Italian American Cultural Center
- Assets
- $4.4m
- Revenue
- $178.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Des Moines, IA
- Founding
- 05/1984
- Data as of
- 12/2023
- 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 12/2023, Italian American Cultural Center generated $178.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (7.1%) each year. All expenses for the organization totaled $173.7k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (5.0%) per year over the past 9 years. 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
2023
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 |
|---|---|---|---|
Angelo Ambroseccia Director | Trustee | 1 | $0 |
Bob Myers Director | Trustee | 1 | $0 |
Chris Coppolo Director | Trustee | 1 | $0 |
Elizabeth Hoak Director | Trustee | 1 | $0 |
Loretta Sieman Director | Trustee | 1 | $0 |
Mario Fenu 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 | $156,860 |
| Noncash contributions included in lines 1a–1f | $2,421 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $156,860 |
| Total Program Service Revenue | $13,473 |
| Investment income | $178 |
| 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 | $178,326 |
| 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 | $17 |
| Fees for services: Accounting | $1,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $410 |
| Office expenses | $9,495 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,402 |
| Travel | $0 |
| 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 | $98,602 |
| Insurance | $14,119 |
| All other expenses | $428 |
| Total functional expenses | $173,696 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,500 |
| Savings and temporary cash investments | $193,159 |
| Pledges and grants receivable | $400,000 |
| 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 | $3,739,025 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,371,684 |
| 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 | $2,563,814 |
| Net assets with donor restrictions | $192,870 |
| 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 | $4,371,684 |