arts and humanities. For fiscal year 2021 it reported $-19K in revenue, $96K in expenses, and $785K in net assets.Pt I

Founded
1997
Type
Public charity (501(c)(3)) · International
Location
Durham, NC
Website
www.spoletostudyabroad.com
Filings
5 on file (2020–2021)
Revenue
$-19KFY2021
Expenses
$96K
Net assets
$785K
People
16
Filings
5
Updates
0
More identity details & actions ⌄
EIN  31-1539757 Public charity (501(c)(3)) Durham, NC Founded 1997
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Offers summer study programs in Italy for students and educators, exploring arts and humanities.
Leadership
Lorenzo Muti · President
Money in and out
$-19K revenue, $96K expenses
Bottom line
4% program efficiency
Where the money goes · FY2021
Total revenue
$-19K
Pt VIII · Ln 12
Total expenses
$96K
Pt IX · Ln 25
Net assets
$785K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$115K
Where spending went · Part IX cols B–D
Program services $0.04 Management & general $0.96
Program efficiency
4%
of spending reaches programs
Operating runway
93.2mo
months of highly liquid reserves at operating expense rate

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$-19K
FY2021▼ -115%
Expenses
$96K
FY2021▼ -48%
Total assets
$1.9M
FY2021▼ -4%
Total liabilities
$1.1M
FY2021▲ +1%
Total revenue
$-19K
Pt VIII · Ln 12
Total expenses
$96K
Pt IX · Ln 25
Net assets
$785K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$115K
Total assetsPt X · Ln 16$1.9M
Program-expense ratioPt IX · col B4%
Voting members of governing bodyPt I · Ln 316
Independent voting membersPt I · Ln 414
Mission & Programs · Part III

Where the work happens

1 program service account for $3K of program spending, described in the organization's own filed words · FY2020.
01

Study abroad program for secondary students in arts and humanities. Provided advanced study and performance opportunities for vocal and instrumental music, visual art, creative writing, photography and screenwriting.

$3Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CSpoleto Study Abroad
EINHdr · item D31-1539757
Principal addressHdr · item CDurham, NC
WebsiteHdr · item Jwww.spoletostudyabroad.com
Year of formationHdr · item L1997
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFInternational (Q220)
Ruling yearIRS BMFMar 1998

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a16
Independent voting membersPt VI · Ln 1b14
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Board President
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
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Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.04 Management & general $0.96
Program services4%$3K
Management & general96%$93K
Total functional expensesLn 25$96K

Balance Sheet

Part X · end of year
CashLn 1$615K
Total assetsLn 16$1.9M
Total liabilitiesLn 26$1.1M
Total net assetsLn 32$785K
Months of cash on handcomputed76.8

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $709K · Operating expenses (Pt IX) $96K · Less non-cash grants $5K · Cash operating expenses/yr $91K
93.2 months
Where the money goes
Program services
Program services $3K · Total expenses $96K
4%
Management & General
Management & general $93K · Total expenses $96K
96%
Fundraising
Fundraising $0 · Total expenses $96K
0%
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $32K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $35K · Total revenue $-19K
Government reliance
Government grants — · Total revenue $-19K
Earned-income share
Program service revenue $475 · Total revenue $-19K
Investment reliance
Investment income $1K · Total revenue $-19K
Program self-sufficiency
Program service revenue $475 · Total expenses $96K
0.5%
Growth & trend
Revenue growth (YoY)
This year $-19K · Prior year $124K
-115%
Net-asset trend (YoY)
End of year $785K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $-19K · Expenses $96K
Liabilities-to-Assets
Total liabilities — · Total assets $1.9M
Net-asset ratio
Net assets $785K · Total assets $1.9M
42%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $94K · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.9M
5%
People & payroll
Highest Reported Total Compensation
Individual Lorenzo Muti · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $96K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $96K
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 4%
Overhead ratio 96%
Fundraising cost ratio 0%
Revenue growth -115%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$1.0M revenue · ⤓ 990 PDF
FY2023$470K revenue · ⤓ 990 PDF
FY2022$203K revenue · ⤓ 990 PDF
FY2021$-19K revenue · viewing · ⤓ 990 PDF
FY2020$124K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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