ITALIAN ACADEMY FOUNDATION INC: Form 990, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
ITALIAN ACADEMY FOUNDATION INC (EIN 13-3416740)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-15
IRS object ID
202403209349305600
Schema version
2023v5.1
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2024-11-15T09:13:35-06:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN800686848PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1HART VIDA & PARTNERSBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1400 COLUMBUS AVENUE SUITE 100SAddressLine1Txt
CityVALHALLACityNm
State AbbreviationNYStateAbbreviationCd
ZIP10595ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN133416740EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1ITALIAN ACADEMY FOUNDATION INCBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlITALBusinessNameControlTxt
Phone9146177620PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 9001AddressLine1Txt
CityMOUNT VERNONCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10552ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonCAROLE ACUNTOPersonNm
Person TitlePRESIDENTPersonTitleTxt
Phone9146177620PhoneNum
Signature2024-11-15SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonSTELLA VIDA CPAPreparerPersonNm
PTINP01051658PTIN
Phone9146177620PhoneNum
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2024-10-15 13:58:12ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerCAROLE ACUNTOPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line11030 LAKE AVEAddressLine1Txt
CityGREENWICHCityNm
State AbbreviationCTStateAbbreviationCd
ZIP06831ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$639,505GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website AddressWWW.ITALIANACADEMYFOUNDATION.ORGWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation1947FormationYr
Legal Domicile StateNYLegalDomicileStateCd
Activity Or MissionTHE ITALIAN ACADEMY FOUNDATION, INC. HAS ADOPTED "CULTURAL DIPLOMACY" TO DESCRIBE ITS MISSION, REFERRING TO THE STAGING OF CULTURAL EVENTS, ART, MUSICAL AND OTHER PROGRAMMES, TOGETHER WITH THE PUBLICATION OF MATERIALS, NOTABLY THE ITALIAN JOURNAL, THAT WILL PRESENT ITALIAN REALITIES PAST AND PRESENTTO US AUDIENCES. OUR CONCERTS AND SYMPOSIA, EXHIBITIONS AND PERFORMANCES ARE DESIGNED TO PROVIDE UPLIFTING EXPERIENCES IN WHICH ITALIANITA IS THE ESSENTIAL SUBJECT. ITALIAN ACADEMY FOUNDATION ARTISTS ARE ARTICULATE AMBASSADORS; THEIR ART, A BRILLIANT DISCOURSE THAT PROMOTES MUTUALITY AND UNDERSTANDING.ActivityOrMissionDesc
Voting Members Governing Body0VotingMembersGoverningBodyCnt
Voting Members Independent0VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers0TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$0PYContributionsGrantsAmt
CY Contributions Grants$30CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$639,475CYProgramServiceRevenueAmt
PY Investment Income$0PYInvestmentIncomeAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$5,230PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$5,230PYTotalRevenueAmt
CY Total Revenue$639,505CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$0PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$0CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$0PYOtherExpensesAmt
CY Other Expenses$620,142CYOtherExpensesAmt
PY Total Expenses$0PYTotalExpensesAmt
CY Total Expenses$620,142CYTotalExpensesAmt
PY Revenues Less Expenses$5,230PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$19,363CYRevenuesLessExpensesAmt
Total Assets BOY$1,131TotalAssetsBOYAmt
Total Assets EOY$120,494TotalAssetsEOYAmt
Total Liabilities BOY$30,549TotalLiabilitiesBOYAmt
Total Liabilities EOY$130,549TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY-$29,418NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY-$10,055NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
MissionTHE ITALIAN ACADEMY FOUNDATION, INC. HAS ADOPTED "CULTURAL DIPLOMACY" TO DESCRIBE ITS MISSION, REFERRING TO THE STAGING OF CULTRURAL EVENTS, ART, MUSICAL AND OTHER PROGRAMMES, TOGETHER WITH THE PUBLICATION OF MATERIALS, NOTABLY THE ITALIAN JOUNAL, THAT WILLPRESENT ITALIAN REALITIES-PAST AND PRESENT-TO US AUDIENCES. OUR CONCERTS AND SYMPOSIA, EXHIBITIONS AND PERFORMANCES ARE DESIGNED TO PROVIDE UPLIFTING EXPERIENCES IN WHICH ITALIANITA IS THE ESSENTIAL SUBJECT. ITALIAN ACADEMY FOUNDATION ARTISTS ARE ARTICULATE AMBASSADORS' THEIR ART, A BILLIANT DISCOURSE THAT PROMOTES MUTUALITY AND UNDERSTANDING.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$617,365ExpenseAmt
Revenue$639,475RevenueAmt
DescCULTURAL EVENTDesc
Total Program Service Expenses$617,365TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B Required0ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment0ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other LiabilitiesYes (1)ReportOtherLiabilitiesInd
Include FIN48 Footnote0IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J Required0ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan OutstandingYes (1)LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee0EmployeeCnt
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members0GoverningBodyVotingMembersCnt
Independent Voting Member0IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy0ConflictOfInterestPolicyInd
Whistleblower Policy0WhistleblowerPolicyInd
Document Retention Policy0DocumentRetentionPolicyInd
Compensation Process CEO0CompensationProcessCEOInd
Compensation Process Other0CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1CINN WORLDWIDE CORPBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone9146177620PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 9001AddressLine1Txt
CityMOUNT VERNONCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10552ZIPCd
FieldValueIRS element (for citing)
No Listed Persons CompensatedYes (X)NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (4 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerInd
STEFANO ACUNTO
CHARIRMAN0.00Yes (X)$0$0$0
CLAUDIA PALMIRA ACUNTO
VICE CHAIR0.00Yes (X)$0$0$0
STEPHEN ACUNTO JR
VICE CHAIR0.00Yes (X)$0$0$0
CAROLE ACUNTO
PRESIDENT0.00$0$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$0TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K0TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt
All Other Contributions$30AllOtherContributionsAmt
Total Contributions$30TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

FieldValueIRS element (for citing)
DescCULTRAL EVENTSDesc
Business711130BusinessCd
Total Revenue Column$639,475TotalRevenueColumnAmt
Related Or Exempt Func Income$639,475RelatedOrExemptFuncIncomeAmt
FieldValueIRS element (for citing)
Total Program Service Revenue$639,475TotalProgramServiceRevenueAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$639,505TotalRevenueColumnAmt
Related Or Exempt Func Income$639,475RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt

Other Expenses OtherExpensesGrp (3 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmtManagement And GeneralManagementAndGeneralAmt
EVENT EXPENSES$617,365$617,365
DONATIONS$2,260$2,260
BANK CHARGES$517$517

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$620,142TotalAmt
Program Services$617,365ProgramServicesAmt
Management And General$2,777ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$1,131BOYAmt
EOY$120,494EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$1,131BOYAmt
EOY$120,494EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
EOY$100,000EOYAmt

Loans From Officers Directors LoansFromOfficersDirectorsGrp

FieldValueIRS element (for citing)
BOY$5,473BOYAmt
EOY$5,473EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$25,076BOYAmt
EOY$25,076EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$30,549BOYAmt
EOY$130,549EOYAmt
FieldValueIRS element (for citing)
Org Does Not Follow FASB117Yes (X)OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

FieldValueIRS element (for citing)
BOY$0BOYAmt
EOY$0EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY-$29,418BOYAmt
EOY-$10,055EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY-$29,418BOYAmt
EOY-$10,055EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$1,131BOYAmt
EOY$120,494EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$19,363ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS Audited0FSAuditedInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Publicly Supported Org509a2Yes (X)PubliclySupportedOrg509a2Ind

Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$0CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$0CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$0CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$0CurrentTaxYearMinus1YearAmt
Current Tax Year$30CurrentTaxYearAmt
Total$30TotalAmt

Gross Receipts Admissions GrossReceiptsAdmissionsGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$0CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$750CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$0CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$5,230CurrentTaxYearMinus1YearAmt
Current Tax Year$639,475CurrentTaxYearAmt
Total$645,455TotalAmt

Total509 Total509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus3 Years$750CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus1 Year$5,230CurrentTaxYearMinus1YearAmt
Current Tax Year$639,505CurrentTaxYearAmt
Total$645,485TotalAmt

Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Substantial Contributors Amt SubstantialContributorsAmtGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp

FieldValueIRS element (for citing)
Total$0TotalAmt
FieldValueIRS element (for citing)
Public Support Total509$645,485PublicSupportTotal509Amt

Total Support Calendar Year TotalSupportCalendarYearGrp

FieldValueIRS element (for citing)
Current Tax Year Minus3 Years$750CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus1 Year$5,230CurrentTaxYearMinus1YearAmt
Current Tax Year$639,505CurrentTaxYearAmt
Total$645,485TotalAmt
FieldValueIRS element (for citing)
Public Support CY5091.00000PublicSupportCY509Pct
Investment Income CY0.00000InvestmentIncomeCYPct
Thirty Thr Pct Suprt Tests CY509Yes (X)ThirtyThrPctSuprtTestsCY509Ind

Schedule D IRS990ScheduleD

FieldValueIRS element (for citing)
Total Book Value Land Buildings$0TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

FieldValueIRS element (for citing)
DescDUE TO CINNDesc
Amt$25,076Amt
FieldValueIRS element (for citing)
Total Liability$25,076TotalLiabilityAmt

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp

FieldValueIRS element (for citing)
PersonCAROLE ACUNTOPersonNm
Relationship With OrgPRESIDENTRelationshipWithOrgTxt
Loan PurposeTO COVER EXPENDITURESLoanPurposeTxt
Loan To OrganizationYes (X)LoanToOrganizationInd
Original Principal$5,473OriginalPrincipalAmt
Balance Due$5,473BalanceDueAmt
Default0DefaultInd
Board Or Committee Approval0BoardOrCommitteeApprovalInd
Written Agreement0WrittenAgreementInd
FieldValueIRS element (for citing)
Total Balance Due$5,473TotalBalanceDueAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11BALL FORMS 990 ARE REVIEWED AND SIGNED BY THE GOVERNMENT BODY BEFORE FILING
FORM 990, PART VI, SECTION C, LINE 19GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND OTHER DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST TO THE PRESIDENT

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