ITALIAN AMERICAN ASSOCIATION OF THE TOWNSHIP OF OCEAN INC

EIN: 222168137

OCEAN, NJ

Total Revenue
$515,122
Total Expenses
$417,556
Total Assets
$2,335,764
Net Assets
$2,297,968
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1976
Legal Domicile
NJ
Principal Officer
VINCE CAMPANILE
Phone
7325315768
Tax Period
2023-01-01 to 2023-12-31

ITALIAN AMERICAN ASSOCIATION OF THE TOWNSHIP OF OCEAN INC, founded in 1976, is a small nonprofit that reported $515K in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. The organization ran a surplus of $98K, a strong 19% operating margin.

Mission

THE ITALIAN AMERICAN ASSOCIATION OF THE TOWNSHIP OF OCEAN, INC. IS AN ORGANIZATION DEDICATED TO CHILDREN, FAMILIES AND THE FOSTERING OF THE ITALIAN-AMERICAN HERITAGE AND CULTURE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $18,430
Program Service Revenue $394,650
Investment Income $10,226
Other Revenue $91,816
TOTAL REVENUE $515,122

Expense Breakdown

Grants Paid $60,000
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $400,129
Other Expenses $357,556
TOTAL EXPENSES $417,556

Year-over-Year Comparison

2023 2022 Change
Revenue $515,122 $548,108 -0.1%
Expenses $417,556 $362,603 +0.2%
Net Income $97,566 $185,505 -0.5%
Key Indicators
✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Governance

Voting Members
11
Independent Members
11
Employees
N/A
Volunteers
150

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
9
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHARLES CHIARELLI EXECUTIVE SECRETARY 8.00
Officer Director
$0 $0 $0
ROBERT ACERRA SR RECORDING SECRETARY 8.00
Officer Director
$0 $0 $0
FRANK VISCO SERGEANT-AT-ARMS 8.00
Officer Director
$0 $0 $0
NICHOLAS ROMAGNOLI SECOND VICE PRESIDENT 8.00
Officer Director
$0 $0 $0
LOUIS ALBRUZZESE TRUSTEE 8.00
Director
$0 $0 $0
FRANK CRUPI FINANCIAL SECRETARY 8.00
Officer Director
$0 $0 $0
ROBERT LABELLA TRUSTEE 8.00
Officer Director
$0 $0 $0
GREG FRASCA FIRST VICE PRESIDENT 8.00
Officer Director
$0 $0 $0
VINCE CAMPANILE TREASURER 20.00
Officer Director
$0 $0 $0
ANTHONY RUBINO PRESIDENT 15.00
Officer Director
$0 $0 $0
JOSEPH BOSCIA JR TRUSTEE 8.00
Director
$0 $0 $0
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
2024 No data No data No data No data
2023 $515,122 $417,556 $2,335,764 $97,566
2022 $548,108 $362,603 $2,235,555 $185,505
2021 $402,945 $277,793 $2,043,567 $125,152
2020 $109,656 $133,117 $2,063,473 $-23,461
2019 $589,477 $439,620 $2,161,242 $149,857
2018 $506,591 $379,619 $2,062,029 $126,972
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