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Nonprofiteer
← ALBERT E FARONE & ANGELA T FARONE

Form 990 for tax year 2023

Filed by ALBERT E FARONE & ANGELA T FARONE.

Totals

Total revenue
$1,883,987
Total expenses
$1,568,344
Contributions and grants received
$0
Grants paid
$1,475,300
Program service revenue
$0
Investment income
$1,883,987
Other revenue
$0
Total assets, end of year
$39,705,307
Total liabilities, end of year
$2,250
Net assets or fund balances, end of year
$39,703,057
Program services expenses (Part IX)
$1,475,300
Management and general expenses
$93,044
Fundraising expenses
$0
Program service expenses (Part III)
$1,475,300

Program services were 94.1% 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.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $515,545 · excluded $515,545

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $15,144,128

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

    securities $13,775,686

  • 7c · Gain or loss

    securities $1,368,442 · other assets $0

  • 7d · Net gain or loss

    total $1,368,442 · excluded $1,368,442

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,475,300 · program services $1,475,300

  • 11c · Fees: accounting

    total $1,755 · management and general $1,755

  • 11f · Fees: investment management

    total $1,126 · management and general $1,126

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: ENDOWMENT ADMINISTRATION FEE

    total $89,413 · management and general $89,413

  • 24b · Other expenses: STATE REGISTRATION FEE

    total $750 · management and general $750

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $904 · end of year $154

  • 4 · Accounts receivable

    beginning of year $1,159,935 · end of year $1,294,186

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $38,575,105 · end of year $38,410,967

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $375 · end of year $2,250

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $39,735,569 · end of year $39,703,057

Mission and programs · 2023

Mission

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.

  • SCHOLARSHIP PROGRAMS: TO SUPPORT SCHOLARSHIPS FOR STUDENTS ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. DURING FISCAL YEAR 2024, 112 SCHOLARSHIPS WERE AWARDED.

    Expenses $1,475,300 · Grants $1,475,300

As filed on the 2023 return.

Listed in Part VII

  • Peter Kilpatrick

    EX-OFFICIO DIRECTOR/PRESIDENT

    Total calculated
    $684,812
    From this org
    $0
    From related orgs
    $633,594
    Other
    $51,218
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $606,736 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $6,858 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $18,218 related
    Filer's total
    $0 + $684,812 related

  • Robert M Specter

    EX-OFFICIO DIRECTOR/TREASURER

    Total calculated
    $503,273
    From this org
    $0
    From related orgs
    $453,291
    Other
    $49,982
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $449,933 related
    Bonus
    $0
    Other
    $0 + $3,358 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $16,982 related
    Filer's total
    $0 + $503,273 related

  • David Aaron Dominguez

    EX-OFFICIO DIRECTOR/PROVOST

    Total calculated
    $496,679
    From this org
    $0
    From related orgs
    $440,352
    Other
    $56,327
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $434,954 related
    Bonus
    $0
    Other
    $0 + $5,398 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $23,327 related
    Filer's total
    $0 + $496,679 related

  • Deanne Gipson Madden

    EX-OFFICIO DIRECTOR/VP ENROLLMENT

    Total calculated
    $339,282
    From this org
    $0
    From related orgs
    $306,467
    Other
    $32,815
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $303,294 related
    Bonus
    $0
    Other
    $0 + $3,173 related
    Deferred
    $0 + $30,404 related
    Nontaxable benefits
    $0 + $2,411 related
    Filer's total
    $0 + $339,282 related

  • Fr David Lefort

    ELECTED DIRECTOR (Dec. 8/31/2023)

    Total calculated
    $0
    Hours/week
    1

  • Matthew Dolan

    SECRETARY

    Total calculated
    $332,385
    From this org
    $0
    From related orgs
    $287,676
    Other
    $44,709
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,391 related
    Bonus
    $0
    Other
    $0 + $1,285 related
    Deferred
    $0 + $29,296 related
    Nontaxable benefits
    $0 + $15,413 related
    Filer's total
    $0 + $332,385 related

  • John H Garvey

    EX-OFFICIO/PRESIDENT

    Total calculated
    $476,556
    From this org
    $0
    From related orgs
    $426,792
    Other
    $49,764
    Hours/week
    1 + 41 related

  • John H Garvey

    FORMER EX-OFFICIO DIRECTOR/PRESIDENT

    Total calculated
    $476,556
    From this org
    $0
    From related orgs
    $426,792
    Other
    $49,764
    Hours/week
    1 + 41 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

Itemized on Schedule J with no Part VII listing of the same name on this return:

  • John H Garvey

    EX-OFFICIO/PRESIDENT

    Schedule J breakdown

    Base
    $0 + $369,561 related
    Bonus
    $0 + $53,352 related
    Other
    $0 + $3,879 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $16,764 related
    Filer's total
    $0 + $476,556 related

  • John H Garvey

    FORMER EX-OFFICIO DIRECTOR/PRESIDENT

    Schedule J breakdown

    Base
    $0 + $369,561 related
    Bonus
    $0 + $53,352 related
    Other
    $0 + $3,879 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $16,764 related
    Filer's total
    $0 + $476,556 related

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)

Schedule J, Part I, Line 3
AN AFFILIATED ORGANIZATION USED THE FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION STUDIES, AND BOARD OR COMPENSATION COMMITTEE APPROVAL IN ESTABLISHING COMPENSATION OF THE PRESIDENT.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUST (2)

    Trust · SPLIT INTEREST AGREEMENT · MD

    Directly controlled by NA

  • CHARITABLE REMAINDER TRUST (3)

    Trust · SPLIT INTEREST AGREEMENT · DC

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
21 February 2025
IRS schema version
2023v6.0
Source object
202500529349301730

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