Futures In Education
- Assets
- $12.2m
- Revenue
- $9.4m
- Investments
- $766.6k
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 03/2007
- Data as of
- 08/2023
- EIN
- 20-5496382
Organization Overview
Futures In Education is located in Brooklyn, NY. The organization was established in 2007. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Futures In Education is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2023, Futures In Education generated $9.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $7.4m during the year ending 08/2023. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Futures In Education has awarded 20 individual grants totaling $759,879. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUTURES IN EDUCATION 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'23, THE PROGRAM AWARDED SCHOLARSHIPS TO 1,021 STUDENTS FOR A TOTAL AMOUNT OF $2,257,752.
OTHER NEEDS-BASED SCHOLARSHIPSFUTURES IN EDUCATION PROVIDES ADDITIONAL SCHOLARSHIPS TO HIGH SCHOOL STUDENTS AND OTHER STUDENTS IN FINANCIAL NEED THAT DO NOT FALL INTO THE CATEGORIES OF THE THREE PROGRAMS LISTED ABOVE.
TEDDY FORSTMANNIN 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'23, THE PROGRAMS AWARDED SCHOLARSHIPS TO 1,643 STUDENTS FOR A TOTAL AMOUNT OF $1,932,638.
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'23, THE PROGRAM AWARDED SCHOLARSHIPS TO 714 STUDENTS FOR A TOTAL AMOUNT OF $1,439,132.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Veronica Tsang Chairperson | OfficerTrustee | 2 | $0 |
Mr Martin Cottingham Vice Chairperson | OfficerTrustee | 2 | $0 |
Mr Robert F Gartland Trustee | Trustee | 2 | $0 |
Bishop Robert J Brennan Trustee | Trustee | 2 | $0 |
Mr Robert B Catell Trustee | Trustee | 2 | $0 |
Rev Msgr David L Cassato Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $3,457,000 |
| Related organizations | $0 |
| Government grants | $118,767 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,253,639 |
| Noncash contributions included in lines 1a–1f | $107,860 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,829,406 |
| Total Program Service Revenue | $0 |
| Investment income | $193,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $237,869 |
| Net Income from Fundraising Events | -$895,911 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,429,112 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $118,065 |
| Grants and other assistance to domestic individuals. | $5,629,522 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,006,208 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $67,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $2,025 |
| Fees for services: Investment Management | $55,569 |
| Fees for services: Other | $10,118 |
| Advertising and promotion | $56,514 |
| Office expenses | $231,591 |
| Information technology | $63,571 |
| Royalties | $0 |
| Occupancy | $42,842 |
| Travel | $16,052 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,616 |
| Interest | $16,817 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $37,658 |
| All other expenses | $19,796 |
| Total functional expenses | $7,408,139 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $309,260 |
| Savings and temporary cash investments | $2,153,238 |
| Pledges and grants receivable | $3,053,041 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $78,312 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,779,673 |
| Investments—other securities | $766,644 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,388 |
| Total assets | $12,150,556 |
| Accounts payable and accrued expenses | $64,397 |
| Grants payable | $0 |
| Deferred revenue | $2,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,888 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,175,062 |
| Total liabilities | $1,251,847 |
| Net assets without donor restrictions | $1,481,145 |
| Net assets with donor restrictions | $9,417,564 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $12,150,556 |
Grants Awarded
Over the last fiscal year, Futures In Education has awarded $95,518 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CATHEDRAL PREP HIGH SCHOOL PURPOSE: EDUCATIONAL SCHOLARSHIPS | $55,500 |
OUR LADY OF MOUNT CARMEL PURPOSE: EDUCATIONAL SCHOLARSHIPS | $15,228 |
ST JOHN'S UNIVERSITY PURPOSE: EDUCATIONAL SCHOLARSHIPS | $10,000 |
DIOCESE OF BROOKLYN PURPOSE: EDUCATIONAL SCHOLARSHIPS | $9,740 |
COLUMBUS CITIZENS FOUNDATION INC PURPOSE: EDUCATIONAL SCHOLARSHIPS | $5,050 |