Italian American Cultural Center
- Assets
- $4.4m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Des Moines, IA
- Founding
- 05/1984
- Data as of
- 12/2022
- EIN
- 42-1226284
Organization Overview
Italian American Cultural Center is located in Des Moines, IA. The organization was established in 1984. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Italian American 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 12/2022, Italian American Cultural Center generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $267.0k during the year ending 12/2022. 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 CULTURAL AWARENESS AND DIVERSITY IN THE COMMUNITY WHILE PROMOTING THE ITALIAN HERITAGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZE PUBLIC EVENTS TO PROMOTE ITALIAN-AMERICAN CULTURAL AWARENESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Defazio Treasurer | Officer | 10 | $0 |
Paolo Bartesaghi President | Officer | 10 | $0 |
Therese Riordan Secretary | Officer | 10 | $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 | $1,105,467 |
| Noncash contributions included in lines 1a–1f | $10,455 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,105,467 |
| Total Program Service Revenue | $36,715 |
| Investment income | $526 |
| 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 | $1,153,534 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $1,000 |
| 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 | $6,872 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,077 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $79,220 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $85,678 |
| Insurance | $12,750 |
| All other expenses | $2,620 |
| Total functional expenses | $267,014 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,370 |
| Savings and temporary cash investments | $263,854 |
| Pledges and grants receivable | $600,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $3,495,830 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,367,054 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,615,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,615,000 |
| Net assets without donor restrictions | $2,488,488 |
| Net assets with donor restrictions | $263,566 |
| 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 | $4,367,054 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Italian American Cultural Center has recieved totaling $205,075.
| Awarding Organization | Amount |
|---|---|
Krause Gentle Foundation Des Moines, IA PURPOSE: CAMPAIGN GIFT | $199,451 |
Bravo Greater Des Moines Inc Des Moines, IA PURPOSE: PROGRAM FUNDING | $5,600 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $24 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Xilin Association Naperville, IL | $12,598,831 | $16,219,708 |
Great Lakes Inter-Tribal Council Inc Lac Du Flambeau, WI | $2,692,230 | $12,711,243 |
American Swedish Institute Minneapolis, MN | $53,674,080 | $22,744,075 |
National Museum Of Mexican Art Chicago, IL | $19,674,194 | $15,502,542 |
First Peoples Fund Rapid City, SD | $11,478,942 | $11,058,456 |
Cityserve International Springfield, MO | $3,073,627 | $2,894,245 |
Instituto Cervantes Of Chicago Inc Chicago, IL | $741,739 | $2,489,461 |
Coalition Of Asian American Leaders St Paul, MN | $4,205,998 | $3,284,074 |
National Native American Boarding School Healing Coalition Minneapolis, MN | $8,382,833 | $1,366,565 |
Black Hills Badlands & Lakes Association Rapid City, SD | $1,241,083 | $1,774,171 |
The Alliance Francaise French House Of Chicago Chicago, IL | $5,091,056 | $2,088,000 |
The Germanic-American Institute St Paul, MN | $1,003,743 | $1,467,088 |