Italian Cultural Society
- Assets
- $391.5k
- Revenue
- $534.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Bethesda, MD
- Founding
- 05/1979
- Data as of
- 12/2021
- EIN
- 52-1148758
Organization Overview
Italian Cultural Society is located in Bethesda, MD. The organization was established in 1979. 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 Cultural Society employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Italian 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 Cultural Society generated $534.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $548.6k during the year ending 12/2021. While expenses have increased by 9.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING THE ITALIAN LANGUAGE & CULTURE
Describe the Organization's Program Activity:
Part 3 - Line 4a
ITALIAN LANGUAGE PROGRAM: TEACHING THE ITALIAN LANGUAGE TOADULTS AND CHILDREN (INCLUDING IN CHILDRENS SUMMER DAY CAMPS).EXPENDITURES INCLUDE SALARIES, BOOKS SUPPLIES, RENT FOR CLASSROOMS, ETC
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dario Penzo Secretary | OfficerTrustee | 0 | $0 |
Laura Benedetti Board Member | OfficerTrustee | 5 | $0 |
Bruce Esposito Treasurer | OfficerTrustee | 2 | $0 |
Annalise Brody Acting President | OfficerTrustee | 1 | $0 |
Ellen Coppley Board Member | Trustee | 1 | $0 |
Francesca Casazza-Krieg Board Member And Executive Di | Trustee | 36 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $22,045 |
| Fundraising events | $25,286 |
| Related organizations | $0 |
| Government grants | $25,504 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,196 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $78,031 |
| Total Program Service Revenue | $453,153 |
| Investment income | $590 |
| 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 | $533,974 |
| 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. | $76,755 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $79,261 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,500 |
| Payroll taxes | $18,808 |
| Fees for services: Management | $25,632 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,151 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,469 |
| Advertising and promotion | $10,000 |
| Office expenses | $2,867 |
| Information technology | $1,337 |
| Royalties | $0 |
| Occupancy | $62,520 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,406 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,518 |
| Insurance | $3,217 |
| All other expenses | $11,466 |
| Total functional expenses | $548,606 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,770 |
| Savings and temporary cash investments | $338,644 |
| 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 | $5,000 |
| Net Land, buildings, and equipment | $31,822 |
| Investments—publicly traded securities | $237 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $391,473 |
| Accounts payable and accrued expenses | $6,027 |
| 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 | $20,365 |
| Total liabilities | $26,392 |
| Net assets without donor restrictions | $0 |
| 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 | $365,081 |
| Total liabilities and net assets/fund balances | $391,473 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Italian Cultural Society has recieved totaling $452.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $200 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $102 |
Catalyst Foundation Potomac, MD PURPOSE: CHARITABLE | $100 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Confederation Of Indian Industry Arlington, VA | $74,359,377 | $45,402,839 |
Ukraine House Dc Foundation Inc Washington, DC | $1,061,730 | $19,720,781 |
Chinese Culture And Community Service Center Inc Gaithersburg, MD | $7,709,480 | $10,886,588 |
Kutztown University Foundation Kutztown, PA | $74,779,996 | $14,561,087 |
Association Of Science-Technology Centers Incorporated Washington, DC | $7,016,883 | $7,242,482 |
National Indian Gaming Association Washington, DC | $8,458,922 | $8,172,394 |
Greater Philadelphia Falun Dafa Association Philadelphia, PA | $1,063,316 | $4,579,656 |
Saudi Arabian U S Business Council Inc Vienna, VA | $3,546,346 | $2,319,248 |
Qatar-America Institute Washington, DC | $5,645,634 | $216,792 |
National Italian American Foundation Inc Washington, DC | $11,046,552 | $2,585,652 |
Center For Black Educator Development Elkins Park, PA | $576,593 | $2,351,434 |
Arab Center Washington Inc Washington, DC | $1,324,287 | $2,306,023 |