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Nonprofiteer
← CARDINAL AND GOLD FUND INC

Form 990 for tax year 2022

Filed by CARDINAL AND GOLD FUND INC.

Totals

Total revenue
$3,210,136
Total expenses
$3,381,175
Contributions and grants received
$3,016,410
Grants paid
$2,619,011
Program service revenue
$0
Investment income
$211,455
Other revenue
-$17,729
Total assets, end of year
$9,013,434
Total liabilities, end of year
$190,726
Net assets or fund balances, end of year
$8,822,708
Program services expenses (Part IX)
$2,636,434
Management and general expenses
$209,073
Fundraising expenses
$535,668
Program service expenses (Part III)
$2,636,434

Program services were 78.0% 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.

  • 1c · Fundraising events

    $56,387

  • 1f · All other contributions, gifts and grants

    $2,960,023

  • 1g · Noncash contributions included above

    $124,588

  • 3 · Investment income

    total $103,777 · excluded $103,777

  • 7a · Gross sales of assets other than inventory

    securities $6,305,252

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

    securities $6,197,574

  • 7c · Gain or loss

    securities $107,678

  • 7d · Net gain or loss

    total $107,678 · excluded $107,678

  • 8a · Fundraising events: gross income

    $46,660

  • 8a · Fundraising events: contributions included on line 1c

    $56,387

  • 8b · Fundraising events: direct expenses

    $65,665

  • 8c · Net income from fundraising events

    total -$19,005 · excluded -$19,005

  • 9a · Gaming: gross income

    $1,440

  • 9b · Gaming: direct expenses

    $164

  • 9c · Net income from gaming

    total $1,276 · excluded $1,276

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,615,260 · program services $2,615,260

  • 2 · Grants to domestic individuals

    total $3,751 · program services $3,751

  • 11b · Fees: legal

    total $14,194 · management and general $14,194

  • 11c · Fees: accounting

    total $16,201 · management and general $16,201

  • 11f · Fees: investment management

    total $39,514 · management and general $39,514

  • 11g · Fees: other

    total $4,865 · management and general $1,119 · fundraising $3,746

  • 13 · Office expenses

    total $88,234 · management and general $10,659 · fundraising $77,575

  • 14 · Information technology

    total $45,708 · management and general $10,513 · fundraising $35,195

  • 17 · Travel

    total $10,569 · fundraising $10,569

  • 23 · Insurance

    total $6,848 · management and general $1,575 · fundraising $5,273

  • 24a · Other expenses: ALLOCATED COMPENSATION

    total $500,876 · management and general $113,937 · fundraising $386,939

  • 24b · Other expenses: OTHER EVENT EXPENSES

    total $33,909 · program services $17,423 · management and general $115 · fundraising $16,371

  • 24c · Other expenses: MISCELLANEOUS

    total $1,246 · management and general $1,246

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,135,498 · end of year $772,841

  • 3 · Pledges and grants receivable

    beginning of year $598,223 · end of year $189,802

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,392 · end of year $48,752

  • 11 · Investments: publicly traded securities

    beginning of year $4,929,755 · end of year $5,606,603

  • 12 · Investments: other securities

    beginning of year $2,185,702 · end of year $2,395,436

  • 17 · Accounts payable and accrued expenses

    beginning of year $55,972 · end of year $18,322

  • 25 · Other liabilities

    beginning of year $405,907 · end of year $172,404

  • 27 · Net assets without donor restrictions

    beginning of year $2,017,432 · end of year $1,669,928

  • 28 · Net assets with donor restrictions

    beginning of year $6,414,259 · end of year $7,152,780

Mission and programs · 2022

Mission

THE FUND PROVIDES FOR THE EDUCATION OF UNDERPRIVILEGED NYC YOUTH AT CARDINAL HAYES HIGH SCHOOL THROUGH SCHOLARSHIPS, FINANCIAL ASSISTANCE AND SUPPORT OF SCHOOL ACTIVITIES.

Activities or mission (Part I)

TO PROVIDE FOR THE EDUCATION OF UNDERPRIVILEGED NYC YOUTH AT CARDINAL HAYES HIGH SCHOOL.

  • THE FUND PROVIDES SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS OF CARDINAL HAYES HIGH SCHOOL. CARDINAL HAYES HIGH SCHOOL PROVIDES A TRANSFORMATIVE ACADEMIC PROGRAM FOR YOUNG MEN, PREDOMINATELY IMMIGRANTS AND MEN OF COLOR, IN THE SOUTH BRONX, ONE OF THE HIGHEST NEED AND LOWEST RESOURCE COMMUNITIES IN NEW YORK CITY. MORE THAN 99% OF STUDENTS GRADUATE AND MORE THAN 98% OF THEM GO ON TO HIGHER EDUCATION.

    Expenses $2,636,434 · Grants $2,619,011

As filed on the 2022 return.

Listed in Part VII

  • John Duffy

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Kevin O'Hanlon

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Kevin Johnson

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Carlos Marenco

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Dennis Conroy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Edward Sanchez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Hector Jimenez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • James Hynes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • John Fontana

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Kevin Meenan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Michael E Carey

    DIRECTOR

    Total calculated
    $250,081
    From this org
    $0
    From related orgs
    $201,824
    Other
    $48,257
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,959 related
    Bonus
    $0
    Other
    $0 + $865 related
    Deferred
    $0 + $13,400 related
    Nontaxable benefits
    $0 + $34,857 related
    Filer's total
    $0 + $250,081 related

  • William Lessa

    DIRECTOR

    Total calculated
    $205,990
    From this org
    $0
    From related orgs
    $169,315
    Other
    $36,675
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $165,850 related
    Bonus
    $0
    Other
    $0 + $3,465 related
    Deferred
    $0 + $13,400 related
    Nontaxable benefits
    $0 + $23,275 related
    Filer's total
    $0 + $205,990 related

  • Nancy Rhodes

    VICE PRESIDENT DEVELOPMENT

    Total calculated
    $186,590
    From this org
    $0
    From related orgs
    $151,438
    Other
    $35,152
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $150,721 related
    Bonus
    $0
    Other
    $0 + $717 related
    Deferred
    $0 + $13,400 related
    Nontaxable benefits
    $0 + $21,752 related
    Filer's total
    $0 + $186,590 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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 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 3
THE COMPENSATION WAS PAID BY THE RELATED ORGANIZATION, THE CARDINAL HAYES HIGH SCHOOL (CHHS). THE COMPENSATION OF CHHS PRESIDENT DR. MICHAEL E. CAREY WAS DETERMINED BY THE BOARD. THE SCHOOL UTILIZED COMPARABILITY DATA FROM OTHER BRONX HIGH SCHOOLS. COMPENSATION WAS APPROVED BY CHHS BOARD. THE BOARD APPROVALS ARE KEPT IN THE SCHOOL'S FILE.

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

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 July 2024
IRS schema version
2022v5.0
Source object
202441849349301654

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