Overview
What is Open M Foundation?
The Open M Foundation, situated in Akron, Ohio, is a nonprofit organization that manages endowment funds. Its primary mission is to support the charitable objectives of Opportunity Parish Ecumenical Neighborhood Ministry, commonly known as Open M. This support encompasses coordinating the provision of vital services to low-income individuals, including medical care, food assistance, tutoring, job training, and various other social services. By raising, investing, and distributing funds, Open M Foundation plays a crucial role in uplifting the lives of those in need within its community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (73%, Two-Star out of Four Star rating)
The Open M Foundation has received a Two-Star rating from Charity Navigator, indicating that while the organization demonstrates some strengths, there are significant areas that require attention. The foundation excels in having a fully independent board and maintaining a strong program expense ratio, with 100% of expenses directed toward its programs. However, the foundation has been marked down for missing key governance documents, including a conflict of interest policy and a whistleblower policy.
The organization's financial health appears stable, with a liabilities to assets ratio of 0.00%, which indicates no debt, and it has effectively documented board meeting minutes. Despite these strengths, the lack of critical governance policies and missing tax forms on its website suggest that transparency and accountability measures could be improved.
Overall, while the Open M Foundation is committed to its mission with a well-structured board and effective program funding, it must enhance its governance practices to raise its rating and fully instill confidence among potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Open M Foundation legitimate?
Open M Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Open M Foundation 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:
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What is the mission statement of Open M Foundation?
The Open M Foundation focuses on raising, investing, and distributing funds to support the charitable objectives of Opportunity Parish Ecumenical Neighborhood Ministry (Open M). This support encompasses various social services, including the coordination of medical services, food provision, tutoring, job training, and other aid for low-income individuals. The foundation's mission is centered around improving the lives of these individuals by addressing their essential needs. Additionally, the Open M Foundation manages endowment funds and makes distributions to Open M to facilitate these services.
Who is the CEO of Open M Foundation?
Julie Carneal is the President of Open M Foundation. The CEO's salary of Open M Foundation is $0 and their total compensation is $0.
What is the revenue of Open M Foundation?
Open M Foundation's revenue in 2022 was $80,816.
Who are the executives of Open M Foundation and what are their salaries?
Here are 16 key members and their salaries (Open M Foundation's CEO's salary is $0 and their total compensation is $0):
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Where can I find the form 990 for Open M Foundation?
Open M Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Open M Foundation
The Open M Foundation is an organization that plays a vital role in supporting the charitable purpose of Opportunity Parish Ecumenical Neighborhood Ministry, commonly known as Open M. This foundation raises, invests, and distributes funds to coordinate the provision of essential services for low-income individuals. These services include medical care, food assistance, tutoring programs, job training, and various other social services. By managing endowment funds and making distributions to Open M, the Open M Foundation aims to contribute to the betterment of the lives of those in need.
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Impact
October, 2024
Open M Foundation significantly impacts the Akron community by raising, investing, and distributing funds to support essential services for low-income individuals through the Opportunity Parish Ecumenical Neighborhood Ministry, known as OPEN M. By coordinating the provision of vital resources such as medical services, food, tutoring, and job training, the foundation helps to foster stability and self-sufficiency among underserved populations.
The foundation's efforts ensure that individuals have access to necessary support systems, paving the way for improved quality of life and empowering individuals to pursue opportunities for growth. With a focus on addressing immediate needs while promoting long-term solutions, Open M Foundation embodies a commitment to community wellbeing and social justice, making a lasting difference in the lives of those it serves in Akron, Ohio.
This information is meant to be a general summary of Open M Foundation. 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 2022.
- Investment Income: $19,216
- Gross Receipts: $448,366
Assets and Liabilities:
- Total Assets: $767,140
- Total Liabilities: $0
- Net Assets: $767,140
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Organization Details
Founding Year
2004
Phone
(330) 434-0110Principal Officer
Julie Carneal
Main Address
941 PRINCETON STREET, AKRON, OH, 44311
NTEE Category
Code: X112 - Religion related
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