Nonprofit · EIN 31-1714697
THE MICHAEL A J FARRELL FOUNDATION INC
Tax-exempt · SUMMIT, NJ 07902
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $11,955,728 | $605,109 | $11,350,619 | $14,548,900 | $1,102,264 | $13,446,636 |
| December 31, 2023 | 990 | $3,695 | $72,378 | -$68,683 | $1,883,891 | $1,532,045 | $351,846 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $9,082,425
- Program service revenue
- $0
- Investment income
- $2,873,303
- Net gain from sales of assets
- $2,834,741
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $467,045
- Compensation of officers, directors and key employees
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $2,833
- Program services (functional)
- $590,909
- Management and general (functional)
- $14,200
Balance sheet and other
- Total assets, start of year
- $128,795
- Total assets, end of year
- $14,548,900
- Total liabilities, end of year
- $1,102,264
- Net assets, end of year
- $13,446,636
- Publicly traded securities
- $8,446,162
- Net assets without donor restrictions
- $13,446,636
- Gross receipts
- $16,181,855
- Employees
- 0
- Year formed
- 2000
- State of legal domicile
- NJ
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CAROLYN FERROLITO | Trustee Trustee or director | 10 | $0 |
| KEVIN DONNELLY | Trustee Trustee or director | 20 | $0 |
| KEVIN R GREENE | President Trustee or director | 10 | $0 |
| MARY R FARRELL | Trustee Trustee or director | 10 | $0 |
990 for the year ended December 31, 2023: 4 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| CAROLYN FERROLITO | Trustee Trustee or director | 3 | $0 |
| EDWARD MCDONNELL | Trustee Trustee or director | 3 | $0 |
| KEVIN GREENE | Trustee Trustee or director | 3 | $0 |
| MARY R FARRELL | Trustee Trustee or director | 3 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 3, SUMMIT, NJ 07902-0003
- In care of
- % ALBERT DEGAETA
- Principal officer (990 for 2024)
- KEVIN R GREENE, POBox 3, Summit, NJ 079020003
- Signed the 990
- KEVIN R GREENE, President
- Phone
- (201) 323-4508
- Return prepared by
- NASKRET SELZER & ASSOCIATES LLC
Mission
Raise funds to support the education mission of preparatory schools such as The Oratory School of Summit,NJ and institutions of higher education and other education endeavors.
Program accomplishments
- RAISE FUNDS TO SUPPORT THE EDUCATION MISSION OF PREPARATORY SCHOOLS SUCH AS THE ORATORY SCHOOL OF SUMMIT NJ AND INSTITUTIONS OF HIGHER EDUCATION.Expenses $590,909 · grants $467,045
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 31-1714697
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2000
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B112)
- Assets (IRS master file)
- $14,548,900
- Income (IRS master file)
- $16,181,855
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $11,955,728 | $605,109 | $14,548,900 | XML |
| 990 | December 2023 | $3,695 | $72,378 | $1,883,891 | XML |
| 990 | December 2022 | $1,474 | $87,434 | $2,297,552 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 31-1714697).
Questions about THE MICHAEL A J FARRELL FOUNDATION INC
- What is the EIN of THE MICHAEL A J FARRELL FOUNDATION INC?
- The employer identification number (EIN) of THE MICHAEL A J FARRELL FOUNDATION INC is 31-1714697.
- Is THE MICHAEL A J FARRELL FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
- Are donations to THE MICHAEL A J FARRELL FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does THE MICHAEL A J FARRELL FOUNDATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of THE MICHAEL A J FARRELL FOUNDATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did THE MICHAEL A J FARRELL FOUNDATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of THE MICHAEL A J FARRELL FOUNDATION INC?
- The 990 for the year ended December 31, 2024 names KEVIN R GREENE.
- Who are the officers and directors of THE MICHAEL A J FARRELL FOUNDATION INC?
- The 990 for the year ended December 31, 2024 lists 4 people; 0 received compensation from the organization.
- How much revenue does THE MICHAEL A J FARRELL FOUNDATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $11,955,728, expenses of $605,109 and total assets of $14,548,900 at year end.
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