Italian Cultural Center
- Assets
- $358.6k
- Revenue
- $232.4k
- Investments
- $0.0
- Employees
- 11
- Location
- Minneapolis, MN
- Founding
- 08/2006
- Data as of
- 06/2022
- EIN
- 06-1778894
Organization Overview
Italian Cultural Center is located in Minneapolis, MN. The organization was established in 2006. According to its NTEE Classification (A20) the organization is classified as: Arts & Culture, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Italian Cultural Center employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Italian Cultural Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Italian Cultural Center generated $232.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $272.9k during the year ending 06/2022. While expenses have increased by 11.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE KNOWLEDGE, UNDERSTANDING, AND APPRECIATION OF ITALIAN CULTURE THROUGH EDUCATIONAL SERVICES AND CULTURAL EVENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADULT LANGUAGE CLASSES
SCHOLARSHIPS AND SPONSORSHIPS
CHILDREN LANGUAGE CLASSES
ITALIAN CULTURAL EVENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Romina Montanari Food And Wine Manager | Officer | 20 | $22,046 |
Tiziana Cervesato Director Of Events | Officer | 20 | $19,914 |
Anna Olivero-Agney Director - Adult Language School | OfficerTrustee | 20 | $18,994 |
Luisa O'gara Director - Youth Language School | Officer | 20 | $9,908 |
Peggy Hansen Director Of Administration | OfficerTrustee | 20 | $8,882 |
Meredith Johnson Office Manager | Officer | 10 | $8,539 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $23,180 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,509 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $35,689 |
| Total Program Service Revenue | $196,671 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $232,360 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,472 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $114,452 |
| Compensation of current officers, directors, key employees. | $17,218 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,337 |
| Fees for services: Management | $6,306 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,541 |
| Advertising and promotion | $1,075 |
| Office expenses | $18,445 |
| Information technology | $11,699 |
| Royalties | $0 |
| Occupancy | $37,165 |
| Travel | $2,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,396 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,283 |
| All other expenses | $0 |
| Total functional expenses | $272,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,544 |
| Savings and temporary cash investments | $2,665 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,901 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $335,480 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $358,590 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $11,130 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $133,749 |
| Total liabilities | $144,879 |
| Net assets without donor restrictions | $213,711 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $358,590 |