Nonprofit · EIN 82-6875780
FARANO SCHOLARSHIP TR
Also known as MICHAEL FARANO TTEE
Tax-exempt · ALBANY, NY 12207
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990-PF | $256,646 | $149,420 | $107,226 | $1,681,158 | $0 | $1,681,158 |
| December 31, 2024 | 990-PF | $97,186 | $140,520 | -$43,334 | $1,573,932 | $0 | $1,573,932 |
| December 31, 2023 | 990-PF | $98,030 | $135,580 | -$37,550 | $1,617,266 | $0 | $1,617,266 |
Financial details: 990-PF for the year ended December 31, 2025
Revenue
- Dividends
- $59,402
- Net gain from sales of assets
- $197,244
Expenses
- Grants and similar amounts paid
- $114,000
- Compensation of officers, directors and key employees
- $9,568
- Disbursements for charitable purposes
- $114,000
- Excise tax on investment income
- $3,121
Balance sheet and other
- Total assets, start of year
- $1,573,932
- Total assets, end of year
- $1,681,158
- Total liabilities, end of year
- $0
- Net assets, end of year
- $1,681,158
- Fair market value of assets
- $2,035,919
- Qualifying distributions
- $114,000
- Net investment income
- $256,646
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-PF for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MICHAEL COSTELLO TOBIN DEMPF 515 BROADWAY, ALBANY, NY 12207 | TRUSTEE | 3 | $9,568 |
990-PF for the year ended December 31, 2024: 1 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MICHAEL COSTELLO TOBIN DEMPF 515 BROADWAY, ALBANY, NY 12207 | TRUSTEE | 3 | $9,267 |
990-PF for the year ended December 31, 2023: 1 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MICHAEL COSTELLO TOBIN DEMPF 515 BROADWAY, ALBANY, NY 12207 | TRUSTEE | 3 | $9,057 |
Address and contacts
- Address (IRS master file)
- 515 BROADWAY, ALBANY, NY 12207-2916
- In care of
- % MICHAEL FARANO
- Signed the 990-PF
- MICHAEL COSTELLO, TRUSTEE
- Phone
- (518) 463-1177
- Return prepared by
- TEAL BECKER & CHIARAMONTE CPAS PC
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. 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 | 990-PF on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 82-6875780
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private non-operating foundation
- Donations deductible (Pub 78)
- Private foundation, 30% limit
- Exempt since
- 2019
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Philanthropy, voluntarism and grantmaking foundations (T20)
- Assets (IRS master file)
- $1,681,158
- Income (IRS master file)
- $1,129,817
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2025 | $256,646 | $149,420 | $1,681,158 | IRS |
| 990-PF | December 2024 | $97,186 | $140,520 | $1,573,932 | IRS |
| 990-PF | December 2023 | $98,030 | $135,580 | $1,617,266 | XML |
| 990-PF | December 2022 | – | – | – | IRS |
| 990-PF | December 2021 | – | – | – | IRS |
| 990-PF | December 2020 | – | – | – | 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 82-6875780).
Questions about FARANO SCHOLARSHIP TR
- What is the EIN of FARANO SCHOLARSHIP TR?
- The employer identification number (EIN) of FARANO SCHOLARSHIP TR is 82-6875780.
- Is FARANO SCHOLARSHIP TR tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2019.
- Are donations to FARANO SCHOLARSHIP TR tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
- Which annual return does FARANO SCHOLARSHIP TR file?
- Form 990-PF. Private foundations file every year.
- When is the next return of FARANO SCHOLARSHIP TR due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FARANO SCHOLARSHIP TR last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended December 2025.
- Who are the officers and directors of FARANO SCHOLARSHIP TR?
- The 990-PF for the year ended December 31, 2025 lists 1 person; 1 received compensation from the organization, the highest $9,568 (MICHAEL COSTELLO, TRUSTEE).
- How much revenue does FARANO SCHOLARSHIP TR have?
- On its 990-PF for the year ended December 31, 2025 it reported revenue of $256,646, expenses of $149,420 and total assets of $1,681,158 at year end.
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