Foundation For Italian Art And Culture
- Assets
- $510.2k
- Revenue
- $295.2k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 03/2004
- Data as of
- 12/2022
- EIN
- 32-0081843
Organization Overview
Foundation For Italian Art And Culture is located in New York, NY. The organization was established in 2004. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Italian Art And Culture 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 12/2022, Foundation For Italian Art And Culture generated $295.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $197.3k during the year ending 12/2022. While expenses have increased by 4.0% per year over the past 8 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 SPREAD ITALIAN CULTURE IN THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIAC CONTINUED TO WORK TOWARD ESTABLISHING NEW PARTNERSHIPS AND PROGRAMS FOR THE FUTURE. FIAC AGREED TO RESTORE THE UMBERTO BOCCIONI SCULPTURE, DYNAMISM OF A SPEEDING HOUSE + HORSES, 1915 AT THE PEGGY GUGGENHEIM MUSEUM IN VENICE, IN 2023.ON APRIL 25, 2022, FIAC PRESENTED ITALIAN MASTERPIECES, A RETROSPECTIVE BOOK WHICH CELEBRATES THE EXHIBITIONS AND PROGRAMS OF THE LAST FIFTEEN YEARS. IT TOOK PLACE AT THE ITALIAN CULTURAL INSTITUTE AND FEATURED A DIALOGUE BETWEEN ALAIN ELKANN, PRESIDENT OF FIAC AND PROF. FABIO FINOTTI, DIRECTOR OF THE ITALIAN CULTURAL INSTITUTE. FIAC BOARD MEMBERS, NY MUSEUM DIRECTORS AND MANY COLLEAGUES AND FRIENDS WERE IN ATTENDANCE. ON WEDNESDAY, APRIL 27, THE BOARD OF DIRECTORS HELD THEIR ANNUAL MEETING AT THE OFFICES AT 112 E. 71ST STREET AT 6PM AND HOSTED THE 2021 FIAC EXCELLENCY AWARDS CEREMONY AND DINNER AT THE TENNIS AND RACQUET CLUB TO HONOR AWARD WINNER: PROF. MASSIMO OSANNA, DIRECTORATE OF ITALIAN MUSEUMS, ITALY. IN JUNE 2022, OLIVIA D'APONTE, FIAC'S EXECUTIVE DIRECTOR PARTICIPATED IN ITALIAN HOURS AND AMERICAN DAYS OF CULTURAL HERITAGE AT THE IMT SCHOOL FOR ADVANCED STUDIES IN LUCCA, ITALY, VIA ZOOM, WHERE SPEAKERS PRESENTED ON THE TOPICS OF US MUSEUMS, CULTURAL HERITAGE, ART AUTHENTICITY AMONG OTHERS. THE PARTICIPATION ALLOWED FIAC A NEW NETWORK OF CULTURAL HERITAGE EXPERTS. FIAC HELPED SPONSOR OPERA ITALIANA AT THE NAUMBERG BANDSHELL IN CENTRAL PARK, A FREE CONCERT HELD ON JUNE 27 , 2022 IN NEW YORK. FIAC REACHED OUT AND ESTABLISHED RELATIONSHIPS WITH NEWLY APPOINTED CULTURAL MINISTERS IN ITALY IN THE FALL OF 2022.FIAC PREPARED AND PLANNED FOR THE 2022 FIAC EXCELLENCY AWARDS CEREMONY DINNER TO BE HELD AT THE TENNIS AND RACQUET CLUB IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alain Elkann President | OfficerTrustee | 1 | $0 |
Amb Daniele Bodini Chairman | OfficerTrustee | 1 | $0 |
Angie Lo Treasurer | OfficerTrustee | 1 | $0 |
William B Acquavella Director | Trustee | 1 | $0 |
Francesca Bodini Director | Trustee | 1 | $0 |
Carlo Claverino Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $289,484 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $289,484 |
| Total Program Service Revenue | $0 |
| Investment income | $5,699 |
| 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 | $295,183 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $68,700 |
| Compensation of current officers, directors, key employees. | $3,435 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,756 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,131 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $605 |
| Travel | $38,510 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,233 |
| All other expenses | $0 |
| Total functional expenses | $197,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $509,022 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,174 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $510,196 |
| Accounts payable and accrued expenses | $17,331 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $17,331 |
| Net assets without donor restrictions | $492,865 |
| 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 | $510,196 |