Ifma Educational Foundation
- Assets
- $1.7m
- Revenue
- $544.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 01/1973
- Data as of
- 12/2023
- EIN
- 23-7220674
Organization Overview
Ifma Educational Foundation is located in Chicago, IL. The organization was established in 1973. According to its NTEE Classification (K40) the organization is classified as: Nutrition, under the broad grouping of Food, Agriculture & Nutrition and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ifma Educational Foundation 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 12/2023, Ifma Educational Foundation generated $544.5k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $475.6k during the year ending 12/2023. While expenses have increased by 5.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRIMARY PURPOSE IS TO FUND SCHOLARSHIPS AND SUPPORT CURRICULUM AND TRAINING PROGRAMS FOR PERSONS INTERESTED IN A CAREER IN THE FOODSERVICE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP AND INTERNSHIP PROGRAM FOR COLLEGES/UNIVERSITY STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip Kafarakis President & CEO | OfficerTrustee | 1 | $0 |
Jennifer Tarulis Chief Financial Officer | Officer | 1 | $0 |
Anthony Depaolo Executive Director | Officer | 40 | $0 |
Greg Cocchiarella Trustee | Trustee | 0.25 | $0 |
Herb Ring Trustee | Trustee | 0.25 | $0 |
Hugh Roth Trustee | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $399,945 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $399,945 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $144,541 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $544,486 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $140,390 |
| Grants and other assistance to domestic individuals. | $0 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,267 |
| Fees for services: Other | $0 |
| Advertising and promotion | $152,476 |
| Office expenses | $0 |
| Information technology | $243 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,034 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $162,905 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $270 |
| Total functional expenses | $475,585 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,771 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,040,310 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $622,418 |
| Total assets | $1,680,499 |
| Accounts payable and accrued expenses | $11,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $3,500 |
| Total liabilities | $14,500 |
| Net assets without donor restrictions | $1,665,999 |
| Net assets with donor restrictions | $0 |
| 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 | $1,680,499 |
Grants Awarded
Over the last fiscal year, Ifma Educational Foundation has awarded $50,535 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL RESTAURANT ASSOCIATION PURPOSE: PROGRAM SUPPORT | $25,535 |
NEW ORLEANS CULINARY & HOSPITALITY INSTITUTE PURPOSE: PROGRAM SUPPORT | $25,000 |