Overview
What is Melvin Simmons Trust Kennebec Savings Bank Trustee?
The Melvin Simmons Trust, overseen by Kennebec Savings Bank Trustee, is a charitable entity based in Augusta, Maine. Its primary mission is to aid the city of Hallowell by contributing to the support of athletics at Halldale High School. This assistance is carried out through the distribution of the trust's income and portions of its principal, as outlined in paragraph 9 of the trust instrument.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 74%, earning it a Two-Star out of Four Star rating. This rating reflects the organization's overall performance in terms of accountability and finance. A score of 74 indicates that while the organization demonstrates some strong practices, there are significant areas for improvement, particularly in governance and transparency.
One of the strengths noted is the high Program Expense Ratio of 84.92%, which suggests that a large portion of its funds is directed towards its programs and services. The nonprofit also has effective policies in place, including a conflict of interest policy, whistleblower policy, and document retention policy, all of which received full scores. However, the lack of independent board members and missing information on the organization's website indicate areas where accountability could be enhanced.
Additionally, the organization has no material diversion of assets, which is a positive sign of financial integrity. However, the absence of independent board members and the missing website details on tax forms could raise concerns among potential donors regarding the transparency of operations. Overall, while there are several commendable attributes, the organization needs to address governance issues to improve its standing.
This AI summary has been generated from information found on Charity Navigator.
Is Melvin Simmons Trust Kennebec Savings Bank Trustee legitimate?
Melvin Simmons Trust Kennebec Savings Bank Trustee is a legitimate nonprofit organization registered as a 501(c)(3) entity. Melvin Simmons Trust Kennebec Savings Bank Trustee submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $7,944
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Melvin Simmons Trust Kennebec Savings Bank Trustee?
The Melvin Simmons Trust, overseen by Kennebec Savings Bank Trustee, is committed to assisting in the support of athletics at Halldale High School. This mission is carried out by distributing the trust's income and a portion of its principal to the city of Halldale, Maine, as outlined in the trust instrument's Paragraph 9. The primary goal is to contribute positively to the athletic programs at Halldale High School.
What is the revenue of Melvin Simmons Trust Kennebec Savings Bank Trustee?
Melvin Simmons Trust Kennebec Savings Bank Trustee's revenue in 2024 was $49,664.
Who are the executives of Melvin Simmons Trust Kennebec Savings Bank Trustee and what are their salaries?
There is 1 key member and their salary:
- Compensation: $7,945
- Related: $0
- Other: $0
Where can I find the form 990 for Melvin Simmons Trust Kennebec Savings Bank Trustee?
Melvin Simmons Trust Kennebec Savings Bank Trustee's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Melvin Simmons Trust Kennebec Savings Bank Trustee
The Melvin Simmons Trust, overseen by Kennebec Savings Bank Trustee, is committed to assisting the city of Hallowell, Maine in supporting athletics at Halldale High School. This mission is enacted through the distribution of the trust's income and portions of its principal, as outlined in paragraph 9 of the trust instrument. The trust's primary objective is to contribute to the promotion and enhancement of sports activities at Halldale High School, ultimately benefiting the students and the community of Hallowell.
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Impact
October, 2024
The Melvin Simmons Trust, managed by Kennebec Savings Bank as trustee, plays a significant role in supporting athletics at Hall-Dale High School in Hallowell, Maine. By distributing its income and portions of its principal to the city of Hallowell, the trust contributes essential funding that helps promote and sustain a robust athletic program. This financial support enhances the opportunities available to student-athletes, fosters community engagement, and encourages physical fitness and teamwork among the youth in the area. Overall, the trust's impact is reflected in its commitment to enriching the local community through athletic initiatives, ultimately benefiting the students and the wider community in Hallowell.
This information is meant to be a general summary of Melvin Simmons Trust Kennebec Savings Bank Trustee. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $36,654
- Gross Receipts: $317,104
Assets and Liabilities:
- Total Assets: $1,265,994
- Total Liabilities: $0
- Net Assets: $1,265,994
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Organization Details
Founding Year
1976
Principal Officer
Amos Byron
NTEE Category
Code: T00 - Philanthropy
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