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Nonprofiteer
← ALBERT E FARONE & ANGELA T FARONE

Form 990 for tax year 2024

Filed by ALBERT E FARONE & ANGELA T FARONE.

Totals

Total revenue
$1,808,110
Total expenses
$1,683,685
Contributions and grants received
$0
Grants paid
$1,588,791
Program service revenue
$0
Investment income
$1,808,110
Other revenue
$0
Total assets, end of year
$40,903,355
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$40,903,355
Program services expenses (Part IX)
$1,588,791
Management and general expenses
$94,894
Fundraising expenses
$0
Program service expenses (Part III)
$1,588,791

Program services were 94.4% 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.

  • 3 · Investment income

    total $746,192 · excluded $746,192

  • 7a · Gross sales of assets other than inventory

    securities $9,378,803

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

    securities $8,316,885

  • 7c · Gain or loss

    securities $1,061,918

  • 7d · Net gain or loss

    total $1,061,918 · excluded $1,061,918

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,588,791 · program services $1,588,791

  • 24a · Other expenses: ENDOWMENT ADMIN.

    total $94,894 · management and general $94,894

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $154 · end of year $154

  • 4 · Accounts receivable

    beginning of year $1,294,186 · end of year $1,411,211

  • 12 · Investments: other securities

    beginning of year $38,410,967 · end of year $39,491,990

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,250

  • 27 · Net assets without donor restrictions

    beginning of year $39,703,057 · end of year $40,903,355

Mission and programs · 2024

Mission

SEE SCHEDULE OTHE 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.

Activities or mission (Part I)

TO PROVIDE FUNDS TO SUPPORT CATHOLIC UNIVERSITY OF AMERICA AND ITS STUDENTS.

  • SCHOLARSHIP PROGRAMS: TO SUPPORT SCHOLARSHIPS FOR STUDENTS ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. DURING FISCAL YEAR 2025, 121 SCHOLARSHIPS WERE AWARDED.

    Expenses $1,588,791 · Grants $1,588,791

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • PETER KILPATRICK

    EX-OFFICIO DIRECTOR/PRESIDENT

    Total calculated
    $681,341
    From this org
    $0
    From related orgs
    $625,749
    Other
    $55,592
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $567,673 related
    Bonus
    $0 + $51,218 related
    Other
    $0 + $6,858 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $21,092 related
    Filer's total
    $0 + $681,341 related

  • DAVID AARON DOMINGUEZ

    EX-OFFICIO DIRECTOR/PROVOST

    Total calculated
    $525,623
    From this org
    $0
    From related orgs
    $463,546
    Other
    $62,077
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $460,410 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $2,136 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $27,577 related
    Filer's total
    $0 + $525,623 related

  • ROBERT M SPECTER THRU 1024

    EX-OFFICIO DIRECTOR/TREASURER

    Total calculated
    $524,367
    From this org
    $0
    From related orgs
    $470,148
    Other
    $54,219
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $463,651 related
    Bonus
    $0
    Other
    $0 + $6,497 related
    Deferred
    $0 + $34,500 related
    Nontaxable benefits
    $0 + $19,719 related
    Filer's total
    $0 + $524,367 related

  • ROSOLOC HENDERSON AS OF 1124

    EX-OFFICIO DIRECTOR/TREASURER

    Total calculated
    $222,570
    From this org
    $0
    From related orgs
    $188,552
    Other
    $34,018
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $187,284 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $268 related
    Deferred
    $0 + $9,921 related
    Nontaxable benefits
    $0 + $24,097 related
    Filer's total
    $0 + $222,570 related

  • DEANNE GIPSON MADDEN THRU 0524

    EX-OFFICIO DIRECTOR/VP ENROLLMENT

    Total calculated
    $158,125
    From this org
    $0
    From related orgs
    $144,077
    Other
    $14,048
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,077 related
    Bonus
    $0 + $1,000 related
    Other
    $0
    Deferred
    $0 + $13,115 related
    Nontaxable benefits
    $0 + $933 related
    Filer's total
    $0 + $158,125 related

  • MARK CIOLLI AS OF 0524

    EX-OFFICIO DIRECTOR/VP ENROLLMENT

    Total calculated
    $270,383
    From this org
    $0
    From related orgs
    $221,310
    Other
    $49,073
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $219,983 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $327 related
    Deferred
    $0 + $23,100 related
    Nontaxable benefits
    $0 + $25,973 related
    Filer's total
    $0 + $270,383 related

  • FR ROBERT LONGOBUCCO

    ELECTED DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MATTHEW C DOLAN

    GENERAL COUNSEL/SECRETARY

    Total calculated
    $331,499
    From this org
    $0
    From related orgs
    $299,357
    Other
    $32,142
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $298,072 related
    Bonus
    $0
    Other
    $0 + $1,285 related
    Deferred
    $0 + $29,870 related
    Nontaxable benefits
    $0 + $2,272 related
    Filer's total
    $0 + $331,499 related

  • JOHN H GARVEY

    FORMER PRESIDENT; CUA PROFESSOR

    Total calculated
    $182,575
    From this org
    $0
    From related orgs
    $178,939
    Other
    $3,636
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $50,373 related
    Bonus
    $0
    Other
    $0 + $128,566 related
    Deferred
    $0 + $2,637 related
    Nontaxable benefits
    $0 + $999 related
    Filer's total
    $0 + $182,575 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
SEVERANCE WAS PAID TO JOHN GARVEY ON 01/10/2025, BY CATHOLIC UNIVERSITY OF AMERICA, IN THE AMOUNT OF $128,566. THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(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)

    T · SPLIT INTEREST AGREEMENT · MD

  • CHARITABLE REMAINDER TRUST (3)

    T · SPLIT INTEREST AGREEMENT · DC

Provenance

Return type
form_990
Tax year
2024
Filed
6 March 2026
IRS schema version
2024v5.5
Source object
202630659349301123

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