2021-07-15T11:49:00-05:00 2020-08-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2019-09-01 205496382 FUTURES IN EDUCATION FUTU 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 JOHN NOTARO EXECUTIVE DIRECTOR 7189657308 2021-07-15 1 GARRETT M HIGGINS P00543209 9143818900 2021-07-13 2019 2022-09-23 18:48:47Z JOHN NOTARO 243 PROSPECT PARK WEST BROOKLYN NY 11215 13628417 0 X WWW.FUTURESINEDUCATION.ORG X 2006 NY THE MISSION OF FUTURES IN EDUCATION IS TO ENSURE THAT THE GIFT OF AN EXCELLENT CATHOLIC EDUCATION CONTINUES TO BE A VIABLE OPTION FOR CURRENT AND FUTURE GENERATIONS OF DESERVING STUDENTS IN BROOKLYN AND QUEENS. WE PROVIDE ASSISTANCE TO THE NEEDIEST OF THOSE STUDENTS, REGARDLESS OF THEIR RELIGIOUS DENOMINATION, THROUGH ENDOWMENT FUNDS AND FUNDRAISING PROGRAMS THAT FOCUS ON KEY EDUCATIONAL PRIORITIES. 21 21 0 24 0 0 1313084 8527803 0 0 137300 139532 -5145 19508 1445239 8686843 3152281 6830135 0 0 0 0 9000 186266 774570 799685 1477066 3960966 8493467 -2515727 193376 8175365 9663115 1535263 2390166 6640102 7272949 X THE MISSION OF FUTURES IN EDUCATION IS TO ENSURE THAT THE GIFT OF AN EXCELLENT EDUCATION CONTINUES TO BE A VIABLE OPTION FOR FUTURE GENERATIONS OF STUDENTS IN BROOKLYN AND QUEENS BY PROVIDING SUPPLEMENTAL FUNDING FOR TUITION ASSISTANCE, PROGRAM SUPPORT AND CAPITAL PROJECTS TO THE NEEDIEST CATHOLIC ELEMENTARY AND SECONDARY STUDENTS AND SCHOOLS IN THESE TWO BOROUGHS.THE VISION OF FUTURES IN EDUCATION IS TO ENSURE THAT ANY STUDENT IN BROOKLYN OR QUEENS WHO WANTS TO OBTAIN A QUALITY, FAITH-BASED EDUCATION IN THE CATHOLIC TRADITION, WILL BE ABLE TO DO SO, REGARDLESS OF HIS OR HER FAMILY'S INCOME, RACE, RELIGION, OR BACKGROUND, BY KEEPING THE SCHOOLS AVAILABLE AND AFFORDABLE TO FAMILIES IN THE DIOCESE. 0 0 3836940 3333508 DIOCESE OF BROOKLYN SCHOLARSHIP PROGRAM MAKES A QUALITY CATHOLIC EDUCATION AVAILABLE TO AS MANY FAMILIES AS POSSIBLE BY OFFERING PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE FOR STUDENTS IN PRE-K TO 8TH GRADE ENROLLED IN CATHOLIC GRAMMAR SCHOOLS IN BROOKLYN AND QUEENS. IN FY'20, THE PROGRAM AWARDED SCHOLARSHIPS TO 2,554 STUDENTS FOR A TOTAL AMOUNT OF $3,333,508.00 2331314 2331314 BISHOP'S SCHOLARSHIP PROGRAM IN CONJUNCTION WITH THE CHILDREN'S SCHOLARSHIP FUND (CSF), THE PROGRAM STIMULATES ENROLLMENT OF STUDENTS FROM PUBLIC SCHOOLS INTO CATHOLIC SCHOOLS FOR THOSE FAMILIES WITH FINANCIAL NEED OF TUITION ASSISTANCE IN LINE WITH CSF'S AIM TO MAXIMIZE EDUCATIONAL OPPORTUNITY FOR ALL CHILDREN. IN FY'20, THE PROGRAMS AWARDED SCHOLARSHIPS TO 1,845 STUDENTS FOR A TOTAL AMOUNT OF $2,331,314.00. 1165313 1165313 BE AN ANGEL TO A STUDENT PROGRAM A SPONSORSHIP PROGRAM WHERE A DONOR, AN ANGEL, PAYS A PORTION OF THE STUDENT'S TUITION FOR A FAMILY WITH EXTRAORDINARY NEED TO HELP SEND THEIR CHILDREN TO A CATHOLIC SCHOOL THEY LOVE. THE STUDENT SENDS CORRESPONDENCE TO THE ANGEL THROUGHOUT THE SCHOOL YEAR, INCLUDING LETTERS, GREETINGS AND REPORT CARDS. IN FY'20, THE PROGRAM AWARDED SCHOLARSHIPS TO 699 STUDENTS FOR A TOTAL AMOUNT OF $1,165,313.00. 7333567 1 1 0 0 0 0 0 0 1 1 0 1 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 3 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X X JOHN NOTARO 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 X MS VERONICA TSANG CHAIRPERSON 2.00 X X 0 0 0 MR ROBERT F GARTLAND VICE CHAIRMAN 2.00 X X 0 0 0 MR PAUL AGUGGIA TRUSTEE 2.00 X 0 0 0 MR ROBERT B CATELL TRUSTEE 2.00 X 0 0 0 MR MARTIN COTTINGHAM TRUSTEE 2.00 X 0 0 0 MOST REV NICHOLAS DIMARZIO TRUSTEE 2.00 X 0 0 0 MR JOHN G DUANE TRUSTEE 2.00 X 0 0 0 MR THOMAS FLOOD TRUSTEE 2.00 X 0 0 0 MR CHRISTIAN GARCIA TRUSTEE 2.00 X 0 0 0 REV MSGR JAMIE J GIGANTIELLO TRUSTEE 2.00 X 0 0 0 MR LOUIS GRASSI TRUSTEE 2.00 X 0 0 0 REV MSGR KIERAN HARRINGTON TRUSTEE 2.00 X 0 0 0 MR WILLIAM J HOGAN TRUSTEE 2.00 X 0 0 0 MR JOHN LOCONSOLO TRUSTEE 2.00 X 0 0 0 MR JOSEPH MATTONE SR ESQ TRUSTEE 2.00 X 0 0 0 MRS ANA OLIVEIRA TRUSTEE 2.00 X 0 0 0 MR LESTER J OWENS TRUSTEE 2.00 X 0 0 0 MR ALEX PEREZ TRUSTEE 2.00 X 0 0 0 MR JOSEPH SCIAME TRUSTEE 2.00 X 0 0 0 MR CARLO A SCISSURA ESQ TRUSTEE 2.00 X 0 0 0 MR STEVEN STELLA TRUSTEE 2.00 X 0 0 0 MRS AIDA TORRES SECRETARY 2.00 X 0 0 0 MRS NICOLE STEINWEISS TREASURER 2.00 X 0 0 0 MR JOHN NOTARO EXECUTIVE DIRECTOR 35.00 X 0 0 0 0 0 0 0 0 0 0 0 955740 7572063 410353 8527803 119759 119759 4706030 4686257 19773 19773 19773 215000 955740 255317 -40317 -40317 MISCELLANEOUS INCOME 900099 59825 59825 59825 8686843 0 0 159040 68227 68227 6761908 6761908 770563 342001 157525 271037 26551 26551 186266 186266 50655 50655 20093 11000 9093 83460 83460 197888 126236 39537 32115 58804 3404 52384 3016 40279 18595 7520 14164 5555 113 10 5432 176179 8763 767 166649 31859 31859 REPAIRS & MAINTENANCE 15180 4320 7522 3338 8493467 7333567 385330 774570 582758 177072 263110 295664 1471286 2877873 152165 52188 4942042 5389199 755795 785655 8209 85464 8175365 9663115 49045 88732 8209 85464 1478009 2215970 1535263 2390166 X 10797 297587 6629305 6975362 6640102 7272949 8175365 9663115 X 193376 414604 24867 X X 0 1 X 1 0 X 7674028 7060216 7145671 1294559 8527803 31702277 7674028 7060216 7145671 1294559 8527803 31702277 13278367 18423910 94363 97468 131303 86916 119759 529809 44084 45240 56500 19420 59825 225069 32457155 0.56760 0.69660 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REIMBURSEMENTS FROM CAP PROGRAM - 2015 AMOUNT: $ 44,084. 2016 AMOUNT: $ 45,240. 2017 AMOUNT: $ 56,500. MISCELLANEOUS INCOME - 2018 AMOUNT: $ 19,420. 2019 AMOUNT: $ 59,825. PART II, SHORT YEAR EXPLANATION: THE ORGANIZATION IS REPORTING A SHORT YEAR IN 2019. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4284274 387116 4671390 3855172 429102 4284274 3975901 -120729 3855172 3499889 476012 3975901 3374128 35450 90311 3499889 1.00000 0 0 0 INTEREST IN NET ASSETS OF CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 785655 F 785655 DUE TO CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 2215970 2215970 X 9101447 414604 414604 8686843 0 8686843 8498460 4993 4993 8493467 0 8493467 PART IV, LINE 2B: FUNDS HELD AS AGENCY ENDOWMENTS INCLUDE CONTRIBUTIONS GIVEN BY INDIVIDUALS FOR OTHER ORGANIZATIONS THAT ARE HELD BY FUTURES ON BEHALF OF THOSE ORGANIZATIONS. PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT FUND IS TO PROVIDE INCOME FOR EDUCATIONAL SCHOLARSHIPS FOR THOSE IN NEED. PART X, LINE 2: FUTURES RECOGNIZES THE EFFECT OF TAX POSITIONS ONLY WHEN THEY ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT FUTURES HAD NO UNCERTAIN TAX POSITIONS THAT THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. FUTURES IS NO LONGER SUBJECT TO TAX EXAMINATIONS FOR FISCAL PERIODS PRIOR TO 2017. PART XII, LINE 2D - OTHER ADJUSTMENTS: WRITE-OFF OF UNCOLLECTIBLE PLEDGE REPORTED IN PART XI, LINE 9 4,993. X X X X 1 COMMUNITY COUNSELLING SERVICE CO LLC 527 MADISON AVENUE 5TH FLOOR NEW YORK NY 10022 PLANNING AND IMPLEMENTATION OF CENTRALIZED FUNDRAISING SYSTE 0 0 186266 -186266 186266 -186266 NY ANNUAL DINNER 1097940 922940 175000 185430 GOLF EVENT 72800 32800 40000 69887 1170740 955740 215000 255317 255317 -40317 SCHEDULE G, PART I, LINE 2B, COLUMN (V) PER AGREEMENT WITH CCS, THE PROFESSIONAL SERVICE FEE DID NOT INCLUDE PROJECT EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE TRAVEL, TRANSPORTATION, MILEAGE, LODGING, OFFICE PRINTING, COURIER, AND OTHER ANCILLARY COSTS. SUCH COSTS WERE PAID SEPARATELY. 1 CATHEDRAL PREP HIGH SCHOOL 56-25 92ND STREET ELMHURST NY 11373 112138745 501(C)(3) 50000 EDUCATIONAL SCHOLARSHIPS ST FRANCIS COLLEGE 180 REMSEN STREET 4305 BROOKLYN NY 11201 111635105 501(C)(3) 6333 EDUCATIONAL SCHOLARSHIPS 2 0 SPONSORSHIP PROGRAM WHERE A DONOR PAYS A PORTION OF THE STUDENT'S TUITION. 699 1165313 PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE. 4399 5596595 PART I, LINE 2: FOR ALL SCHOLARSHIP PROGRAMS, FAMILIES COMPLETE A FINANCIAL AID APPLICATION TO DETERMINE ELIGIBILITY. THESE APPLICATIONS ARE PROCESSED BY A THIRD-PARTY VENDOR, FACTS, WHO ASSESSES FINANCIAL NEED BASED ON HOUSEHOLD INCOME AND SIZE. THE RESULTS ARE STORED IN A DATABASE AND TWICE A YEAR, ATTENDANCE OF STUDENTS IS VERIFIED BEFORE SUBMISSION OF PAYMENTS. X 4 410353 AVG. SELLING PRICE 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS FORM 990, PART VI, SECTION A, LINE 3 FUTURES IN EDUCATION DELEGATED CONTROL OVER MANAGEMENT DUTIES TO CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS THROUGH A MANAGEMENT SERVICES AGREEMENT. UNDER THE AGREEMENT, CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS HAS MANAGEMENT CONTROL OVER EXECUTIVE REPORTING, ORGANIZATION MANAGEMENT, FUNDRAISING AND DEVELOPMENT, BUDGETS AND ACCOUNTING, EVENTS, AND VENDOR AND CONTRACT MANAGEMENT. FOR THE TAX YEAR ENDING AUGUST 31, 2020, FUTURES IN EDUCATION PAID CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS $770,563 FOR MANAGEMENT FEE EXPENSES. THE MANAGEMENT FEE EXPENSES OF $770,563 REPRESENTS EXPENSES OF MANAGEMENT FEES, PAYROLL SERVICE FEES, ADVERTISING, OFFICE EXPENSES, INFORMATION TECHNOLOGY, OCCUPANCY, TRAVEL, CONFERENCES, GRANTS, AND INSURANCES. JOHN NOTARO, EXECUTIVE DIRECTOR, AND AIDA TORRES, SECRETARY, ARE COMPENSATED BY CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS. FUTURES IN EDUCATION REIMBURSED CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS FOR THEIR COMPENSATION IN ACCORDANCE WITH THE MANAGEMENT SERVICES AGREEMENT IN PLACE. TOTAL COMPENSATION (SALARY PLUS MEDICAL AND OTHER BENEFITS) PAID FOR JOHN NOTARO'S SERVICES AMOUNTED TO $81,800 IN 2019. TOTAL COMPENSATION (SALARY PLUS MEDICAL AND OTHER BENEFITS) PAID FOR SERVICES PROVIDED BY AIDA TORRES WAS $19,514 IN 2019. FORM 990, PART VI, SECTION B, LINE 11B FUTURES IN EDUCATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD MEMBERS OF THE ORGANIZATION FOR ANY COMMENTS. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED TO THE OUTSIDE ACCOUNTANTS. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY APPLICABLE TO TRUSTEES, PRINCIPAL OFFICERS, AND MEMBERS OF ANY COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. THE POLICY IS REVIEWED ON AN ANNUAL BASIS AND EACH TRUSTEE MUST SIGN A STATEMENT AFFIRMING THAT HE/SHE IS AWARE OF AND UNDERSTANDS THE POLICY. UPON DISCLOSURE OF A POTENTIAL CONFLICT OF INTEREST, AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CORPORATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD SHALL DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN OWN BENEFIT, AND THE CORPORATION'S BEST INTEREST, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION BY MAJORITY VOTE AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. IT IS POSTED ON THE GUIDESTAR.ORG WEBSITE AND OTHER SIMILAR WEBSITES. THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST AT THE ORGANIZATION'S BUSINESS ADDRESS DURING NORMAL BUSINESS HOURS AT 243 PROSPECT PART WEST, BROOKLYN, NY 11215. FORM 990, PART XI, LINE 9: CHANGE IN INTEREST IN NET ASSETS OF CATHOLIC FND. FOR BROOKLYN & QUEENS 29,860. WRITE-OFF OF UNCOLLECTIBLE PLEDGES -4,993. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM THE PRIOR YEAR.