Lafondazione Nyinc

Nonprofit profile at a glance

EIN
275497979
IRS 990 coverage
2012–2014
Forms available
Form 990 2014, Form 990-N 2011
Location
New York, NY, USA
Phone
2127522961
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$232,308
Expenses
$437,402
Assets
$152,210
Liabilities
$6,925

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • CHRISTIAN MORETTI (EXECUTIVE DIRECTOR AND SECRETARY)

People named in this filing

  • RICCARDO VIALE (FOUNDER)
  • CHRISTIAN MORETTI (EXECUTIVE DIRECTOR AND SECRETARY)
  • FABRIZIO FERRI (BOARD MEMBER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Lafondazione, formerly known as the friends of the italian cultural institute of New York, inc. Is aimed at supporting young italian artists by promoting their integration in the american cultural landscape. The organization supports young american artists, providing access to highly regarded training opportunities in italy. Moreover, la fondazione organizes exhibits, translation projects, audiovisual shows, conferences and other cultural events, both in italy and in the us; such events highlight the principle of cultural cooperation between the two countries.

What it reported doing in 2014

The organization's main goals are to: to help promising young italian artists, designers, writers, musicians and film directors gain recognition from the american public, since they are representatives of italy's cultural future.to bring to the U.S.a. Initiatives representing the originality, creativity, and innovation of contemporary italian culture.to encourage an appreciation and understanding of little known and neglected aspects of the italian cultural heritage, through events and partnerships with american organizations.

Operating model

Revenue model
Donor-supported. 100% 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.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. A relatively small share of total spending goes to programs and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 92
  • Accountability: 76
  • Sustainability: 21
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.9%; rating input score 82
  • Program expense ratio: 43.5%; rating input score 44
  • Fundraising efficiency: $1.66 raised per $1 spent on fundraising; rating input score 8; 8th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: Pass

Sustainability

  • Operating margin: -88.3%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 0.35; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 44; 44th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 73; 73rd percentile among comparable filings

Growth

  • Program expense growth: 22.4% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: -11% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 81.9% of revenue deployed · 43.5% of spending went to programs
  • Governance: 15 of 15 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $190K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2012 to 2014
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Program expense ratio scored 44/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 8/100.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 44/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.