Independent Catholic Foundation
- Assets
- $35.9m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 2
- Location
- Altoona, PA
- Founding
- 10/1992
- Data as of
- 06/2022
- EIN
- 25-1625390
Organization Overview
Independent Catholic Foundation, operating under the name Independent Catholic Foundation For The Diocese Of Altoona-Johnstown, is located in Altoona, PA. The organization was established in 1992. According to its NTEE Classification (X22) the organization is classified as: Roman Catholic, under the broad grouping of Religion-Related and related organizations. As of 06/2022, Independent Catholic Foundation For The Diocese Of Altoona-Johnstown employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independent Catholic Foundation For The Diocese Of Altoona-Johnstown 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 06/2022, Independent Catholic Foundation For The Diocese Of Altoona-Johnstown generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.2% each year . All expenses for the organization totaled $2.1m during the year ending 06/2022. While expenses have increased by 11.9% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
FUND DEVELOPMENT TO SUPPORT VARIOUS MINISTERIAL ENDEAVORS WITHIN THE ALTOONA JOHNSTOWN DIOCESE
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENDOWMENT DISTRIBUTIONS FOR CEMETERIES, SCHOLARSHIPS AND OTHER MINISTERIAL ENDEAVORS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Ringkamp President / | Officer | 40 | $99,762 |
A Isgan Treasurer | Officer | $0 | |
R Musar Secretary | Officer | $0 | |
B Stasko Vice Chair | Officer | $0 | |
M Difrancesco Board Chair | Officer | $0 | |
H Durbin Board Member | Trustee | $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 | $1,164,615 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,164,615 |
| Total Program Service Revenue | $391,151 |
| Investment income | $538,939 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,096,997 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $99,762 |
| Compensation of current officers, directors, key employees. | $34,917 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,112 |
| Pension plan accruals and contributions | $4,286 |
| Other employee benefits | $10,000 |
| Payroll taxes | $12,104 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,017 |
| Fees for services: Accounting | $11,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,000 |
| Fees for services: Other | $4,830 |
| Advertising and promotion | $24,557 |
| Office expenses | $22,300 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,800 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $895 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $659 |
| Insurance | $6,227 |
| All other expenses | $0 |
| Total functional expenses | $2,061,305 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,654 |
| Savings and temporary cash investments | $180,062 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,353 |
| 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 | $3,724 |
| Net Land, buildings, and equipment | $3,088 |
| Investments—publicly traded securities | $35,702,073 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $35,931,954 |
| Accounts payable and accrued expenses | $17,638 |
| 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 | $1,693,709 |
| Total liabilities | $1,711,347 |
| Net assets without donor restrictions | $1,485,597 |
| Net assets with donor restrictions | $32,735,010 |
| 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 | $35,931,954 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Independent Catholic Foundation has recieved totaling $181,923.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Johnstown Johnstown, PA PURPOSE: GENERAL SUPPORT | $176,423 |
Ward Foundation Inv Mgt Altoona, PA PURPOSE: HUMAN SERVICES | $3,000 |
Loviscky Ohana Foundation State College, PA PURPOSE: CHURCH OF GOOD SHEPHERD ENDOWMENT FUND FOR HOLY SPIRIT CHURCH | $1,500 |
The Bruno & Lena Degol Family Foundation Altoona, PA PURPOSE: CHARITABLE | $1,000 |
Endowment Analysis
| Beg. Balance | $40,008,270 |
| Earnings | -$5,626,162 |
| Admin Expense | $391,151 |
| Net Contributions | $1,164,615 |
| Other Expense | $1,767,534 |
| Ending Balance | $33,388,038 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Woodlawn Foundation New Rochelle, NY | $58,943,273 | $25,049,674 |
Dynamic Catholic Institute Cincinnati, OH | $46,011,933 | $24,743,201 |
Raskob Foundation For Catholic Activities Incorporated Wilmington, DE | $222,202,600 | $26,821,611 |
Community Association Of Progressive Dominicans Inc New York, NY | $3,345,960 | $6,118,311 |
Murray Hill Place Inc New York, NY | $43,211,368 | $5,022,335 |
Cise Cincinnati, OH | $26,854,331 | $7,324,023 |
Catholic Migration Services Inc Brooklyn, NY | $5,700,505 | $6,076,447 |
Villa St Joseph Of Baden Inc Baden, PA | $11,517,142 | $339,761 |
Holy Love Ministries North Ridgeville, OH | $21,288,130 | $2,402,696 |
Riverside Study Center Inc New York, NY | $14,243,524 | $2,424,338 |
Hrh Management Corporation Huntingdon Valley, PA | $24,532,221 | $3,996,088 |
Blue Army Of Our Lady Of Fatima Usa Inc Washington, NJ | $5,683,960 | $2,629,820 |