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Nonprofiteer
← FOUNDATION FOR ACCOUNTING EDUCATION INC

Form 990 for tax year 2022

Filed by FOUNDATION FOR ACCOUNTING EDUCATION INC.

Totals

Total revenue
$2,700,881
Total expenses
$2,697,135
Contributions and grants received
$1,361,206
Grants paid
$0
Program service revenue
$1,336,743
Investment income
$2,932
Other revenue
$0
Total assets, end of year
$601,041
Total liabilities, end of year
$1,727,296
Net assets or fund balances, end of year
-$1,126,255
Program services expenses (Part IX)
$1,922,557
Management and general expenses
$774,578
Fundraising expenses
$0
Program service expenses (Part III)
$1,922,557

Program services were 71.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $1,361,206

  • 2a · Program service revenue: REGISTRATION FEES

    total $1,336,743 · related or exempt $1,336,743

  • 3 · Investment income

    total $2,363 · excluded $2,363

  • 7a · Gross sales of assets other than inventory

    securities $4,174

  • 7b · Less cost or other basis and sales expenses

    securities $3,605

  • 7c · Gain or loss

    securities $569

  • 7d · Net gain or loss

    total $569 · excluded $569

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $237,166 · program services $171,777 · management and general $65,389

  • 7 · Other salaries and wages

    total $914,505 · program services $662,364 · management and general $252,141

  • 8 · Pension plan contributions

    total $53,434 · program services $38,700 · management and general $14,734

  • 9 · Other employee benefits

    total $114,296 · program services $83,119 · management and general $31,177

  • 10 · Payroll taxes

    total $88,074 · program services $63,791 · management and general $24,283

  • 11b · Fees: legal

    total $14,058 · management and general $14,058

  • 11c · Fees: accounting

    total $12,341 · management and general $12,341

  • 11f · Fees: investment management

    total $853 · management and general $853

  • 11g · Fees: other

    total $252,693 · program services $157,029 · management and general $95,664

  • 13 · Office expenses

    total $8,064 · program services $5,841 · management and general $2,223

  • 14 · Information technology

    total $116,557 · program services $84,421 · management and general $32,136

  • 16 · Occupancy

    total $200,536 · program services $145,245 · management and general $55,291

  • 17 · Travel

    total $22,910 · program services $16,594 · management and general $6,316

  • 19 · Conferences, conventions and meetings

    total $590,598 · program services $427,770 · management and general $162,828

  • 23 · Insurance

    total $17,646 · program services $12,781 · management and general $4,865

  • 24a · Other expenses: CREDIT CARD FEES

    total $52,393 · program services $52,393

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $1,011 · program services $732 · management and general $279

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $652,984 · end of year $478,209

  • 4 · Accounts receivable

    beginning of year $4,089 · end of year $9,038

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,583 · end of year $16,500

  • 11 · Investments: publicly traded securities

    beginning of year $98,962 · end of year $97,294

  • 17 · Accounts payable and accrued expenses

    beginning of year $147,621 · end of year $140,473

  • 19 · Deferred revenue

    beginning of year $41,276 · end of year $106,555

  • 25 · Other liabilities

    beginning of year $1,724,976 · end of year $1,480,268

  • 27 · Net assets without donor restrictions

    beginning of year -$1,207,861 · end of year -$1,207,862

  • 28 · Net assets with donor restrictions

    beginning of year $81,606 · end of year $81,607

Mission and programs · 2022

Mission

FOUNDATION FOR ACCOUNTING EDUCATION (FAE) OFFERS EDUCATIONAL SERVICES TO NYSSCPA MEMBERS, SPONSORS NYSSCPA EVENTS QUALIFYING FOR CPE, AND OFFERS A DISCOUNT OFF NORMAL FAE PRICING TO NYSSCPA MEMBERS, AND PROGRAMS. FAE TRUSTEES HAVE ENTERED INTO AN OPERATING AGREEMENT WITH THE NYSSCPA (THE SOCIETY) BOARD OF TRUSTEES THAT COVERS THE FOLLOWING: THE SOCIETY MAKES AVAILABLE BUSINESS SERVICES AND STAFFING, CLASSROOM, REGISTRATION, AND OFFICE SPACE, EQUIPMENT FURNITURE, SUPPLIES, INSURANCE, AND OTHER SERVICES, ALL OF WHICH FAE REIMBURSES THE SOCIETY. THERE ARE PROVISIONS FOR A DISCRETIONARY ANNUAL GRANT FROM THE SOCIETY TO FAE. PROVISION IS MADE FOR THE USE OF INTELLECTUAL PROPERTY, CONFIDENTIALITY, INDEMNIFICATION, AND A NUMBER OF OTHER MISCELLANEOUS PROVISIONS.

Activities or mission (Part I)

TO ENGAGE IN EDUCATION AND RESEARCH IN THE FIELD OF ACCOUNTANCY, TO DEVELOP AND IMPROVE EDUCATION IN THE FIELD OF ACCOUNTANCY AND OTHER PROFESSIONAL AREAS, AND TO EXPAND KNOWLEDGE IN THE ACCOUNTING SCIENCE, INCLUDING, WITHOUT LIMITATION, RETAINING AND EMPLOYING TEACHERS AND STAFF FOR THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS AND RESEARCH PROJECTS, DEVELOPING JOINT PROGRAMS WITH OTHER INSTITUTIONS AND DISCIPLINES, ESTABLISHING BENEFICIAL RELATIONS WITH EDUCATORS AND EDUCATIONAL INSTITUTIONS, ORGANIZING ACCOUNTANTS' STUDY GROUPS AROUND SPECIFIC TOPICS IN ACCOUNTANCY, ENCOURAGING AND PUBLISHING BOOKS AND PAMPHLETS ON ACCOUNTANCY, AND OBTAINING GRANTS AND FUNDING FOR EDUCATIONAL AND RESEARCH PROJECTS.

  • FOUNDATION FOR ACCOUNTING EDUCATION (FAE) PROVIDES CONTINUING PROFESSIONAL EDUCATION (CPE) REQUIRED TO MAINTAIN A CPA LICENSE IN NEW YORK STATE. FAE IS QUALIFIED TO PROVIDE CPE BY THE NEW YORK STATE DEPARTMENT OF EDUCATION. UNDER NEW YORK'S ACCOUNTING REFORM LAW, CPAS WHOSE PRINCIPAL PLACE OF BUSINESS IS NEW YORK ARE REQUIRED TO COMPLETE 40 HOURS OF CPE EVERY CALENDAR YEAR IN GENERAL STUDIES, INCLUDING ACCOUNTING, AUDITING, TAXATION, ADVISORY SERVICES, AND OTHER AREAS, OR 24 HOURS IN A SPECIALIZED SUBJECT. TO HELP MEET THIS REQUIREMENT FAE OFFERS MORE THAN 374 COURSES ANNUALLY INCLUDING CONFERENCES, SEMINARS, TECHNICAL SESSIONS, ON-SITE CPE AND ONLINE WEBINARS. COURSES KEEP PARTICIPANTS UPDATED ON CONSTANTLY CHANGING REGULATIONS, TECHNICAL AND ETHICAL ISSUES AND BEST PRACTICES IN ACCOUNTING AND AUDITING.

    Expenses $1,922,557 · Revenue $1,336,743

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Barbara Marino

    PRESIDENT-ELECT

    Total calculated
    $0
    Hours/week
    3 + 4 related

  • Calvin Harris

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $230,644
    From this org
    $31,020
    From related orgs
    $175,781
    Other
    $23,843
    Hours/week
    5.6 + 31.9 related

    Schedule J breakdown matched by us

    Base
    $30,949 + $175,376 related
    Bonus
    $0
    Other
    $71 + $405 related
    Deferred
    $2,097 + $11,881 related
    Nontaxable benefits
    $1,480 + $8,385 related
    Filer's total
    $34,597 + $196,047 related

  • Denise Stefano

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kenneeth Gralak

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Kevin Matz

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Magdalena Czerniawski

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Patricia Johnson

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Timothy J Hammond

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • Joanne S Barry

    OUTGOING CHIEF EXECUTIVE OFFICER

    Total calculated
    $362,935
    From this org
    $49,139
    From related orgs
    $278,457
    Other
    $35,339
    Hours/week
    5.6 + 31.9 related

    Schedule J breakdown matched by us

    Base
    $31,617 + $179,164 related
    Bonus
    $0
    Other
    $17,522 + $99,293 related
    Deferred
    $2,910 + $16,490 related
    Nontaxable benefits
    $2,391 + $13,548 related
    Filer's total
    $54,440 + $308,495 related

  • Patrick Payano

    CHIEF FINANCIAL OFFICER

    Total calculated
    $240,103
    From this org
    $73,978
    From related orgs
    $127,323
    Other
    $38,802
    Hours/week
    13.8 + 23.7 related

    Schedule J breakdown matched by us

    Base
    $73,826 + $127,061 related
    Bonus
    $0
    Other
    $152 + $262 related
    Deferred
    $5,059 + $8,708 related
    Nontaxable benefits
    $9,200 + $15,835 related
    Filer's total
    $88,237 + $151,866 related

  • Revira Brennan

    CHIEF OPERATING OFFICER

    Total calculated
    $233,507
    From this org
    $42,843
    From related orgs
    $166,147
    Other
    $24,517
    Hours/week
    7.7 + 29.8 related

    Schedule J breakdown matched by us

    Base
    $42,648 + $165,390 related
    Bonus
    $0
    Other
    $195 + $757 related
    Deferred
    $1,936 + $7,508 related
    Nontaxable benefits
    $3,090 + $11,983 related
    Filer's total
    $47,869 + $185,638 related

  • Ernest Markezin

    DIRECTOR OF QUALITY ENHANCEMENT

    Total calculated
    $283,605
    From this org
    $13,820
    From related orgs
    $226,536
    Other
    $43,249
    Hours/week
    2.2 + 35.3 related

    Schedule J breakdown matched by us

    Base
    $13,590 + $222,758 related
    Bonus
    $0
    Other
    $230 + $3,778 related
    Deferred
    $1,044 + $17,115 related
    Nontaxable benefits
    $1,443 + $23,647 related
    Filer's total
    $16,307 + $267,298 related

  • Antoine Julian Fletcher

    DIRECTOR-HUMAN RESOURCES

    Total calculated
    $155,872
    From this org
    $25,704
    From related orgs
    $102,815
    Other
    $27,353
    Hours/week
    7.5 + 30 related

    Schedule J breakdown matched by us

    Base
    $25,634 + $102,537 related
    Bonus
    $0
    Other
    $70 + $278 related
    Deferred
    $2,108 + $8,432 related
    Nontaxable benefits
    $3,363 + $13,450 related
    Filer's total
    $31,175 + $124,697 related

  • Emily Frizzell

    CHIEF MARKETING AND COMMUNICATIONS DIRECTOR

    Total calculated
    $161,853
    From this org
    $39,244
    From related orgs
    $96,081
    Other
    $26,528
    Hours/week
    10.9 + 26.6 related

    Schedule J breakdown matched by us

    Base
    $39,086 + $95,694 related
    Bonus
    $0
    Other
    $158 + $387 related
    Deferred
    $3,212 + $7,865 related
    Nontaxable benefits
    $4,481 + $10,970 related
    Filer's total
    $46,937 + $114,916 related

  • Timothy Twofoot Boulette

    GENERAL COUNSEL

    Total calculated
    $187,590
    From this org
    $51,254
    From related orgs
    $119,591
    Other
    $16,745
    Hours/week
    11.3 + 26.2 related

    Schedule J breakdown matched by us

    Base
    $50,990 + $118,976 related
    Bonus
    $0
    Other
    $264 + $615 related
    Deferred
    $4,148 + $9,680 related
    Nontaxable benefits
    $875 + $2,042 related
    Filer's total
    $56,277 + $131,313 related

  • Xiomara Fox

    MANAGER-MEMBER SERVICES

    Total calculated
    $171,791
    From this org
    $10,296
    From related orgs
    $110,833
    Other
    $50,662
    Hours/week
    3.2 + 34.3 related

    Schedule J breakdown matched by us

    Base
    $10,230 + $110,121 related
    Bonus
    $0
    Other
    $66 + $712 related
    Deferred
    $437 + $4,708 related
    Nontaxable benefits
    $3,869 + $41,648 related
    Filer's total
    $14,602 + $157,189 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
JOANNE BARRY, OUTGOING CHIEF EXECUTIVE OFFICER, RECEIVED $115,000 SEVERANCE PAYMENT IN 2022.
PART I, LINE 3:
THE CEO'S COMPENSATION IS ESTABLISHED BY A RELATED ORGANIZATION, THE NEW YORK STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS (NYSSCPA). THE METHODS USED BY NYSSCPA TO DETERMINE COMPENSATION ARE: WRITTEN EMPLOYMENT CONTRACT; AND APPROVAL BY BOARD.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
2 April 2024
IRS schema version
2022v5.0
Source object
202420949349301317

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