ALBERT E FARONE & ANGELA T FARONE FOUNDATION

EIN: 160911612 501(c)(3) Education

WASHINGTON, DC

Total Revenue
$1,808,110
Total Expenses
$1,683,685
Total Assets
$40,903,355
Net Assets
$40,903,355
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1965
Legal Domicile
NY
Principal Officer
MICHAEL ZELENY
Phone
2023195606
Tax Period
2024-05-01 to 2025-04-30

ALBERT E FARONE & ANGELA T FARONE FOUNDATION, founded in 1965, is a community nonprofit in the Education sector that reported $1.8M in total revenue in fiscal year 2024. Expenses of $1.7M left a modest 7% surplus.

Mission

THE PRIMARY PURPOSE OF THE FOUNDATION IS TO PROVIDE FUNDS TO SUPPORT THE CHARITABLE, SCIENTIFIC, EDUCATIONAL, LITERARY AND/OR RELIGIOUS PURPOSES OF THE CATHOLIC UNIVERSITY OF AMERICA AND TO AWARD SCHOLARSHIPS TO STUDENTS FROM THE ALBANY DIOCESE OF THE ROMAN CATHOLIC CHURCH WHO ARE ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA.

Program Service Accomplishments

Program 1
Expenses: $1,588,791 Revenue: $0

SCHOLARSHIP PROGRAMS: TO SUPPORT SCHOLARSHIPS FOR STUDENTS ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. DURING FISCAL YEAR 2025, 121 SCHOLARSHIPS WERE AWARDED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $1,808,110
Other Revenue $0
TOTAL REVENUE $1,808,110

Expense Breakdown

Grants Paid $1,588,791
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,588,791
Other Expenses $94,894
TOTAL EXPENSES $1,683,685

Year-over-Year Comparison

2024 2023 Change
Revenue $1,808,110 $1,883,987 0.0%
Expenses $1,683,685 $1,568,344 +0.1%
Net Income $124,425 $315,643 -0.6%
Key Indicators
✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
1
Employees
N/A
Volunteers
1

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,759,777
Total Directors
7
$2,382,409
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PETER KILPATRICK EX-OFFICIO DIRECTOR/PRESIDENT 1.00
Officer Director
$0 $55,592 $681,341
DAVID AARON DOMINGUEZ EX-OFFICIO DIRECTOR/PROVOST 1.00
Director
$0 $62,077 $525,623
ROBERT M SPECTER THRU 1024 EX-OFFICIO DIRECTOR/TREASURER 1.00
Officer Director
$0 $54,219 $524,367
ROSOLOC HENDERSON AS OF 1124 EX-OFFICIO DIRECTOR/TREASURER 1.00
Officer Director
$0 $34,018 $222,570
DEANNE GIPSON MADDEN THRU 0524 EX-OFFICIO DIRECTOR/VP ENROLLMENT 1.00
Director
$0 $14,048 $158,125
MARK CIOLLI AS OF 0524 EX-OFFICIO DIRECTOR/VP ENROLLMENT 1.00
Director
$0 $49,073 $270,383
FR ROBERT LONGOBUCCO ELECTED DIRECTOR 1.00
Director
$0 $0 $0
MATTHEW C DOLAN GENERAL COUNSEL/SECRETARY 1.00
Officer
$0 $32,142 $331,499
JOHN H GARVEY FORMER PRESIDENT; CUA PROFESSOR 1.00
$0 $3,636 $182,575
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $1,808,110 $1,683,685 $40,903,355 $124,425
2024 $1,883,987 $1,568,344 $39,705,307 $315,643
2023 $1,930,174 $804,676 $39,735,944 $1,125,498
2022 $1,862,925 $845,927 $37,739,378 $1,016,998
2021 $1,361,588 $528,130 $40,485,942 $833,458
2020 $5,021,578 $509,434 $32,162,865 $4,512,144
2019 $1,571,601 $696,340 $33,378,770 $875,261
2018 $1,833,201 $856,065 $30,931,266 $977,136
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