Form 990 for tax year 2023

Filed by INDEPENDENT CATHOLIC FOUNDATION.

Totals

Total revenue: $1,745,255
Total expenses: $2,171,245
Contributions and grants received: $533,816
Grants paid: $0
Program service revenue: $367,478
Investment income: $838,613
Other revenue: $5,348
Total assets, end of year: $41,655,145
Total liabilities, end of year: $2,004,729
Net assets or fund balances, end of year: $39,650,416
Program services expenses (Part IX): $1,847,300
Management and general expenses: $248,031
Fundraising expenses: $75,914
Program service expenses (Part III): $1,847,300

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.

1f · All other contributions, gifts and grants

$533,816
2a · Program service revenue: FOUNDATION FEES

total $367,478 · related or exempt $367,478
3 · Investment income

total $838,613 · related or exempt $838,613
11a · Other revenue: MISCELLANEOUS INCOME

total $5,348 · related or exempt $5,348
11e · Other revenue, total

$5,348

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $105,050 · management and general $68,282 · fundraising $36,768
7 · Other salaries and wages

total $56,600 · management and general $56,600
8 · Pension plan contributions

total $4,627 · management and general $3,577 · fundraising $1,050
9 · Other employee benefits

total $16,800 · management and general $13,860 · fundraising $2,940
10 · Payroll taxes

total $13,935 · management and general $10,835 · fundraising $3,100
11b · Fees: legal

total $8,775 · management and general $8,775
11c · Fees: accounting

total $11,500 · management and general $11,500
12 · Advertising and promotion

total $32,056 · fundraising $32,056
13 · Office expenses

total $51,435 · management and general $51,435
16 · Occupancy

total $14,800 · management and general $14,800
19 · Conferences, conventions and meetings

total $1,552 · management and general $1,552
22 · Depreciation, depletion and amortization

total $538 · management and general $538
23 · Insurance

total $6,277 · management and general $6,277
24a · Other expenses: DISTR FROM ENDOWMENT

total $1,770,984 · program services $1,770,984
24b · Other expenses: GRANTS / SPONSORSHIPS

total $76,316 · program services $76,316

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $28,494 · end of year $44,854
2 · Savings and temporary cash investments

beginning of year $200,835 · end of year $241,744
4 · Accounts receivable

beginning of year $2,300 · end of year $32,978
9 · Prepaid expenses and deferred charges

beginning of year $9,256 · end of year $9,219
10a · Land, buildings and equipment: cost or other basis

$16,326
10b · Land, buildings and equipment: accumulated depreciation

$14,324
10c · Land, buildings and equipment, net

beginning of year $2,539 · end of year $2,002
11 · Investments: publicly traded securities

beginning of year $38,124,720 · end of year $41,324,348
17 · Accounts payable and accrued expenses

beginning of year $17,772 · end of year $19,065
25 · Other liabilities

beginning of year $1,798,315 · end of year $1,985,664
27 · Net assets without donor restrictions

beginning of year $1,624,989 · end of year $1,847,503
28 · Net assets with donor restrictions

beginning of year $34,927,068 · end of year $37,802,913

Mission and programs · 2023

Mission

THE INDEPENDENT CATHOLIC FOUNDATION, A PUBLIC CHARITY DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, PROVIDES RELIGIOUS, CHARITABLE AND EDUCATIONAL PURPOSES TO PRIMARILY ELIGIBLE CATHOLIC CAUSES WITHIN AND BEYOND THE REGION IDENTIFIED AS THE ROMAN CATHOLIC DIOCESE OF ALTOONA- JOHNSTOWN.

Activities or mission (Part I)

TO RECEIVE BOTH RESTRICTED AND UNRESTRICTED CHARITABLE CONTRIBUTIONS FOR THE BENEFIT OF PRIMARILY CATHOLIC CAUSES IN AND BEYOND WESTERN PENNSYLVANIA.

THE INDEPENDENT CATHOLIC FOUNDATION MANAGES ENDOWMENT ASSETS FOR RESTRICTED CHARITABLE PURPOSES AS DETERMINED BY EACH ENDOWMENT FUND'S BINDING AGREEMENT. ENDOWMENTS PROVIDE FINANCIAL BENEFITS TO PARISHES, SCHOOLS, CEMETERIES, MINISTRIES, SOCIAL SERVICE ORGANIZATIONS AND OTHER CHARITABLE CAUSES.

Expenses $1,847,300 · Revenue $367,478

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

C RingkampC RINGKAMP

PRESIDENT /

Total calculated

$116,451

From this org

$105,050

From related orgs

$0

Other

$11,401

Hours/week

40
H DurbinH DURBIN

BOARD MEMBER

Total calculated

$0
J FortunatoJ FORTUNATO

BOARD MEMBER

Total calculated

$0
J Lehman JrJ LEHMAN JR

BOARD MEMBER

Total calculated

$0
M LiebM LIEB

BOARD MEMBER

Total calculated

$0
J MartellaJ MARTELLA

BOARD MEMBER

Total calculated

$0
T McAnenyT MCANENY

BOARD VICE C

Total calculated

$0
T SongerT SONGER

BOARD MEMBER

Total calculated

$0
R StellabotteR STELLABOTTE

BOARD MEMEBE

Total calculated

$0
J WolfJ WOLF

BOARD MEMBER

Total calculated

$0
R AskeyR ASKEY

BOARD MEMBER

Total calculated

$0
A IsganA ISGAN

TREASURER

Total calculated

$0
R MusarR MUSAR

SECRETARY

Total calculated

$0
B StaskoB STASKO

BOARD CHAIR

Total calculated

$0

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

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2023
Filed: 15 January 2025
IRS schema version: 2023v6.0
Source object: 202530169349300323

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