Italian American Cultural Society
- Assets
- $2.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 67
- Location
- Clinton Township, MI
- Founding
- 04/1962
- Data as of
- 12/2020
- 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 12/2021, Italian American Cultural Society employed 67 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 12/2020, Italian American Cultural Society generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2020. 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
2020
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 WELFARE OF THE COMMUNITY-AT-LARGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CULTURAL SERVICES
RECREATIONAL AND COMMUNITY SERVICES
EDUCATIONAL SERVICES
UNRELATED BUSINESS EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Giovanni Maniaci President | OfficerTrustee | 10 | $0 |
Mario Evola First Vice-President | OfficerTrustee | 10 | $0 |
David Busciano Second Vice-President | OfficerTrustee | 10 | $0 |
Joseph Vittorini Sergeant At Arms | OfficerTrustee | 10 | $0 |
Giovanni Loiacono Past President | OfficerTrustee | 10 | $0 |
Mark Garagiola Recording Secretary | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $17,283 |
| Fundraising events | $11,681 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,964 |
| Total Program Service Revenue | $34,398 |
| Investment income | $1,425 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $7,306 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,171,605 |
| 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. | $577,326 |
| Compensation of current officers, directors, key employees. | $56,925 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,163 |
| Payroll taxes | $39,556 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,083 |
| Fees for services: Accounting | $20,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $68,904 |
| Office expenses | $21,111 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,995 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,954 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $76,053 |
| Insurance | $33,576 |
| All other expenses | $123,492 |
| Total functional expenses | $1,455,309 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $565,604 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,937 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $19,527 |
| Prepaid expenses and deferred charges | $1,265 |
| Net Land, buildings, and equipment | $1,950,166 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $96,621 |
| Total assets | $2,637,120 |
| Accounts payable and accrued expenses | $19,512 |
| Grants payable | $0 |
| Deferred revenue | $243,328 |
| 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 | $201,722 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $464,562 |
| Net assets without donor restrictions | $2,167,554 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,637,120 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Italian American Cultural Society has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Peter J And Constance M Cracchiolo Foundation St Clair Shores, MI PURPOSE: GENERAL OPERATING SUPPORT | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Great Lakes Inter-Tribal Council Inc Lac Du Flambeau, WI | $2,692,230 | $12,711,243 |
Madam Walker Legacy Center Indianapolis, IN | $11,815,867 | $1,800,443 |
Telugu Association Of North America Incorporated Novi, MI | $0 | $4,245,639 |
Detroit Jewish News Foundation Inc Farmington Hills, MI | $926,264 | $1,523,999 |
Holland Tulip Time Festival Inc Holland, MI | $1,138,959 | $1,752,331 |
Lahc Leaders Advancing And Helping Communities Dearborn, MI | $3,675,898 | $2,177,958 |
G A F Society Oregon, OH | $1,529,004 | $1,714,642 |
Cleveland Guardians Charities Inc Cleveland, OH | $4,142,503 | $1,831,941 |
Italian American Cultural Society Clinton Township, MI | $2,637,120 | $1,171,605 |
Centro Multicultural La Familia Inc Pontiac, MI | $347,451 | $1,498,588 |
Latvian Center Garezers Inc Three Rivers, MI | $4,046,891 | $1,156,418 |
Federation Of Balkan American Associations Inc Troy, MI | $2,512,886 | $991,033 |