2016-11-14T19:03:04-06:00 2015-12-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2015-01-01 205496382 FUTURES IN EDUCATION FUTU 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 JOHN NOTARO ACTING EXECUTIVE DIRECTOR 7189657308 2016-11-14 1 GARRETT M HIGGINS P00543209 9143818900 2016-11-14 2015 2017-02-10 21:41:12Z JOHN NOTARO 243 PROSPECT PARK WEST BROOKLYN NY 11215 11553708 0 X WWW.FUTURESINEDUCATION.ORG X 2006 NY 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. 26 26 0 26 0 0 7150155 9704138 0 0 205040 83840 -198088 -165566 7157107 9622412 6884164 6729916 0 0 0 0 0 25000 384550 1126857 994763 8011021 7749679 -853914 1872733 10058581 12039532 300551 579445 9758030 11460087 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 3534837 3246491 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 2015, THE PROGRAM AWARDED SCHOLARSHIPS TO 2,304 STUDENTS FOR A TOTAL AMOUNT OF $3,246,491. 2165538 2165538 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 2015, THE PROGRAMS AWARDED SCHOLARSHIPS TO 1,704 STUDENTS FOR A TOTAL AMOUNT OF $2,165,538. 1292396 1292396 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 2015, THE PROGRAM AWARDED SCHOLARSHIPS TO 707 STUDENTS FOR A TOTAL AMOUNT OF $1,292,396. 25491 25491 THE ORGANIZATION ALSO GAVE GRANTS AND ASSISTANCE TO OTHER ORGANIZATIONS DURING THE YEAR TO FURTHER THEIR MISSIONS. 25491 25491 7018262 1 1 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 1 7 0 0 0 0 0 0 0 1 1 0 0 0 0 X 26 26 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X X JOHN NOTARO 7189657308 243 PROSPECT PARK WEST BROOKLYN NY 11215 X ROBERT B CATELL CHAIRMAN 2.00 X X 0 0 0 ROBERT F GARTLAND VICE CHAIRMAN 2.00 X X 0 0 0 BRENDAN DUGAN TREASURER 2.00 X X 0 0 0 KEVIN KEARNEY SECRETARY-TERM ENDED JAN. 2015 2.00 X X 0 0 0 AIDA TORRES SECRETARY/ASSOC. DIR. OF OPERATIONS 2.00 X X 0 0 0 REGINA PITARO TRUSTEE 2.00 X 0 0 0 SUSAN F ALTAMORE-CARUSI ESQ TRUSTEE-TERM ENDED SEPT. 2015 2.00 X 0 0 0 MARTIN COTTINGHAM TRUSTEE 2.00 X 0 0 0 MOST REV NICHOLAS DIMARZIO TRUSTEE 2.00 X 0 0 0 CLARISSA ELGARTEN TRUSTEE 2.00 X 0 0 0 REV MSGR JAMIE J GIGANTIELLO TRUSTEE 2.00 X 0 0 0 THOMAS FLOOD TRUSTEE 2.00 X 0 0 0 LOUIS C GRASSI TRUSTEE 2.00 X 0 0 0 REV MSGR KIERAN E HARRINGTON TRUSTEE 2.00 X 0 0 0 MR WILLIAM J HOGAN TRUSTEE 2.00 X 0 0 0 JOHN A LOCONSOLO TRUSTEE 2.00 X 0 0 0 JOSEPH MATTONE SR ESQ TRUSTEE 2.00 X 0 0 0 CHARLES MCQUADE TRUSTEE 2.00 X 0 0 0 ARTHUR J MIRANTE II TRUSTEE 2.00 X 0 0 0 LESTER J OWENS TRUSTEE 2.00 X 0 0 0 BRUCE C RATNER TRUSTEE 2.00 X 0 0 0 JOSEPH SCIAME TRUSTEE 2.00 X 0 0 0 MICHAEL O'KEEFFE TRUSTEE 2.00 X 0 0 0 CARLO A SCISSURA ESQ TRUSTEE 2.00 X 0 0 0 ANTHONY J BONOMO JD TRUSTEE 2.00 X 0 0 0 JOHN DUANE TRUSTEE 2.00 X 0 0 0 ALEX PEREZ TRUSTEE 2.00 X 0 0 0 ANTHONY ZITO TRUSTEE 2.00 X 0 0 0 JOHN NOTARO ACTING EXECUTIVE DIRECTOR 35.00 X 0 0 0 0 0 0 0 0 0 0 CATHOLIC FOUNDATION FOR BROOKLYN AND QUE 243 PROSPECT PARK WEST BROOKLYN NY 11215 MANAGEMENT SERVICES 308168 1 1271522 8432616 9704138 26828 26828 1463822 1406810 57012 57012 57012 275900 1271522 524486 -248586 -248586 REIMBURSEMENTS FROM CAP PROGRAM 900099 82636 82636 MISCELLANEOUS INCOME 900099 384 384 83020 9622412 0 0 -81726 178260 178260 6551656 6551656 452908 163894 140492 148522 1739 1739 62275 62275 25000 25000 43909 43909 17641 7645 9996 88500 800 87700 215230 111047 29499 74684 15999 59 15880 60 31585 10922 9970 10693 5532 917 783 3832 8433 607 3104 4722 18097 18097 DIRECT OPERATING EXPENS 11461 100 2020 9341 MAINTENANCE 11454 11454 FUNDRAISING REIMBURSEME 10000 10000 7749679 7018262 346867 384550 1578998 1673195 812747 330756 2683649 5571092 4038671 3638154 895666 826335 48850 0 10058581 12039532 100630 72946 199921 506499 300551 579445 X 4520593 410763 1316844 7125331 3920593 3923993 9758030 11460087 10058581 12039532 X 1872733 -117395 -53281 X X 0 1 X 1 0 X 513969 7861717 8154715 7150155 9704138 33384694 513969 7861717 8154715 7150155 9704138 33384694 11768576 21616118 9011 28984 60634 130424 26828 255881 35864 54591 96542 83020 270017 33910592 0.63740 0.95010 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: RECOVERY FROM BAD DEBT EXPENSE - 2012 AMOUNT: $ 25,114. NYS UNEMPLOYMENT REIMBURSEMENT - 2012 AMOUNT: $ 10,750. REIMBURSEMENTS FROM CAP PROGRAM - 2013 AMOUNT: $ 54,591. 2014 AMOUNT: $ 96,542. 2015 AMOUNT: $ 82,636. MISCELLANEOUS INCOME - 2015 AMOUNT: $ 384. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3411792 28250 -65914 3374128 3130321 177200 104271 3411792 2726721 282500 36434 3045655 2142245 570000 14476 2726721 1917531 220000 4714 2142245 0.93240 0.06760 0 0 0 INTEREST IN NET ASSETS OF CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 723353 F TRUSTS 102982 F 826335 DUE TO CATHOLIC FOUNDATION FOR BROOKLYN & QUEENS 506499 506499 X 9601412 -117395 96395 -21000 9622412 0 9622412 7846074 96395 96395 7749679 0 7749679 PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT FUND IS TO PROVIDE INCOME FOR EDUCATIONAL SCHOLARSHIPS FOR THOSE IN NEED. IN COLUMN (B), FUTURES IN EDUCATION ADJUSTED THE BEGINNING OF THE YEAR'S BALANCE BY $84,666 DUE TO RECLASSIFICATION OF THE ENDOWMENT FUND. 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 WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. PART XI, LINE 2D - OTHER ADJUSTMENTS: ADDITIONAL COSTS OF SPECIAL EVENT REPORTED IN PART VIII, LINE 8B 96,395. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADDITIONAL COSTS OF SPECIAL EVENT REPORTED IN PART VIII, LINE 8B 96,395. X X X 1 ROBERT WILE 45 OXFORD DRIVE TENAFLY NJ 07670 CULTIVATING/SOLICITING DONORS 0 0 25000 -25000 25000 -25000 NY ANNUAL DINNER 1282047 1074547 207500 348299 60839 GOLF EVENT 265375 196975 68400 79791 35557 1547422 1271522 275900 428090 96396 524486 -248586 1 BROOKLYN JESUIT PREP 560 STERLING PLACE BROOKLYN NY 11238 200108663 501(C)3 40000 EDUCATIONAL SCHOLARSHIPS CRISTO REY BROOKLYN 710 EAST 37TH STREET BROOKLYN NY 11203 262433224 501(C)3 40000 EDUCATIONAL SCHOLARSHIPS DIOCESE OF BROOKLYN 310 PROSPECT PARK WEST BROOKLYN NY 11215 111631807 501(C)3 98260 EDUCATIONAL SCHOLARSHIPS 3 PARTIAL SCHOLARSHIPS TO FAMILIES IN FINANCIAL NEED OF TUITION ASSISTANCE. 4008 5259260 SPONSORSHIP PROGRAM WHERE A DONOR PAYS A PORTION OF THE STUDENT'S TUITION. 707 1292396 PART I, LINE 2: FUNDS GIVEN TO THE CHILDREN'S SCHOLARSHIP FUND ARE MATCHED 50% BY THE CHILDREN'S SCHOLARSHIP FUND. SCHOLARSHIPS ARE GIVEN TO CHILDREN BASED ON THEIR FINANCIAL NEEDS. FUTURES IN EDUCATION REVIEWS THE ANNUAL REPORT OF THE CHILDREN'S SCHOLARSHIP FUND AND MONITORS THE GOALS AND ACCOMPLISHMENTS THAT ARE REACHED BY THE CHILDREN'S SCHOLARSHIP FUND. FOR ALL SCHOLARSHIP PROGRAMS, FAMILIES COMPLETE A FINANCIAL AID APPLICATION TO DETERMINE ELIGIBILITY. THESE APPLICATIONS ARE PROCESSED BY A THIRD-PARTY VENDOR, TADS, 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. FORM 990, PART VI, SECTION A, LINE 3 FUTURES IN EDUCATION DELEGATE 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 HAVE MANAGEMENT CONTROL OVER EXECUTIVE REPORTING, ORGANIZATION MANAGEMENT, FUNDRAISING AND DEVELOPMENT, BUDGETS AND ACCOUNTING, EVENTS, AND VENDOR AND CONTRACT MANAGEMENT. FOR THE TAX YEAR ENDING IN 2015, FUTURES IN EDUCATION PAID CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS $308,168 FOR MANAGEMENT FEE EXPENSES. THE MANAGEMENT FEE EXPENSES OF $308,168 REPRESENTS EXPENSES OF MANAGEMENT FEES, PAYROLL SERVICE FEES, ADVERTISING, OFFICE EXPENSES, INFORMATION TECHNOLOGY, OCCUPANCY, TRAVEL, CONFERENCES, GRANTS, AND INSURANCES. IN ADDITION, JOHN NOTARO, ACTING EXECUTIVE DIRECTOR, IS REIMBURSED BY FUTURES IN EDUCATION FOR THE MANAGEMENT SERVICES INCLUDED IN THE AGREEMENT WITH CATHOLIC FOUNDATION FOR BROOKLYN AND QUEENS. TOTAL COMPENSATION (SALARY PLUS MEDICAL AND OTHER BENEFITS) REIMBURSED TO JOHN NOTARO IS $61,220. AIDA TORRES, ASSOCIATE DIRECTOR OF OPERATION'S SALARY IS ALSO REIMBURSED BY FUTURES IN EDUCATION. TOTAL COMPENSATION (SALARY PLUS MEDICAL AND OTHER BENEFITS) REIMBURSED TO AIDA TORRES IS $27,249. FORM 990, PART VI, SECTION B, LINE 11 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 ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. ONCE A YEAR, EACH TRUSTEE MUST SIGN THAT HE/SHE IS AWARE OF AND UNDERSTANDS THE POLICY. THE POLICY IS REVIEWED ON AN ANNUAL BASIS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, 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, COMMITTEE SHALL DETERMINE BY A DISINTERESTED DIRECTORS WHETHER THE GOVERNING BOARD OR MAJORITY VOTE OF THE TRANSACTION OR ARRANGEMENT IS IN OWN BENEFIT, AND THE CORPORATION'S BEST INTEREST, FOR WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS, AT TIMES, USED THE SERVICES OF AN OUTSIDE CONSULTANT TO SEARCH FOR KEY PERSONNEL. CERTAIN MEMBERS OF THE BOARD INTERVIEW POTENTIAL CANDIDATES AND SELECT A FINAL CANDIDATE. A WRITTEN EMPLOYMENT CONTRACT IS THEN PREPARED WHICH INCLUDES SALARY, BONUS POTENTIAL AND FRINGE BENEFITS. THIS CONTRACT IS THEN SIGNED BY THE CHAIRMAN OF THE BOARD. IN FEBRUARY 2013 THE BOARD APPROVED THE HIRING OF AN OUTSIDE CONSULTANT FIRM, WHICH PRESENTED AN OVERALL STRATEGIC PLAN FOR THE ORGANIZATION. PART OF THAT PLAN WAS AN EXECUTIVE COMPENSATION ANALYSIS AND COMPARISON TO DETERMINE THE AVERAGE SALARY FOR AN EXECUTIVE AT COMPARABLE ORGANIZATIONS. THE STRATEGIC PLAN HAS BEEN APPROVED BY THE BOARD. THIS PROCESS WAS LAST UNDERTAKEN IN JANUARY 2013. 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 -53,281. 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.