2025-11-11T08:59:29-06:00 2024-12-31 872525370 CITRIN COOPERMAN ADVISORS LLC 500 EXCHANGE STREET SUITE 9-100 PROVIDENCE RI 02903 990 2024-01-01 932369284 ROMANIAN-AMERICAN FOUNDATION ROMA 9735099509 227 INWOOD AVENUE MONTCLAIR NJ 07043 ARTHUR HICKOK SECRETARY 9735099509 2025-11-10 1 1 AMANDA ADAMS P00748038 4014214800 2025-11-10 2024 2025-03-06 01:10:19Z X X BOGDAN VERNESCU 227 INWOOD AVENUE MONTCLAIR NJ 07043 208995834 0 X RAFONLINE.ORG X 2023 DE TO STRENGTHEN AND PROMOTE CONDITIONS FOR A SUSTAINABLE MARKET ECONOMY AND A DEMOCRATIC SOCIETY THAT PROVIDES ACCESS TO OPPORTUNITY FOR ALL SEGMENTS OF THE ROMANIAN SOCIETY. 13 13 0 14 -144800 0 2318999 159016692 0 0 0 11779827 0 0 2318999 170796519 0 5521185 0 0 0 80000 0 0 0 10541 2178256 10541 7779441 2308458 163017078 2308458 175123528 0 2007760 2308458 173115768 TO STRENGTHEN AND PROMOTE CONDITIONS FOR A SUSTAINABLE MARKET ECONOMY AND A DEMOCRATIC SOCIETY THAT PROVIDES ACCESS TO OPPORTUNITY FOR ALL SEGMENTS OF THE ROMANIAN SOCIETY. 0 0 6448295 5521185 IN ORDER TO ASSIST IN BUILDING AND MAINTAINING A MARKET ECONOMY AND DEMOCRATIC SOCIETY IN ROMANIA, THE FOUNDATION CONTRIBUTES TO DEVELOPING ENTREPRENEURSHIP, IMPROVING EDUCATION, PROMOTING THE SPIRIT OF PHILANTHROPY IN ROMANIA AND FOSTERING INNOVATION. 6448295 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 1 11 0 1 0 0 1 RO 0 0 0 0 0 0 X 13 13 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 DE X BOGDAN GIURGINCA CFO 0312251223 6 GINA PATRICHI STREET SECTOR 1 BUCHAREST RO 010449 BOGDAN VERNESCU CHAIRMAN 1.00 X X 0 0 0 MAGDALENA MANEA VICE CHAIRMAN 1.00 X X 0 0 0 PAIGE ALEXANDER TRUSTEE 1.00 X 0 0 0 DINU-MIHAIL BUMBACEA TRUSTEE 1.00 X 0 0 0 KRISTINA PERKIN DAVISON TRUSTEE 1.00 X 0 0 0 GARY HATTEM TRUSTEE 1.00 X 0 0 0 JAMES J JACKSON TRUSTEE 1.00 X 0 0 0 JOYCE S KLINE TRUSTEE 1.00 X 0 0 0 CRISTIAN NACU TRUSTEE 1.00 X 0 0 0 ANDREEA ROSCA TRUSTEE 1.00 X 0 0 0 WALTER VEIRS TRUSTEE 1.00 X 0 0 0 KRYSTYNA WOLNIAKOWSKI TRUSTEE 1.00 X 0 0 0 CHRISTOPHER WORMAN TRUSTEE 1.00 X 0 0 0 ADRIAN IONESCU TRUSTEE 1.00 X 0 0 0 ROXANA VITAN PRESIDENT 40.00 X 0 0 104756 SUZANA DOBRE VP, STRATEGY & PROGRAMS 40.00 X 0 0 13968 BOGDAN GIURGINCA TREASURER & CFO 40.00 X 0 0 71457 EMILY GRAND ASSISTANT CORPORATE SECRETARY 5.00 X 0 0 0 ARTHUR HICKOK CORPORATE SECRETARY 2.00 X 0 0 0 0 0 190181 1 0 0 0 SEI 1 FREEDOM VALLEY DRIVE OAKS PA 19456 INVESTMENT ADVISORY IN US 595896 BABSON COLLEGE 231 FOREST STREET WELLESLEY MA 02457 PROGRAMMATIC SERVICES IN U.S. 179759 BAKER HOSTETLER 1050 CONNECTICUT AVENUE NW SUITE 1 WASHINGTON DC 20036 LEGAL SERVICES IN US 172166 HARVARD GRADUATE SCHOOL OF EDUCATION 13 APPIAN WAY CAMBRIDGE MA 02138 PROGRAMMATIC SERVICES IN U.S. 160000 4 159016692 158003733 159016692 15261176 -144800 15405976 34717966 38199315 -3481349 -3481349 -3481349 170796519 0 -144800 11924627 380300 380300 5140885 5140885 80000 80000 172504 15749 156755 34824 34824 784917 784917 479437 459709 19728 72670 65577 7093 56930 38176 18754 100470 90423 10047 30880 24765 6115 203096 32382 170714 102792 92513 10279 19125 19125 EQUIPMENT RENT/MAINT. 43573 38226 5347 PROGRAM DEVELOPMENT EXP 36409 33015 3394 DUES & MEMBERSHIPS 7877 7089 788 32752 29486 3266 7779441 6448295 1331146 0 X 0 952782 0 14661 3061324 622794 2308458 2438530 0 135546730 0 34943357 0 1227468 0 2308458 175123528 0 469880 0 1537880 0 2007760 X 2308458 173115768 2308458 173115768 2308458 175123528 X 163017078 8308106 -517874 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 165834300 12480705 7040000 784917 170490088 1.00000 0 0 2886753 450558 2436195 174571 172236 2335 2438530 DIVERSIFIED STRATEGY OF PROPERTY FUNDS 8152874 F MULTI-STRATEGY, HEDGE FUNDS OF FUNDS 11239400 F DIVERSIFIED STRATEGY OF PRIVATE EQUITY FUNDS 15551083 F 34943357 19302309 8308106 -707 8307399 10994910 784917 159016692 159801609 170796519 6971600 977076 977076 5994524 784917 1000000 1784917 7779441 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT FUND IS A QUASI-ENDOWMENT FUND ESTABLISHED BY THE ORGANIZATION'S BOARD OF TRUSTEES. THE QUASI-ENDOWMENT FUND WILL BE USED TO SUPPORT THE ORGANIZATION'S MISSION TO STRENGTHEN AND PROMOTE CONDITIONS FOR A SUSTAINABLE MARKET ECONOMY AND A DEMOCRATIC SOCIETY THAT PROVIDES ACCESS TO OPPORTUNITY FOR ALL SEGMENTS OF THE ROMANIAN SOCIETY. THE ORGANIZATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS QUASI-ENDOWMENT FUND THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF FUNDATIA ROMANO-AMERICANA -707. PART XI, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTION FROM RAF OLD DUE TO MERGER 159,016,692. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF FUNDATIA ROMANO-AMERICANA 977,076. PART XII, LINE 4B - OTHER ADJUSTMENTS: CONTRIBUTION TO FUNDATIA ROMANO-AMERICANA 1,000,000. 0 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION 5140885 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM RELATED INVESTMENTS 1262140 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 11239400 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM DEVELOPING ENTREPRENEURSHIP, IMPROVING EDUCATION, PROMOTING THE SPIRIT OF PHILANTHROPY IN ROMANIA AND FOSTERING INNOVATION. 372798 0 0 0 0 0 0 18015223 0 18015223 EUROPE COMMUNITY DEVELOPMENT 40000 WIRE TRANSFER 0 EUROPE TECHNOLOGICAL INNOVATION 16000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 80000 WIRE TRANSFER 0 EUROPE EDUCATION 55000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 85000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 67000 WIRE TRANSFER 0 EUROPE EDUCATION 79800 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 90000 WIRE TRANSFER 0 EUROPE TECHNOLOGICAL INNOVATION 10000 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 93700 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 67500 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 50506 WIRE TRANSFER 0 EUROPE EDUCATION 59000 WIRE TRANSFER 0 EUROPE EDUCATION 82580 WIRE TRANSFER 0 EUROPE EDUCATION 80000 WIRE TRANSFER 0 EUROPE EDUCATION 70200 WIRE TRANSFER 0 EUROPE EDUCATION 60000 WIRE TRANSFER 0 EUROPE EDUCATION 100000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 120000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 40000 WIRE TRANSFER 0 EUROPE EDUCATION 68767 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 572000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 118000 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 80000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 13000 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 195497 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 25000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 20000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 25000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 20000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 81258 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 94000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 105000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 78000 WIRE TRANSFER 0 EUROPE ENTREPRENEURSHIP 634002 WIRE TRANSFER 0 EUROPE EDUCATION 305000 WIRE TRANSFER 0 EUROPE EDUCATION 115000 WIRE TRANSFER 0 EUROPE EDUCATION 190075 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 50000 WIRE TRANSFER 0 EUROPE COMMUNITY DEVELOPMENT 1000000 WIRE TRANSFER 0 0 39 1 0 1 0 0 0 PART I, LINE 2: DURING THE GRANT TERM, GRANT RECIPIENTS ARE REQUIRED TO SUBMIT PROGRESS REPORTS (NARRATIVE AND DETAILED FINANCIAL REPORTS) ONCE OR TWICE PER YEAR. THESE ARE REVIEWED BY STAFF OF FUNDATIA ROMANO-AMERICANA FOR COMPLIANCE WITH THE TERMS OF THE GRANT AGREEMENT. AS A GENERAL RULE, THE FIRST INSTALLMENT IS AN ADVANCE PAYMENT BUT THE FOLLOWING INSTALLMENTS ARE TRANSFERRED TO THE GRANTEE ONLY AFTER APPROVAL OF THE INTERMEDIATE/PROGRESS REPORTS. PROGRAM STAFF OF FUNDATIA ROMANO-AMERICANA VISIT THE GRANTEES DURING THE TERM OF THE GRANT (ONE OR MORE SITE VISITS PER YEAR), WRITE VISIT REPORTS AND KEEP A JOURNAL WITH NOTES FOLLOWING RELEVANT COMMUNICATION WITH THE GRANTEES. PROGRAM STAFF OF FUNDATIA ROMANO-AMERICANA PREPARE PERIODIC EVALUATION REPORTS BASED ON GRANTEES' CONTRACTUAL REPORTS, DISCUSSIONS, SITE VISITS, AND RELEVANT SECTOR DEVELOPMENTS. ALL DOCUMENTS ARE RETAINED IN THE ORGANIZATION'S RECORDS SYSTEM. AS PER THE GRANT AGREEMENT, EACH GRANTEE IS REQUIRED TO RETAIN ORIGINAL SUBSTANTIATION DOCUMENTS, INCLUDING ACCOUNTING RECORDS, RELATED TO THE ACTIVITIES AND ELIGIBLE EXPENDITURE TO ENSURE AN ADEQUATE AUDIT TRAIL. DEPENDING ON EACH PROJECT'S DURATION, THERE MAY BE ONE OR TWO AUDIT TRAILS (INTERMEDIATE OR FINAL). THE AUDIT TRAIL IS PERFORMED BY AN INDEPENDENT AUDITOR, SELECTED AND CONTRACTED BY THE ORGANIZATION. THE EXAMINATION INCLUDES VERIFICATION OF FINANCIAL RECORDS, PERFORMANCE RECORDS, COMPLIANCE INFORMATION, ETC. THE AUDITOR PRESENTS A REPORT WITH THE FINDINGS DIRECTLY TO THE STAFF OF THE ORGANIZATION. FUNDATIA ROMANO-AMERICANA ("FRA") IS A SUBSIDIARY OF THE ROMANIAN-AMERICAN FOUNDATION ("RAF"). RAF FUNDS FRA THROUGH A GRANT THAT IS APPROVED BY THE BOARD OF TRUSTEES OF RAF. RAF MONITORS THE GRANT ON A CONTINUOUS BASIS THROUGH ITS CONTROL OF FRA. EVERY YEAR FRA DEVELOPS A BUDGET FOR ITS OPERATIONS AND PRESENTS IT TO RAF. RAF CONSOLIDATES THIS IN ITS OWN BUDGET THAT IS EVENTUALLY APPROVED BY THE RAF BOARD. FRA THEN ISSUES MONTHLY FINANCIAL STATEMENTS THAT ARE CONSOLIDATED UNDER US GAAP TOGETHER WITH THE FINANCIAL STATEMENTS OF RAF. RAF'S CONSOLIDATED FINANCIAL STATEMENTS ARE REPORTED QUARTERLY TO THE FINANCE AND INVESTMENT COMMITTEE OF RAF AND TO THE BOARD OF TRUSTEES OF RAF. SUCH REPORTING INCLUDES A CONSOLIDATED BUDGETARY EXECUTION OF ACTUAL VERSUS BUDGET FIGURES; DETAILED EXPLANATIONS ARE PROVIDED FOR THE VARIANCES. EVERY YEAR RAF ISSUES USGAAP AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND THE AUDITORS REPORT THEIR FINDINGS TO THE BOARD OF TRUSTEES OF RAF. PART I, LINE 3: THE AMOUNTS REPORTED FOR EXPENDITURES IN PART I WERE DETERMINED USING THE ACCRUAL METHOD OF ACCOUNTING. THE AMOUNTS REPORTED FOR INVESTMENTS REPRESENT THE FAIR MARKET VALUE OF SUCH INVESTMENTS AT THE END OF THE TAX YEAR. PART II, LINE 1 ACCOUNTING METHOD: THE AMOUNTS REPORTED IN PART II WERE DETERMINED BASED ON THE ACCRUAL METHOD OF ACCOUNTING. 1 COUNCIL ON INTERNATIONAL EDUCATIONAL EXCHANGE 300 FORE STREET PORTLAND ME 04101 135619649 501(C)(3) 380300 0 EDUCATION 1 PART I, LINE 2: MONITORING OF GRANTS MADE TO U.S. ORGANIZATIONS RETAIN ALL THE RIGORS OF GRANTS PROVIDED TO FOREIGN ORGANIZATIONS. THE GRANTEE ORGANIZATION PROVIDES A PROPOSAL AND COINCIDING BUDGET FOR PROGRAM EXPENSES. THE GRANT REQUEST AND BUDGET IS APPROVED BY THE RAF BOARD OF DIRECTORS. AFTER APPROVAL, WE SIGN A GRANT AGREEMENT THAT INCLUDES THE BUDGET. DURING IMPLEMENTATION OF THE GRANT, THERE ARE TYPICALLY THREE CATEGORIES OF EXPENDITURES: 1. ORGANIZATION MANAGEMENT FEE, PRE-NEGOTIATED AND PAID FOR ON AN ANNUAL BASIS. 2. SUB-GRANTING OR CONTRACTING TO A US UNIVERSITY THAT HOSTS THE PROGRAM AND PROVIDES CAPACITY DELIVERY. AGAIN, THIS IS PRE-NEGOTIATED AND PAID OUT ON AN ANNUAL BASIS. 3. LOGISTICS EXPENSES (DIRECT COSTS) USUALLY THESE EXPENSES INCLUDE TRAVEL, HOTEL, AND MEALS. THESE EXPENSES ARE MONITORED THROUGH INVOICES PAID. GRANT RECIPIENTS PROVIDE PROGRESS REPORTS THAT DESCRIBE PROGRESSES MADE IN THE GRANT IMPLEMENTATION AND A FINANCIAL REPORT AS TO WHERE THE FUNDS WERE SPENT. GHS PHILANTHROPY MANAGEMENT OWNED >35% BY OFFICERS 80000 ARTHUR HICKOK AND EMILY GRAND OWNED GHS PHILANTHROPY MANAGEMENT ("GHS") DURING THE REPORTING PERIOD OF THIS FORM 990. GHS RECEIVED COMPENSATION FOR PROFESSIONAL SERVICES IN THE ABOVE AMOUNT FOR THE REPORTING PERIOD. MR. HICKOK AND MS. GRAND RECUSED THEMSELVES FROM MATTERS CONCERNING THE SELECTION AND COMPENSATION OF THE MANAGEMENT SERVICES FIRM RETAINED BY RAF. 0 X 1 130884974 FMV X 1 25522294 FMV X PROGRAM RELATED INVESTMENTS 1 841688 FMV X RECEIVABLES 1 517874 FMV X FIXED ASSETS 1 232864 BOOK X DEPOSITS 1 4039 BOOK 0 0 0 0 PART I, COLUMN (B): ALL OF THE ABOVE NONCASH CONTRIBUTIONS WERE AS A RESULT OF THE MERGER OF ROMANIAN-AMERICAN FOUNDATION INTO RAF NEW (NOW NAMED ROMANIAN-AMERICAN FOUNDATION). THE NUMBER REPORTED IS THE NUMBER OF DONORS OF SUCH ITEMS. FORM 990, PART VI, SECTION A, LINE 2 OFFICERS ARTHUR HICKOK AND EMILY GRAND HAVE A FAMILY RELATIONSHIP AND A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE FOUNDATION AMENDED AND RESTATED ITS CERTIFICATE OF INCORPORATION TO CHANGE ITS NAME. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM USING THE ORGANIZATION'S CERTIFIED FINANCIAL-RECORDS AND THROUGH DISCUSSIONS WITH THE ORGANIZATION'S PRESIDENT AND CHIEF FINANCIAL OFFICER. THE PRESIDENT THEN REVIEWS THE FORM 990 WITH THE MEMBERS OF THE ORGANIZATION'S BOARD OF TRUSTEES. EACH MEMBER IS PROVIDED WITH ACCESS TO THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S INDEPENDENT AUDITORS CONFIRM WITH EACH TRUSTEE AND KEY EMPLOYEE THAT THEY HAVE COMPLIED WITH THE POLICY'S REQUIREMENTS DURING THE ORGANIZATION'S ANNUAL AUDIT. FORM 990, PART VI, SECTION B, LINE 15 OFFICERS ONLY RECEIVE COMPENSATION FROM A RELATED ORGANIZATION, NOT THE FOUNDATION. THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE COMPENSATION OF THE CEO AND OTHER OFFICERS, INCLUDING COMPARABILITY DATA, ON AN ANNUAL BASIS IN CONNECTION WITH OF ITS APPROVAL OF THE ORGANIZATION'S BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART X: THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS ARE CONSOLIDATED AND INCLUDE THE ACTIVITY OF THE FOUNDATION'S RELATED ORGANIZATION, FUNDATIA ROMANO-AMERICANA. THEREFORE, THE AMOUNTS PRESENTED IN PART X DIFFER FROM THE AMOUNTS IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION BECAUSE THEY INCLUDE THE INTERCOMPANY BALANCES ON THE FOUNDATION'S BOOKS THAT ARE ELIMINATED IN CONSOLIDATION FOR FINANCIAL STATEMENT PURPOSES. FORM 990, PART XI, LINE 9: ADJUSTMENT TO REMOVE FUNDATIA ROMANO-AMERICANA NET ASSETS -517,874. FUNDATIA ROMANO-AMERICANA 6 GINA PATRICHI ST BUCHAREST RO DEVELOPING ENTREPRENEURSHIP, EDUCATION, PHILANTHROPY, INNOVATION RO ROMANIAN-AMERICAN FOUNDATION 1 ROMANIAN-AMERICAN FOUNDATION 31 WEST 34TH ST STE 7010 NEW YORK NY 10001 271095214 DEVELOPING ENTREPRENEURSHIP, EDUCATION, PHILANTHROPY, INNOVATION DE 501(C)(4) N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FUNDATIA ROMANO-AMERICANA B 1000000 CASH ROMANIAN-AMERICAN FOUNDATION C 159016692 FMV