Fondazione CR Firenze

Legal name: Fondazione Cassa Di Risparmio Di Firenze

Nonprofit profile at a glance

EIN
981753711
IRS 990 coverage
2024–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Firenze, Italy
Phone
+39 055 5384001
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Official website

Reported finances

Revenue
$154,661,493
Expenses
$154,661,493
Assets
$2,135,444,437
Liabilities
$302,428,401

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • Bernab Bocca (President/Chairman)

Highest reported compensation

  • Gabriele Gori (General Manager): $265,283 total reported compensation
  • Bernab Bocca (President/Chairman): $121,688 total reported compensation
  • Carmine Grimaldi (Head of Finance): $111,005 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Fondazione for People: We stand by the side of the needy with projects, calls for tender and initiatives. Our targets are youngsters, seniors and fragile members of the community, job-seekers and trainees. We sound out the territory’s real needs, we support and promote the non-profit sector. The Fondazione for Culture: We support the territory’s institutions of excellence, artistic and cultural production for the benefit of the community. The Fondazione for Innovation and Research: We activate projects and collaborations to promote technological transfer in the innovative local ecosystem through acceleration programmes for digital startups, initiatives in support of research and of our best areas of expertise. The Fondazione for the City and the Territory: From our artistic and environmental riches to the skills and expertise handed down from one generation to the next and the construction of new, lasting infrastructures for the community, we save, preserve and innovate our vast local heritage for the benefit of all.

What it reported doing in 2024

Art and Cultural Heritage: The foundation operates in this sector to preserve and enhance the city's vast artistic and cultural heritage, especially among young people and more fragile members of the community, with dedicated projects and support for professionals in the region. It fuels the city's vibrant network of theatres, museums, dance companies, performance associations and other cultural institutions. The Foundation funded over 60 theatres in Tuscany, all of which could not survive solely on their own resources. With its cultural welfare projects, the Foundation has helped deprived families, senior citizens living alone and children in fragile conditions to visit Florence's most important museums. The Foundation also focuses on regenerating abandoned areas and suburbs by stimulating and supporting cultural projects. The Foundation also works with Florence's leading cultural institution, Uffizi, with which it promotes the Lands of the Uffizi project by returning masterpieces of art to the small towns and villages with which they are historically linked, thereby preserving important art treasures. The Foundation spends approximately 29.71 percent of its time in this sector.

Operating model

Revenue model
Investment-supported. 96% of the money available for current operations came from recurring investment income.
Distribution model
Hybrid. The nonprofit split its reported program spending across 47% for direct work, and 53% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing does not identify recipients for some grant dollars and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 46
  • Accountability: 62
  • Sustainability: 60
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 12th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 13.2%; rating input score 13; 6th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 24th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 13.81; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 0.5%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • What they do: 4 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 12 board members independent · 4 of 9 filing controls reported
  • Programs: 5 filed program accomplishments · $154.7M in reported program spending
  • Leadership: top reported pay $265K · 13 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes foreign activity and executive pay
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Grant itemization coverage scored 13/100.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.