Foundation for Italian Art and Culture- C/o American Continental Properties Llc
Nonprofit profile at a glance
- EIN
- 320081843
- IRS 990 coverage
- 2012–2024
- Forms available
- Form 990 2024, Form 990-EZ 2015
- Location
- New York, NY, USA
- Phone
- 2129801755
- Rating
- 88
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Education N.E.C.
Reported finances
- Revenue
- $290,593
- Expenses
- $307,959
- Assets
- $632,016
- Liabilities
- $34,637
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- ALANI ELKANN (PRESIDENT)
- OLIVIA D'APONTE (EXECUTIVE DIRECTOR)
Highest reported compensation
- OLIVIA D'APONTE (EXECUTIVE DIRECTOR): $70,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To spread italian culture in united states by organizing exhibitions, shows, displays of paitntings, sculptures and other visual arts in the united states and promoting the restoration of works of art in italy in order to preserve and promote italian culture.
What it reported doing in 2024
On march 21, 2024, fiac hosted the 2023 fiac excellency awards ceremony and dinner at the tennis and racquet club in New York, honoring award recipient giulio manieri elia, director of the gallerie dell'accademia di venezia. The event followed the annual meeting of the fiac board of directors.throughout the year, fiac continued to cultivate new partnerships and initiatives. The board appointed dott. Angelo crespi, director of the pinacoteca di brera, as the newest member of the scientific board.fiac finalized a partnership with the gallerie dell'accademia in venice and the cincinnati art museum in Ohio to support the restoration of several paintings by tintoretto. Two of the three masterpieces from tintoretto's genesis series, restored with fiac's support, will be featured in an exhibition at the cincinnati art museum in april 2025.in collaboration with the galleria borghese in rome, fiac also began the process of identifying works for future exhibitions in the united states.additionally, fiac participated in the sponsorship opera italiana in central park, a free open-air concert held in New York on september 24, 2024.finally, preparations are underway for the 2024 fiac excellency awards ceremony and dinner, to be held once again at the tennis and racquet club in march 2025.
Operating model
- Revenue model
- Donor-supported. 91% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 96
- Transparency & Controls: 92
- Accountability: 74
- Sustainability: 36
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 95.7%; rating input score 96
- Fundraising efficiency: $40.1 raised per $1 spent on fundraising; rating input score 73; 73rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 91.7%; rating input score 92; 25th percentile among comparable filings
- Governance controls: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -6%; rating input score 28; 28th percentile among comparable filings
- Total-asset coverage ratio: 2.05; rating input score 60; 60th percentile among comparable filings
- Liabilities to assets ratio: 0.05; rating input score 31; 31st percentile among comparable filings
- Officer compensation ratio: 22.7%; rating input score 16; 16th percentile among comparable filings
Growth
- Program expense growth: 0.7% per year; rating input score 100; 33rd percentile among comparable filings
- Revenue growth: 2.2% per year; rating input score 100; 36th percentile among comparable filings
- Asset growth: 5% per year; rating input score 100; 47th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 95.7% of spending went to programs
- Governance: 11 of 12 board members independent · 4 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $295K in reported program spending
- Leadership: top reported pay $70K · 12 people listed
- Consistency: 19 of 19 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 12 filing years from 2012 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Review — Accountability: Governance controls: 4 of 8 not reported.
- High — Sustainability: Operating margin scored 28/100.
- High — Sustainability: Officer compensation ratio scored 16/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 31/100.