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FOUNDATION FOR ITALIAN ART AND CULTURE: Form 990EZ, tax year 2015

View the entire original 990 at ProPublica ↗

Organization
FOUNDATION FOR ITALIAN ART AND CULTURE (EIN 32-0081843)
Tax period
2015-01-01 to 2015-12-31
Filed
2016-09-08
IRS object ID
201632529349200618
Schema version
2015v2.1
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)
Return2016-09-08T13:57:06-05:00ReturnTs
Tax Period End2015-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN131655065PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1LUTZ AND CARR CPAS LLPBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1300 EAST 42ND STREETAddressLine1Txt
CityNEW YORKCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10017ZIPCd
FieldValueIRS element (for citing)
Return Type990EZReturnTypeCd
Tax Period Begin2015-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN320081843EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1FOUNDATION FOR ITALIAN ART AND CULTURE-BusinessNameLine1Txt
Business Name Line2C/O AMERICAN CONTINENTAL PROPERTIES LLCBusinessNameLine2Txt
FieldValueIRS element (for citing)
Business Name ControlFOUNBusinessNameControlTxt
Phone2129801755PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1460 PARK AVENUE 11TH FLOORAddressLine1Txt
CityNEW YORKCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10022ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonANGIE LOPersonNm
Person TitleTREASURERPersonTitleTxt
Phone2129801755PhoneNum
Signature2016-09-01SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonCHRIS BELLANDOPreparerPersonNm
PTINP00541714PTIN
Phone2126972299PhoneNum
FieldValueIRS element (for citing)
Tax2015TaxYr
Build TS2016-12-15 16:53:06ZBuildTS

Form 990-EZ IRS990EZ

FieldValueIRS element (for citing)
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Website AddressWWW.FIACFOUNDATION.ORGWebsiteAddressTxt
Organization501c3Yes (X)Organization501c3Ind
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Gross Receipts$190,957GrossReceiptsAmt
Info In Schedule O Part IYes (X)InfoInScheduleOPartIInd
Contributions Gifts Grants Etc$190,916ContributionsGiftsGrantsEtcAmt
Investment Income$41InvestmentIncomeAmt
Total Revenue$190,957TotalRevenueAmt
Salaries Other Comp Empl Bnft$60,000SalariesOtherCompEmplBnftAmt
Fees And Other Pymt To Ind Cntrct$1,280FeesAndOtherPymtToIndCntrctAmt
Occupancy Rent Utlts And Maint$1,817OccupancyRentUtltsAndMaintAmt
Printing Publications Postage$630PrintingPublicationsPostageAmt
Other Expenses Total$80,783OtherExpensesTotalAmt
Total Expenses$144,510TotalExpensesAmt
Excess Or Deficit For Year$46,447ExcessOrDeficitForYearAmt
Net Assets Or Fund Balances BOY$315,545NetAssetsOrFundBalancesBOYAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Net Assets Or Fund Balances EOY$361,992NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part IIYes (X)InfoInScheduleOPartIIInd

Cash Savings And Investments CashSavingsAndInvestmentsGrp

FieldValueIRS element (for citing)
BOY$319,919BOYAmt
EOY$366,692EOYAmt

Other Assets Total Detail OtherAssetsTotalDetail

FieldValueIRS element (for citing)
BOY$2,626BOYAmt
EOY$2,300EOYAmt

Form990 Total Assets Form990TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$322,545BOYAmt
EOY$368,992EOYAmt

Sum Of Total Liabilities SumOfTotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$7,000BOYAmt
EOY$7,000EOYAmt

Net Assets Or Fund Balances NetAssetsOrFundBalancesGrp

FieldValueIRS element (for citing)
BOY$315,545BOYAmt
EOY$361,992EOYAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IIIYes (X)InfoInScheduleOPartIIIInd
Primary Exempt PurposeTO SPREAD ITALIAN CULTURE IN UNITED STATES BY EXCHANGING ARTWORK.PrimaryExemptPurposeTxt

Program Srvc Accomplishment ProgramSrvcAccomplishmentGrp

FieldValueIRS element (for citing)
Description Program Srvc AccomIN JANUARY 2015, FIAC HOSTED THE 2014 FIAC EXCELLENCY AWARDS CEREMONY AND DINNER AT THE TENNIS AND RACQUET CLUB TO HONOR AWARD WINNER: MR. THOMAS P. CAMPBELL, DIRECTOR, THE METROPOLITAN MUSEUM OF ART. FIAC CELEBRATED "SUBLIME BEAUTY: RAPHAEL'S PORTRAIT OF A LADY WITH A UNICORN" FROM THE BORGHESE GALLERY IN ROME, AT THE CINCINNATI ART MUSEUM FROM OCTOBER 3, 2015 - JANUARY 3, 2016. FIAC PLANNED AND ORGANIZED FOR "SUBLIME BEAUTY: RAPHAEL'S PORTRAIT OF A LADY WITH A UNICORN" AT THE FINE ARTS MUSEUMS OF SAN FRANCISCO IN 2016. FIAC COLLABORATED WITH THE ITALIAN CULTURAL INSTITUTE AND HELPED TO SUPPORT THE EXHIBITION OF BRONZINO'S DANTE FROM THE UFFIZI GALLERY IN FLORENCE, ITALY AT THE INSTITUTE IN NEW YORK, FROM DECEMBER 15, 2015 - JANUARY 15, 2016.FIAC REACHED OUT AND ESTABLISHED RELATIONSHIPS WITH ITALY'S MUSEUM DIRECTORS, NEWLY APPOINTED IN 2015. FIAC PLANNED AND ORGANIZED FOR ITS 2015 EXCELLENCY AWARDS, TO BE HELD IN JANUARY 2016.DescriptionProgramSrvcAccomTxt
Grants And Allocations$0GrantsAndAllocationsAmt
Program Service Expenses$134,481ProgramServiceExpensesAmt
FieldValueIRS element (for citing)
Total Program Service Expenses$134,481TotalProgramServiceExpensesAmt
Info In Schedule O Part IVYes (X)InfoInScheduleOPartIVInd

Officer Director Trustee Empl OfficerDirectorTrusteeEmplGrp (12 entries)

TitleTitleTxtAverage Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRtCompensationCompensationAmtEmployee Benefit ProgramEmployeeBenefitProgramAmtExpense Account Other AllwncExpenseAccountOtherAllwncAmt
ALAIN ELKANN
PRESIDENT1.00$0$0$0
AMB DANIELE D BODINI
CHAIRMAN1.00$0$0$0
HON MARIO BACCINI
DIRECTOR1.00$0$0$0
JOHN DYSON
DIRECTOR1.00$0$0$0
JOSEPH PERELLA
DIRECTOR1.00$0$0$0
LORENZO BINI-SMAGHI
DIRECTOR1.00$0$0$0
MARIO GABELLI
DIRECTOR1.00$0$0$0
MASSIMO FERRAGAMO
DIRECTOR1.00$0$0$0
PROF GIULIANO URBANI
DIRECTOR1.00$0$0$0
RAYMOND AVANSINO
DIRECTOR1.00$0$0$0
TERRY ALLEN KRAMER
DIRECTOR1.00$0$0$0
WILLIAM B ACQUAVELLA
DIRECTOR1.00$0$0$0
FieldValueIRS element (for citing)
Info In Schedule O Part VYes (X)InfoInScheduleOPartVInd
Activities Not Previously Rpt0ActivitiesNotPreviouslyRptInd
Chg Made To Orgnzng Doc Not Rpt0ChgMadeToOrgnzngDocNotRptInd
Organization Had UBI0OrganizationHadUBIInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Organization Dissolved Etc0OrganizationDissolvedEtcInd
Direct Indirect Pltcl Expend$0DirectIndirectPltclExpendAmt
Made Loans To From Officers0MadeLoansToFromOfficersInd
Tax Imposed Under IRC4911$0TaxImposedUnderIRC4911Amt
Tax Imposed Under IRC4912$0TaxImposedUnderIRC4912Amt
Tax Imposed Under IRC4955$0TaxImposedUnderIRC4955Amt
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
Tax Imposed On Organization Mgr$0TaxImposedOnOrganizationMgrAmt
Tax Reimbursed By Organization$0TaxReimbursedByOrganizationAmt
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
States Where Copy Of Return Is FldNYStatesWhereCopyOfReturnIsFldCd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1THE ORGANIZATIONBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1460 PARK AVENUE 11TH FLOORAddressLine1Txt
CityNEW YORKCityNm
State AbbreviationNYStateAbbreviationCd
ZIP10022ZIPCd
FieldValueIRS element (for citing)
Phone2129801755PhoneNum
FieldValueIRS element (for citing)
Foreign Financial Account0ForeignFinancialAccountInd
Foreign Office0ForeignOfficeInd
Donor Advised Fnds0DonorAdvisedFndsInd
Operate Hospital0OperateHospitalInd
Tanning Services Provided0TanningServicesProvidedInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
School Operating0SchoolOperatingInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Part VI Of Comp Of Hghst Pd EmplNONEPartVIOfCompOfHghstPdEmplTxt
Part VI Hghst Pd Cntrct Prof SrvcNONEPartVIHghstPdCntrctProfSrvcTxt
Filed Schedule AYes (1)FiledScheduleAInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Public Organization170Yes (X)PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$235,000CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$189,698CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$190,220CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$209,698CurrentTaxYearMinus1YearAmt
Current Tax Year$190,916CurrentTaxYearAmt
Total$1,015,532TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$235,000CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$189,698CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$190,220CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$209,698CurrentTaxYearMinus1YearAmt
Current Tax Year$190,916CurrentTaxYearAmt
Total$1,015,532TotalAmt
FieldValueIRS element (for citing)
Substantial Contributors Tot$647,488SubstantialContributorsTotAmt
Public Support Total170$368,044PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$29CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$35CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$40CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$35CurrentTaxYearMinus1YearAmt
Current Tax Year$41CurrentTaxYearAmt
Total$180TotalAmt
FieldValueIRS element (for citing)
Total Support$1,015,712TotalSupportAmt
Public Support CY1700.36240PublicSupportCY170Pct
Public Support PY1700.34380PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170Yes (X)ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
FORM 990-EZ, PART I, LINE 4 - OTHER INVESTMENT INCOMEDESCRIPTION: INTEREST INCOME. AMOUNT: 41.
FORM 990-EZ, PART I, LINE 16 - OTHER EXPENSESDESCRIPTION: DIRECT PROGRAM COSTS. AMOUNT: 35,000. DESCRIPTION: DINNER EVENT. AMOUNT: 6,342. DESCRIPTION: WEBSITE. AMOUNT: 389. DESCRIPTION: MISCELLANEOUS EXPENSES. AMOUNT: 133. DESCRIPTION: OFFICE EXPENSES. AMOUNT: 8,105. DESCRIPTION: TRAVEL. AMOUNT: 23,156. DESCRIPTION: INSURANCE. AMOUNT: 7,658. TOTAL TO FORM 990-EZ, LINE 16: 80,783.
FORM 990-EZ, PART II, LINE 24 - OTHER ASSETSDESCRIPTION: PREPAID EXPENSES AND DEFERRED CHARGES. BEG. OF YEAR AMOUNT: 2,626. END OF YEAR AMOUNT: 2,300.
FORM 990-EZ, PART II, LINE 26 - OTHER LIABILITIESDESCRIPTION: ACCOUNTS PAYABLE AND ACCRUED EXPENSES. BEG. OF YEAR AMOUNT: 7,000. END OF YEAR AMOUNT: 7,000.

Transfer Prsnl Bnft Contracts Decl TransferPrsnlBnftContractsDecl

FieldValueIRS element (for citing)
DeclarationTHE ORGANIZATION DID NOT, DURING THE YEAR, RECEIVE ANY FUNDS, DIRECTLY,OR INDIRECTLY, TO PAY PREMIUMS ON A PERSONAL BENEFIT CONTRACT.THE ORGANIZATION, DID NOT, DURING THE YEAR, PAY ANY PREMIUMS, DIRECTLY,OR INDIRECTLY, ON A PERSONAL BENEFIT CONTRACT.DeclarationDesc

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