ITALIAN AMERICAN CULTURAL SOCIETY

EIN: 386089634 501(c)(3) Arts, Culture & Humanities

CLINTON TOWNSHIP, MI

Total Revenue
$4,360,627
Total Expenses
$4,063,423
Total Assets
$6,364,395
Net Assets
$2,983,749
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1957
Legal Domicile
MI
Principal Officer
GIOVANNI LOIACONO
Phone
5862283030
Tax Period
2024-01-01 to 2024-12-31

ITALIAN AMERICAN CULTURAL SOCIETY, founded in 1957, is a community nonprofit in the Arts, Culture & Humanities sector that reported $4.4M in total revenue in fiscal year 2024. Revenue surged 21% from the prior year, signaling strong growth momentum. Expenses of $4.1M left a modest 7% surplus.

Mission

TO PLAN, PROMOTE, AND CARRY ON CHARITABLE, EDUCATIONAL AND CULTURAL ACTIVITIES WHICH WILL BEST SERVE THE WELWARE OF THE COMMUNITY-AT-LARGE.

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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 $49,540
Program Service Revenue $39,582
Investment Income $99,496
Other Revenue $4,172,009
TOTAL REVENUE $4,360,627

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,848,513
Fundraising Expenses $0
Program Expenses $3,642,102
Other Expenses $2,214,910
TOTAL EXPENSES $4,063,423

Year-over-Year Comparison

2024 2023 Change
Revenue $4,360,627 $3,595,545 +0.2%
Expenses $4,063,423 $3,509,053 +0.2%
Net Income $297,204 $86,492 +2.4%
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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
15
Independent Members
15
Employees
106
Volunteers
44

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
6
$0
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
GIOVANNI LOIACONO PRESIDENT N/A
Officer Director
$0 $0 $0
THOMAS SALVATI 1ST VICE PRE N/A
Director
$0 $0 $0
ROSA ORLANDO 2ND VICE PRE N/A
Officer Director
$0 $0 $0
LORI CANGEMI 3RD VICE PRE N/A
Officer Director
$0 $0 $0
MARIA CICCHINI TREASURER N/A
Officer Director
$0 $0 $0
GIOVANNI MANIACI SERGEANT AT N/A
Officer Director
$0 $0 $0
MARK GARAGIOLA RECORDING SE N/A
Officer Director
$0 $0 $0
GIANVITO ARATO BOARD MEMBER N/A
Director
$0 $0 $0
MASSIMO D'ARISTOTILE BOARD MEMBER N/A
Director
$0 $0 $0
GINO HARMON BOARD MEMBER N/A
Director
$0 $0 $0
VITO LOGRASSO BOARD MEMEBE N/A
Director
$0 $0 $0
ROSANNA MANIACI BOARD MEMBER N/A
Director
$0 $0 $0
DOMINIC MELIA BOARD MEMBER N/A
Director
$0 $0 $0
ROSA ORLANDO BOARD MEMBER N/A
Director
$0 $0 $0
SUE VITTORINI BOARD MEMBER N/A
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 $4,360,627 $4,063,423 $6,364,395 $297,204
2023 $3,595,545 $3,509,053 $3,510,184 $86,492
2022 $3,274,312 $3,298,615 $3,255,883 $-24,303
2021 $2,506,319 $2,361,233 $3,072,494 $145,086
2020 $1,171,605 $1,455,309 $2,637,120 $-283,704
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