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← FUTURES IN EDUCATION

Form 990 for tax year 2022

Filed by FUTURES IN EDUCATION.

Totals

Total revenue
$9,429,112
Total expenses
$7,408,139
Contributions and grants received
$9,829,406
Grants paid
$5,747,587
Program service revenue
$0
Investment income
$430,945
Other revenue
-$831,239
Total assets, end of year
$12,150,556
Total liabilities, end of year
$1,251,847
Net assets or fund balances, end of year
$10,898,709
Program services expenses (Part IX)
$6,305,715
Management and general expenses
$543,968
Fundraising expenses
$558,456
Program service expenses (Part III)
$6,305,715

Program services were 85.1% 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.

  • 1c · Fundraising events

    $3,457,000

  • 1e · Government grants (contributions)

    $118,767

  • 1f · All other contributions, gifts and grants

    $6,253,639

  • 1g · Noncash contributions included above

    $107,860

  • 3 · Investment income

    total $193,076 · excluded $193,076

  • 7a · Gross sales of assets other than inventory

    securities $4,196,265

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

    securities $3,958,396

  • 7c · Gain or loss

    securities $237,869

  • 7d · Net gain or loss

    total $237,869 · excluded $237,869

  • 8a · Fundraising events: gross income

    $100,000

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

    $3,457,000

  • 8b · Fundraising events: direct expenses

    $995,911

  • 8c · Net income from fundraising events

    total -$895,911 · excluded -$895,911

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $64,672 · excluded $64,672

  • 11e · Other revenue, total

    $64,672

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $118,065 · program services $118,065

  • 2 · Grants to domestic individuals

    total $5,629,522 · program services $5,629,522

  • 11a · Fees: management

    total $1,006,208 · program services $396,958 · management and general $213,358 · fundraising $395,892

  • 11c · Fees: accounting

    total $67,175 · management and general $67,175

  • 11e · Fees: professional fundraising services

    total $2,025 · fundraising $2,025

  • 11f · Fees: investment management

    total $55,569 · management and general $55,569

  • 11g · Fees: other

    total $10,118 · management and general $10,118

  • 12 · Advertising and promotion

    total $56,514 · fundraising $56,514

  • 13 · Office expenses

    total $231,591 · program services $135,138 · management and general $62,708 · fundraising $33,745

  • 14 · Information technology

    total $63,571 · program services $4,425 · management and general $58,095 · fundraising $1,051

  • 16 · Occupancy

    total $42,842 · program services $17,094 · management and general $8,903 · fundraising $16,845

  • 17 · Travel

    total $16,052 · program services $3 · management and general $28 · fundraising $16,021

  • 19 · Conferences, conventions and meetings

    total $34,616 · program services $170 · management and general $1,797 · fundraising $32,649

  • 20 · Interest

    total $16,817 · management and general $16,817

  • 23 · Insurance

    total $37,658 · management and general $37,658

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $19,796 · program services $4,340 · management and general $11,742 · fundraising $3,714

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,816 · end of year $309,260

  • 2 · Savings and temporary cash investments

    beginning of year $1,572,587 · end of year $2,153,238

  • 3 · Pledges and grants receivable

    beginning of year $3,332,896 · end of year $3,053,041

  • 9 · Prepaid expenses and deferred charges

    beginning of year $173,482 · end of year $78,312

  • 11 · Investments: publicly traded securities

    beginning of year $5,572,015 · end of year $5,779,673

  • 12 · Investments: other securities

    beginning of year $725,026 · end of year $766,644

  • 15 · Other assets

    beginning of year $81,528 · end of year $10,388

  • 17 · Accounts payable and accrued expenses

    beginning of year $42,701 · end of year $64,397

  • 19 · Deferred revenue

    beginning of year $267,941 · end of year $2,500

  • 21 · Escrow or custodial account liability

    beginning of year $81,528 · end of year $9,888

  • 25 · Other liabilities

    beginning of year $2,169,497 · end of year $1,175,062

  • 27 · Net assets without donor restrictions

    beginning of year $444,693 · end of year $1,481,145

  • 28 · Net assets with donor restrictions

    beginning of year $8,506,990 · end of year $9,417,564

Mission and programs · 2022

Mission

THE MISSION OF FUTURES IN EDUCATION IS TO ENSURE THAT THE GIFT OF AN EXCELLENT CATHOLIC EDUCATION CONTINUES TO BE A VIABLE OPTION FOR CURRENT AND FUTURE GENERATIONS OF DESERVING STUDENTS IN BROOKLYN AND QUEENS. WE PROVIDE ASSISTANCE TO THE NEEDIEST OF THOSE STUDENTS, REGARDLESS OF THEIR RELIGIOUS DENOMINATION, THROUGH ENDOWMENT FUNDS AND FUNDRAISING PROGRAMS THAT FOCUS ON KEY EDUCATIONAL PRIORITIES.

  • FUTURES IN EDUCATION SCHOLARSHIP PROGRAM MAKES A QUALITY CATHOLIC EDUCATION AVAILABLE TO AS MANY FAMILIES AS POSSIBLE BY OFFERING PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE FOR STUDENTS IN PRE-K TO 8TH GRADE ENROLLED IN CATHOLIC GRAMMAR SCHOOLS IN BROOKLYN AND QUEENS. IN FY'23, THE PROGRAM AWARDED SCHOLARSHIPS TO 1,021 STUDENTS FOR A TOTAL AMOUNT OF $2,257,752.

    Expenses $2,257,752 · Grants $2,257,752

  • TEDDY FORSTMANNIN CONJUNCTION WITH THE CHILDREN'S SCHOLARSHIP FUND (CSF), THE PROGRAM STIMULATES ENROLLMENT OF STUDENTS FROM PUBLIC SCHOOLS INTO CATHOLIC SCHOOLS FOR THOSE FAMILIES WITH FINANCIAL NEED OF TUITION ASSISTANCE IN LINE WITH CSF'S AIM TO MAXIMIZE EDUCATIONAL OPPORTUNITY FOR ALL CHILDREN. IN FY'23, THE PROGRAMS AWARDED SCHOLARSHIPS TO 1,643 STUDENTS FOR A TOTAL AMOUNT OF $1,932,638.

    Expenses $1,932,638 · Grants $1,932,638

  • BE AN ANGEL TO A STUDENT PROGRAM A SPONSORSHIP PROGRAM WHERE A DONOR, AN ANGEL, PAYS A PORTION OF THE STUDENT'S TUITION FOR A FAMILY WITH EXTRAORDINARY NEED TO HELP SEND THEIR CHILDREN TO A CATHOLIC SCHOOL THEY LOVE. THE STUDENT SENDS. CORRESPONDENCE TO THE ANGEL THROUGHOUT THE SCHOOL YEAR, INCLUDING LETTERS, GREETINGS. AND REPORT CARDS. IN FY'23, THE PROGRAM AWARDED SCHOLARSHIPS TO 714 STUDENTS FOR A TOTAL AMOUNT OF $1,439,132.

    Expenses $1,439,132 · Grants $1,439,132

  • OTHER NEEDS-BASED SCHOLARSHIPSFUTURES IN EDUCATION PROVIDES ADDITIONAL SCHOLARSHIPS TO HIGH SCHOOL STUDENTS AND OTHER STUDENTS IN FINANCIAL NEED THAT DO NOT FALL INTO THE CATEGORIES OF THE THREE PROGRAMS LISTED ABOVE.

    Expenses $676,193 · Grants $118,065

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

Listed in Part VII

  • MS VERONICA TSANG

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • MR MARTIN COTTINGHAM VICE

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • MR ROBERT F GARTLAND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • BISHOP ROBERT J BRENNAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR ROBERT B CATELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • REV MSGR DAVID L CASSATO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MRS REGINA DEDICK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR JOHN G DUANE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR THOMAS FLOOD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR CHRISTIAN GARCIA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • REV MSGR JAMIE J

    GIGANTIELLO TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR LOUIS GRASSI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR WILLIAM J HOGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR WILLAIM MAIER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR JOSEPH MATTONE SR ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MRS DONNA MURPHY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MRS ANA OLIVEIRA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR LESTER J OWENS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MRS ROSEANN PARADISO FODERA

    ESQ. TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • HON A GAIL PRUDENTI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR CARMINE RUBINO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR JOSEPH SCIAME

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR CARLO A SCISSURA ESQ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR STEVEN STELLA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MR JOHN NOTARO

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    14

  • MRS AIDA TORRES

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.8

  • MRS NICOLE STEINWEISS

    TREASURER

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

Provenance

Return type
form_990
Tax year
2022
Filed
15 July 2024
IRS schema version
2022v5.0
Source object
202441979349300979

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