The Reverend Joseph W Garafalo Scholarship Fund Inc in Worcester, Massachusetts (MA)

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The Reverend Joseph W Garafalo Scholarship Fund Inc
Employer Identification Number (EIN)042998633
Name of OrganizationThe Reverend Joseph W Garafalo Scholarship Fund Inc
In Care of NameGeorge W Smith Cpa
Address2 Saybrook Rd, Worcester, MA 01604-2725
ActivitiesScholarships (other)
SubsectionCharitable Organization
Ruling Date11/1992
DeductibilityContributions are deductible
FoundationPrivate non-operating foundation
OrganizationCorporation
Tax Period09/2012
Assets$100,000 to $499,999
Income$25,000 to $99,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$266,700
Amount of Income$72,686
Form 990 Revenue Amount$27,184
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Student Services, Organizations of Students


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Amount of income in 2012: $72,686 (it was $123,311 in 2011)
This organization: 

 $72,686
Other organizations performing similar types of work: 

 $85,334

Assets in 2012: $266,700 (it was $244,725 in 2011)
This organization: 

 $266,700
Other organizations performing similar types of work: 

 $44,771

Expenses in 2012: $17,586
This organization: 

 $17,586
Other organizations performing similar types of work: 

 $64,634

Income to expenses ratio in 2012: 4.1
This organization: 

 4.1
Other organizations performing similar types of work: 

 0.8

Grants share in income in 2012: 1.4%
This organization: 

 1.4%
Other organizations performing similar types of work: 

 0.0%

Financial snapshot ($)

Revenue for 2012

Expenses for 2012

Assets for 2012

Analysis of Revenue and Expenses (for 2012)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$18,997$18,730$0
Contributions, gifts, grants, etc., received$267
Interest on savings and temporary cash investments$0
Dividends and interest from securities$8,756
Gross rents$0
Gross profit from sales of goods$0
Other income$0
Other$9,974
Total expenses and disbursements$17,586$2,551$0$15,000
Compensation of officers, directors, trustees, etc.$0
Total operating and administrative expenses$2,586$2,551$0
Contributions, gifts, grants paid$15,000
Excess of revenue over expenses and disbursements$1,411
Net investment income$16,179
Adjusted net income$0
Balance Sheets (for 2012)
Book ValueFair Market Value
Total assets$266,700$266,700
Cash - non-interest-bearing$0
Investments-U.S. and state government obligations$0
Investments-corporate stock$234,298
Investments-corporate bonds$0
Investments-mortgage loans$0
Investments-other$28,316
Other$4,086
Total liabilities$0
Total liabilities and net assets/fund balances$266,700
Capital Gains and Losses for Tax on Investment Income (for 2012)
Capital gain net income$9,974
Net capital loss$0
Excise Tax Based on Investment Income (for 2012)
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$324
Total credits and payments$0
Any penalty for underpayment of estimated tax$0
Tax due$324
Overpayment$0
Amount to be credited to 2013 estimated tax$0
Statements Regarding Activities (for 2012)
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?No
Was there a liquidation, termination, dissolution, or substantial contraction during the year?No
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012?No
Statements Regarding Activities for Which Form 4720 May Be Required (for 2012)
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?No
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?No
Furnish goods, services, or facilities to (or accept them from) a disqualified person?No
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?No
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?No
Agree to pay money or property to a government official?No
At the end of tax year 2012, did the foundation have any undistributed income for tax year(s) beginning before 2012?No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?No
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?No
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?No
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?No
Provide a grant to an individual for travel, study, or other similar purposes?No
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?No
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?No
Minimum Investment Return (for 2012)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$264,238
Net value of noncharitable-use assets$260,280
Minimum investment return$13,014
Distributable Amount (for 2012)
Distributable amount$12,690
Undistributed Income (for 2012)
Distributable amount for 2012$12,690
Undistributed income for 2012. This amount must be distributed in 2013$0
Private Operating Foundations (for 2012)
2012201120102009Total
The lesser of the adjusted net income or the minimum investment return$0$0$0$0$0
Qualifying distributions made directly for active conduct of exempt activities$0$0$0$0$0
Value of all assets$0$0$0$0$0
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
2/3 of minimum investment return$0$0$0$0$0
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)$0$0$0$0$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)$0$0$0$0$0
Gross investment income$0$0$0$0$0
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2The Possible Project Inc955 Massachusetts Avenue, Cambridge, MA 02139-3233MA2010-11$1,284,161
3Young Peoples Project Inc99 Bishop Allen Dr, Cambridge, MA 02139-3428MA2001-05$1,133,385
4Strategies For Children Inc400 Atlantic Ave, Boston, MA 02110-3331MA2001-06$846,914
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7Scituate Corse FoundationPO BOX 512, N Scituate, MA 02060-0512MA2006-10$158,999
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9Student Athletes Rising Inc8 Culbert Street, Mattapan, MA 02126MA2015-03$102,357
10Swampscott Youth Soccer Association50 Dennison Ave, Swampscott, MA 01907-1422MA2012-12$96,650
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12The Reverend Joseph W Garafalo Scholarship Fund Inc2 Saybrook Rd, Worcester, MA 01604-2725MA1992-11$72,686
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Number of organizations performing similar types of work
Alaska4
Alabama44
Arkansas18
Arizona44
California358
Colorado52
Connecticut46
District of Columbia29
Delaware21
Florida143
Georgia124
Hawaii17
Iowa22
Idaho11
Illinois90
Indiana58
Kansas26
Kentucky31
Louisiana43
Massachusetts82
Maryland77
Maine13
Michigan95
Minnesota60
Missouri50
Mississippi23
Montana12
North Carolina88
North Dakota4
Nebraska16
New Hampshire11
New Jersey83
New Mexico21
Nevada25
New York181
Ohio85
Oklahoma30
Oregon31
Pennsylvania101
Rhode Island14
South Carolina39
South Dakota7
Tennessee50
Texas232
Utah13
Virginia80
Vermont14
Washington63
Wisconsin47
West Virginia10
Wyoming8
International5
Total2,851

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