2024-03-08T08:14:08+00:00 2023-04-30 366055558 GRANT THORNTON LLP 1000 WILSON BLVD SUITE 1500 ARLINGTON VA 22209 990 2022-05-01 160911612 Albert E Farone & Angela T Farone Foundation ALBE 2023195606 CARDINAL STATION 620 MICHIGAN AVE Washington DC 20064 ROBERT M SPECTER EVP, COO & UNIVERSITY TREASURER 2023195606 2024-03-08 true ROBERT SPECTER 999009999 MARY TORRETTA P00847851 7038477500 2022 2023-04-26 12:10:37Z ROBERT M SPECTER CARDINAL STATION 620 MICHIGAN AVE Washington DC 20064 14391072 false X X 1965 NY THE PRIMARY PURPOSE OF THE FOUNDATION IS TO PROVIDE FUNDS TO SUPPORT THE CHARITABLE, SCIENTIFIC, EDUCATIONAL, LITERARY AND/OR RELIGIOUS PURPOSES OF THE CATHOLIC UNIVERSITY OF AMERICA AND TO AWARD SCHOLARSHIPS TO STUDENTS FROM THE ALBANY DIOCESE OF THE ROMAN CATHOLIC CHURCH WHO ARE ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. 5 1 0 1 0 0 0 0 1862925 1930174 0 1862925 1930174 705065 712800 0 0 0 0 140862 91876 845927 804676 1016998 1125498 37739378 39735944 750 375 37738628 39735569 THE PRIMARY PURPOSE OF THE FOUNDATION IS TO PROVIDE FUNDS TO SUPPORT THE CHARITABLE, SCIENTIFIC, EDUCATIONAL, LITERARY AND/OR RELIGIOUS PURPOSES OF THE CATHOLIC UNIVERSITY OF AMERICA AND TO AWARD SCHOLARSHIPS TO STUDENTS FROM THE ALBANY DIOCESE OF THE ROMAN CATHOLIC CHURCH WHO ARE ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. false false 712800 712800 0 SCHOLARSHIP PROGRAMS: TO SUPPORT SCHOLARSHIPS FOR STUDENTS ATTENDING THE CATHOLIC UNIVERSITY OF AMERICA. DURING FISCAL YEAR 2023, 64 SCHOLARSHIPS WERE AWARDED. 712800 true false false false false false false false true false true false false false true false true false false false false false false false false false false true true false false false false false false false false false false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 5 1 false false false false false true false true true false false true true true true true true false false false NY X ROBERT M SPECTER 2023195606 620 MICHIGAN AVENUE WASHINGTON DC 20064 JOHN H GARVEY EX-OFFICIO DIRECTOR/PRESIDENT 1.0 41.0 X X 0 550524 41023 PETER KILPATRICK EX-OFFICIO DIRECTOR/PRESIDENT 1.0 41.0 X X 0 320013 31467 ROBERT M SPECTER EX-OFFICIO DIRECTOR/TREASURER 1.0 41.0 X X 0 449610 43810 CHRISTOPHER L LYDON EX-OFFICIO DIRECTOR/ENROLLMENT MANAGEMENT 1.0 41.0 X 0 328481 21801 DAVID AARON DOMINGUEZ EX-OFFICIO DIRECTOR/PROVOST 1.0 41.0 X 0 430385 48058 DEANNE GIPSON EX-OFFICIO DIRECTOR/VP ENROLLMENT 1.0 41.0 X 0 79247 6502 FR DAVID LEFORT ELECTED DIRECTOR 1.0 0.0 X 0 0 0 HASANNA TYUS EX-OFFICIO DIRECTOR/VP ENROLLMENT 1.0 41.0 X 0 202093 21326 LAWRENCE J MORRIS SECRETARY 1.0 41.0 X 0 323541 32902 MATTHEW DOLAN SECRETARY 1.0 41.0 X 0 284134 40800 0 2968028 287689 0 false true false 0 0 0 0 0 0 0 616535 616535 0 0 13774537 12460898 1313639 0 1313639 1313639 0 0 0 0 0 1930174 0 0 1930174 712800 712800 5070 5070 0 0 0 0 ENDOWMENT ADMINISTRATION FEE 85306 85306 NY FEES 1500 1500 0 0 0 0 804676 712800 91876 0 1375345 904 1113811 1159935 0 0 0 0 0 0 0 0 16167569 0 19082653 38575105 0 0 0 37739378 39735944 750 375 0 0 0 0 750 375 37738628 39735569 37738628 39735569 37739378 39735944 1125498 871443 0 X false true X true false X X 1 THE CATHOLIC UNIVERSITY OF AMERICA 530196583 2 true 712800 0 1 712800 0 true false false false false false false false false false false false false false false true false 36624644 2902811 758924 205513 38563018 39351189 0 -1838387 705065 705 182388 36624644 31305632 0 8888897 431015 261726 150599 39351189 32796158 0 -672824 393800 276262 147640 31305632 30357555 0 3997672 638040 13111 907918 32796158 1.0 0.0 0.0 false true true CATHOLIC UNIVERSITY ENDOWMENT POOL 38575105 F 38575105 0 X Schedule D, Part V, Line 4 Intended uses of endowment funds THE A&A FARONE FOUNDATION'S ENDOWMENT FUNDS ARE USED TO SUPPORT PURPOSES OF THE CATHOLIC UNIVERSITY OF AMERICA AND TO FUND SCHOLARSHIPS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE UNIVERSITY FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE UNIVERSITY HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN ITS FINANCIAL STATEMENTS. true FARONE FOUNDATION SCHOLARSHIPS 64 712800 0 FMV N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ALL SCHOLARSHIPS ARE OFFERED BASED ON MANUAL AND/OR ELECTRONIC VERIFICATION OF ELIGIBILITY CRITERIA. THE SYSTEM DISBURSEMENT OF THE SCHOLARSHIPS TO THE STUDENTS' ACCOUNTS OCCUR ONLY AFTER GLOBAL AND ITEM TYPE SPECIFIC DISBURSEMENT ELIGIBILITY RULES ARE MET. UPON DISBURSEMENT, PAYMENT ALLOCATION RULES IN THE SYSTEMS ALLOCATE SCHOLARSHIPS TO APPROPRIATE PREDEFINED CHARGES. AFTER DISBURSEMENT, AUDITS ARE DONE AT VARIOUS TIME INTERVALS TO DETERMINE CONTINUED ELIGIBILITY. true false false false false false false false false JOHN H GARVEY EX-OFFICIO DIRECTOR/PRESIDENT 0 550524 0 0 0 0 0 29000 0 12023 0 591547 0 0 ROBERT M SPECTER EX-OFFICIO DIRECTOR/TREASURER 0 446400 0 0 0 3210 0 30500 0 13310 0 493420 0 0 PETER KILPATRICK EX-OFFICIO DIRECTOR/PRESIDENT 0 318298 0 0 0 1715 0 25292 0 6175 0 351480 0 0 DAVID AARON DOMINGUEZ EX-OFFICIO DIRECTOR/PROVOST 0 429321 0 0 0 1064 0 30500 0 17558 0 478443 0 0 CHRISTOPHER L LYDON EX-OFFICIO DIRECTOR/ENROLLMENT MANAGEMENT 0 140704 0 0 0 187777 0 15682 0 6119 0 350282 0 0 HASANNA TYUS EX-OFFICIO DIRECTOR/VP ENROLLMENT 0 201893 0 0 0 200 0 5283 0 16043 0 223419 0 0 LAWRENCE J MORRIS SECRETARY 0 319421 0 0 0 4120 0 30500 0 2402 0 356443 0 0 MATTHEW DOLAN SECRETARY 0 282899 0 0 0 1235 0 28903 0 11897 0 324934 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment Christopher Lydon received a severance pay after departing the University. This amount is included in schedule J, Part II, Column B(iii). Schedule J, Part I, Line 3 AN AFFILIATED ORGANIZATION USED THE FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION STUDIES, AND BOARD OR COMPENSATION COMMITTEE APPROVAL IN ESTABLISHING COMPENSATION OF THE PRESIDENT. Form 990, Part I, Line 3 CHRISTOPHER LYDON DEPARTURE - JUNE 1, 2022 HASANNA TYUS DEPARTURE - SEPTEMBER 30, 2022 LAWRENCE MORRIS DEPARTURE - JUNE 30, 2022 DEANNE GIPSON START - OCTOBER 1, 2022 MATTHEW DOLAN START - JULY 1, 2022 Form 990, Part VI, Line 13 A&A FARONE FOUNDATION OPERATES BY THE CATHOLIC UNIVERSITY OF AMERICA'S STANDARDS WITH RESPECT TO THE WHISTLEBLOWER POLICIES. Form 990, Part VI, Line 14 A&A FARONE FOUNDATION OPERATES BY THE CATHOLIC UNIVERSITY OF AMERICA'S STANDARDS WITH RESPECT TO THE DOCUMENT RETENTION AND DESTRUCTION POLICIES. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE BOARD OF TRUSTEES OF THE SUPPORTED ORGANIZATION, THE CATHOLIC UNIVERSITY OF AMERICA, HAS THE POWER TO APPOINT THE FARONE FOUNDATION'S BOARD OF DIRECTORS. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 WAS SENT TO THE FULL BOARD OF TRUSTEES FOR REVIEW PRIOR TO FILING THE RETURN. THE TRUSTEES WERE GIVEN THE OPPORTUNITY TO REVIEW THE DOCUMENT AND ADDRESS COMMENTS OR QUESTIONS TO MANAGEMENT. Form 990, Part VI, Line 12c Conflict of interest policy A&A FARONE FOUNDATION OPERATES BY THE CATHOLIC UNIVERSITY OF AMERICA'S STANDARDS WITH RESPECT TO THE CONFLICT OF INTEREST POLICIES. THE CATHOLIC UNIVERSITY OF AMERICA'S (AN AFFILIATED ORGANIZATION) COMPLIANCE OFFICE REVIEWS THE CONFLICT OF INTEREST STATEMENTS SUBMITTED BY THE BOARD MEMBERS TO DETERMINE WHETHER ANY MATERIAL FINANCIAL INTERESTS HAVE BEEN DISCLOSED. ANY SUCH INTERESTS WOULD BE INVESTIGATED BY THE UNIVERSITY'S AUDIT COMMITTEE. THERE IS NO FACULTY OR STAFF, AND THE TRANSACTIONS OF THE FOUNDATION ARE LIMITED TO A VERY FEW DEFINED TYPES OF ACTIVITIES. Form 990, Part VI, Line 19 Required documents available to the public THE CONFLICT OF INTEREST POLICY AND CONSOLIDATED AUDITED FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY WEBSITE. THE FOUNDATION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. Part VII President Garvey departed the University on June 30, 2022. President Kilpatrick began his time with the University July 1, 2022 THE CATHOLIC UNIVERSITY OF AMERICA 620 MICHIGAN AVENUE NE 250 Leahy WASHINGTON DC 20064 530196583 HIGHER EDUCATION DC 501(c)(3) 2 NA false THE CATHOLIC UNIVERSITY OF AMERICA FOUNDATION 620 MICHIGAN AVENUE NE 250 Leahy WASHINGTON DC 20064 521284733 SUPPORT TO THE CATHOLIC UNIVERSITY OF AMERICA DC 501(c)(3) Type I THE CATHOLIC UNIVERSITY OF AMERICA false CHARITABLE REMAINDER TRUST (2) SPLIT INTEREST AGMNT BETHESDA MD 20810 SPLIT INTEREST AGREEMENT MD NA Trust false CHARITABLE REMAINDER TRUST (3) SPLIT INTEREST AGMNT WASHINGTON DC 20001 SPLIT INTEREST AGREEMENT DC NA Trust false false true false false false false false false false false false false false true true true false false false