FOUNDATION FOR ITALIAN ART AND CULTURE- C/O AMERICAN CONTINENTAL PROPERTIES LLC

EIN: 320081843 501(c)(3) Education

NEW YORK, NY

Total Revenue
$276,932
Total Expenses
$200,395
Total Assets
$599,757
Net Assets
$587,286
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2004
Legal Domicile
NY
Principal Officer
ANGIE LO
Phone
2129801755
Tax Period
2023-01-01 to 2023-12-31

FOUNDATION FOR ITALIAN ART AND CULTURE- C/O AMERICAN CONTINENTAL PROPERTIES LLC, founded in 2004, is a small nonprofit in the Education sector that reported $277K in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. The organization ran a surplus of $77K, a strong 28% operating margin.

Mission

TO SPREAD ITALIAN CULTURE IN UNITED STATES BY ORGANIZING EXHIBITIONS, SHOWS, DISPLAYS OF PAITNTINGS, SCULPTURES AND OTHER VISUAL ARTS IN THE UNITED STATES AND PROMOTING THE RESTORATION OF WORKS OF ART IN ITALY IN ORDER TO PRESERVE AND PROMOTE ITALIAN CULTURE.

Program Service Accomplishments

Program 1
Expenses: $189,344

FIAC CONTINUED TO WORK TOWARD ESTABLISHING NEW PARTNERSHIPS AND PROGRAMS FOR THE FUTURE. THE BOARD OF DIRECTORS APPOINTED DOTT.SSA FRANCESCA CAPPELLETTI, DIRECTOR OF THE BORGHESE GALLERY AS THE...

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FIAC CONTINUED TO WORK TOWARD ESTABLISHING NEW PARTNERSHIPS AND PROGRAMS FOR THE FUTURE. THE BOARD OF DIRECTORS APPOINTED DOTT.SSA FRANCESCA CAPPELLETTI, DIRECTOR OF THE BORGHESE GALLERY AS THE NEWEST MEMBER OF THE SCIENTIFIC BOARD. ON WEDNESDAY, JANUARY 18, 2023, THE BOARD OF DIRECTORS HELD THEIR ANNUAL MEETING AT 6PM AND HOSTED THE 2022 FIAC EXCELLENCY AWARDS CEREMONY AND DINNER AT THE TENNIS AND RACQUET CLUB TO HONOR AWARD WINNER: ANN PASTERNAK, DIRECTOR, BROOKLYN MUSEUM. THE BOARD APPOINTED FRANCESCA BODINI AS ITS NEWEST BOARD MEMBER. FIAC SUPPORTED THE RESTORATION OF THE UMBERTO BOCCIONI SCULPTURE, DYNAMISM OF A SPEEDING HOUSE + HORSES, 1915 AT THE PEGGY GUGGENHEIM MUSEUM IN VENICE, IN 2023.FIAC HELPED SPONSOR OPERA ITALIANA AT ST. BARTHOLOMEW'S CHURCH ON PARK AVENUE, A FREE CONCERT HELD ON JUNE 26, 2023 IN NEW YORK. FIAC REACHED OUT AND ESTABLISHED RELATIONSHIPS WITH NEWLY APPOINTED MUSEUM DIRECTORS, IN ITALY IN THE FALL OF 2023.FIAC PREPARED AND PLANNED FOR THE 2023 FIAC EXCELLENCY AWARDS CEREMONY DINNER TO BE HELD AT THE TENNIS AND RACQUET CLUB IN MARCH 2024. FIAC WORKED CLOSED WITH THE GALLERIE DELL' ACCADEMIA IN VENICE TO PLAN FOR THE RESTORATION AND THE UPCOMING EXHIBITION OF SEVERAL TINTORETTO PICTURES IN THE US.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $261,600
Program Service Revenue $0
Investment Income $15,332
Other Revenue $0
TOTAL REVENUE $276,932

Expense Breakdown

Grants Paid $0
Salaries & Benefits $64,462
Fundraising Expenses $5,526
Program Expenses $189,344
Other Expenses $135,933
TOTAL EXPENSES $200,395

Year-over-Year Comparison

2023 2022 Change
Revenue $276,932 $295,183 -0.1%
Expenses $200,395 $197,344 +0.0%
Net Income $76,537 $97,839 -0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
11
Employees
N/A
Volunteers
N/A

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
$64,167
Total Directors
12
$64,167
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ALAIN EKANN PRESIDENT 1.00
Officer Director
$0 $0 $0
AMB DANIELE BODINI CHAIRMAN 1.00
Officer Director
$0 $0 $0
ANGIE LO TREASURER 1.00
Officer Director
$0 $0 $0
WILLIAM B ACQUAVELLA DIRECTOR 1.00
Director
$0 $0 $0
FRANCESCA BODINI DIRECTOR 1.00
Director
$0 $0 $0
CARLO CLAVERINO DIRECTOR 1.00
Director
$0 $0 $0
JOHN DYSON DIRECTOR 1.00
Director
$0 $0 $0
MASSIMO FERRAGAMO DIRECTOR 1.00
Director
$0 $0 $0
MARIO GABELLI DIRECTOR 1.00
Director
$0 $0 $0
DONNA PATRIZIA MEMMO RUSPOLI DIRECTOR 1.00
Director
$0 $0 $0
JOSEPH PERELLA DIRECTOR 1.00
Director
$0 $0 $0
OLIVIA D'APONTE EXECUTIVE DIRECTOR 20.00
Officer Director
$64,167 $0 $64,167
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 $276,932 $200,395 $599,757 $76,537
2022 $295,183 $197,344 $510,196 $97,839
2021 $48,807 $121,314 $407,893 $-72,507
2020 $211,215 $169,120 $479,949 $42,095
2019 $254,923 $253,621 $443,530 $1,302
2018 $248,681 $244,279 $436,552 $4,402
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