Italian American Cultural Society
- Assets
- $3.1m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 68
- Location
- Clinton Township, MI
- Founding
- 04/1962
- Data as of
- 12/2021
- EIN
- 38-6089634
Organization Overview
Italian American Cultural Society is located in Clinton Township, MI. The organization was established in 1962. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Italian American Cultural Society employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Italian American Cultural Society 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 12/2021, Italian American Cultural Society generated $2.5m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PLAN, PROMOTE, AND CARRY ON CHARITABLE, EDUCATIONAL AND CULTURAL ACTIVITIES WHICH WILL BEST SERVE THE WELWARE OF THE COMMUNITY-AT-LARGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CULTURAL SERVICES
UNRELATED BUSINESS
RECREATIONAL AND COMMUNITY SERVICES
EDUCATIONAL SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Giovanni Maniaci President | OfficerTrustee | 10 | $0 |
Giovanni Loiacono Vice Preside | OfficerTrustee | 10 | $0 |
Rosa Orlando 2nd Vice Pre | OfficerTrustee | 10 | $0 |
Lori Cangemi Thrid Vice-P | OfficerTrustee | 10 | $0 |
Maria Cicchini Treasurer | OfficerTrustee | 10 | $0 |
Michael Zito Sergeant At | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $36,065 |
| Investment income | $807 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $11,549 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,506,319 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $866,194 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $45,670 |
| Payroll taxes | $61,772 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,147 |
| Fees for services: Accounting | $16,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $71,684 |
| Office expenses | $24,724 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $58,341 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $29 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $181,857 |
| Insurance | $42,975 |
| All other expenses | $0 |
| Total functional expenses | $2,361,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,170,910 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,452 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,973 |
| Prepaid expenses and deferred charges | $1,799 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,072,494 |
| Accounts payable and accrued expenses | $152,017 |
| Grants payable | $0 |
| Deferred revenue | $296,123 |
| 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 | $0 |
| Total liabilities | $448,140 |
| Net assets without donor restrictions | $2,619,350 |
| Net assets with donor restrictions | $5,004 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $2,624,354 |