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Nonprofiteer
← ITALIAN AMERICAN CLUB FOUNDATION INC

Form 990 for tax year 2022

Filed by ITALIAN AMERICAN CLUB FOUNDATION INC.

Totals

Total revenue
$431,368
Total expenses
$419,164
Contributions and grants received
$12,357
Grants paid
$375,037
Program service revenue
$840
Investment income
$37,184
Other revenue
$380,987
Total assets, end of year
$1,104,409
Total liabilities, end of year
$2,267
Net assets or fund balances, end of year
$1,102,142
Program services expenses (Part IX)
$375,037
Management and general expenses
$44,127
Fundraising expenses
$0
Program service expenses (Part III)
$375,037

Program services were 89.5% 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.

  • 1b · Membership dues

    $930

  • 1c · Fundraising events

    $10,042

  • 1f · All other contributions, gifts and grants

    $1,385

  • 2a · Program service revenue: BANQUET SPONSORSHIP

    total $840 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $37,184 · unrelated business $0 · excluded $37,184

  • 8a · Fundraising events: gross income

    $0

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

    $10,042

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $13,578,558

  • 9b · Gaming: direct expenses

    $13,197,571

  • 9c · Net income from gaming

    total $380,987 · related or exempt $399,000 · unrelated business -$57,991 · excluded $39,978

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $86,537 · program services $86,537

  • 2 · Grants to domestic individuals

    total $288,500 · program services $288,500

  • 11c · Fees: accounting

    total $17,113 · program services $0 · management and general $17,113 · fundraising $0

  • 12 · Advertising and promotion

    total $900 · program services $0 · management and general $900 · fundraising $0

  • 13 · Office expenses

    total $21,986 · program services $0 · management and general $21,986 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $660 · program services $0 · management and general $660 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $3,468 · program services $0 · management and general $3,468 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $158,736 · end of year $143,910

  • 4 · Accounts receivable

    beginning of year $612 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $12,250 · end of year $5,336

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

    $25,233

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

    $12,985

  • 10c · Land, buildings and equipment, net

    beginning of year $12,403 · end of year $12,248

  • 11 · Investments: publicly traded securities

    beginning of year $901,102 · end of year $942,915

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,225 · end of year $2,267

  • 27 · Net assets without donor restrictions

    beginning of year $1,080,878 · end of year $1,102,142

Mission and programs · 2022

Mission

PROVIDE SCHOLARSHIPS & GRANTS

  • THE ITALIAN AMERICAN CLUB FOUNDATION PROVIDES SCHOLARSHIPS AND GRANTS TO INDIVIDUALS AND CHARITABLE ORGANIZATIONS IN THE COMMUNITY THROUGH AN APPLICATION PROCESS. THE GRANTS ARE PROVIDED TO CHARITABLE ORGANIZATIONS THAT QUALIFY AS EXEMPT UNDER SECTIONS 170(C)(2) AND 501(C)(3) OF THE INTERNAL REVENUE CODE. SCHOLARSHIPS FOR FY 6/30/22 WERE DISTRIBUTED TO 87 INDIVIDUALS FROM THE STATE OF MINNESOTA FOR POST-SECONDARY EDUCATION. IN ADDITION, MANY NOT-FOR-PROFIT TYPE ORGANIZATIONS AND CIVIC GROUPS RECEIVED MONEY FOR WORTHWHILE CAUSES. SPONSORED EVENTS INCULDED A GOLF TOURNAMENT.

    Expenses $375,037 · Grants $375,037 · Revenue $431,368

As filed on the 2022 return.

Listed in Part VII

  • Bob Brama

    President

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dean Bona

    Vice President

    Total calculated
    $0
    Hours/week
    1

  • Ron Lawerence

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Peter Chiodo

    Treasurer

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Chiodo

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brad Drews

    Director

    Total calculated
    $0
    Hours/week
    1

  • Nick Villella

    Director

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jim Molinaro

    Director

    Total calculated
    $0
    Hours/week
    1

  • Anthony Brama

    Director

    Total calculated
    $0
    Hours/week
    1

  • Larry Ranallo

    Director

    Total calculated
    $0
    Hours/week
    1

  • William Scalise

    Gaming Chairman

    Total calculated
    $78,000
    From this org
    $78,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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
13 May 2024
IRS schema version
2022v5.0
Source object
202421349349304242

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