The Joe and Kay Calvanese Foundation Inc

Nonprofit profile at a glance

EIN
061454120
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Plantsville, CT, USA
Phone
8606212123
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$96,999
Expenses
$101,300
Assets
$619,481
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • JOSEPH J CALVANESE JR (PRESIDENT)

People named in this filing

  • ALYSSA CALVANESE (SECRETARY)
  • CHRISTOPHER P CALVANESE (DIRECTOR)
  • HEATHER CALVANESE (DIRECTOR)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization sponsors college scholarships to graduates of southington high school and also contributes to other charitable organizations.

What it reported doing in 2024

Improves the southington community by awarding allocations to various organizations in the community that will improve the overall welfare of the community by increasing benefits and services to members of the community.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.

The verdict

SUPPORTED - 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 the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 75
  • Accountability: 70
  • Sustainability: 54
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.1%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 56.6%; rating input score 57; 46th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -4.4%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 6.12; rating input score 53; 53rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -3.8% per year; rating input score 0; 40th percentile among comparable filings
  • Revenue growth: -6.9% per year; rating input score 0; 38th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $98K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • 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 — Accountability: Governance controls: 4 of 6 not reported.
  • Review — Transparency & Controls: Grant itemization coverage scored 57/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 53/100.