Overview
What is Silas L Griffith Trust Trust Company Of Vermont Trustee?
The Silas L Griffith Trust Trust Company of Vermont Trustee is a charitable trust established in 1903, following the will of Silas Griffith. Its primary mission is to financially support several 501(c)(3) organizations, including the Danby Congregational Church, a subcommittee for providing Christmas gifts and clothing for needy children, the Danby and Mt Tabor public schools, and the Danby Public Library. The trust's exempt purpose is to distribute 4% of its annual net income, determined by economic conditions and investment performance, to support these beneficiaries. The trustee, as per the settlor's intentions and the needs of the beneficiaries, makes these distributions annually. The trust does not have program services of its own but serves as a financial supporter to these organizations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0 Stars
The Silas L Griffith Trust Trust Company Of Vermont has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding transparency and financial practices. With an overall score of only 10%, the organization demonstrates a lack of adherence to essential accountability standards, which raises questions about its governance and operational integrity.
One of the key shortcomings highlighted is the absence of independent board members, scoring 0 out of 10 points in this category. Additionally, there are critical gaps in policies regarding conflicts of interest, whistleblower protections, and document retention, all scoring 0 points. The lack of essential documentation, including board meeting minutes and the absence of the organization's tax form on its website, further diminishes its credibility.
While the organization did receive full points for material diversion of assets, which suggests some level of oversight in specific areas, the overall lack of financial management and accountability measures indicates a need for significant improvement. Potential donors and stakeholders should approach this nonprofit with caution, considering its poor financial health and governance practices.
This AI summary has been generated from information found on Charity Navigator.
Is Silas L Griffith Trust Trust Company Of Vermont Trustee legitimate?
Silas L Griffith Trust Trust Company Of Vermont Trustee is a legitimate nonprofit organization registered as a 501(c)(3) entity. Silas L Griffith Trust Trust Company Of Vermont 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: $13,619
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Silas L Griffith Trust Trust Company Of Vermont Trustee?
The Silas L Griffith Trust, managed by the Trust Company of Vermont Trustee, serves as a support organization for various charitable institutions. Its primary purpose, established by the will of Silas Griffith, is to provide financial aid to a local church, a church subcommittee that distributes Christmas gifts and clothing to needy children, two public school districts, and a public library. These beneficiaries are all 501(C)(3) organizations. As per the trust's guidelines, a certain percentage of its net income is distributed annually, taking into account various factors such as the settlor's intentions, the needs of the beneficiaries, and economic conditions.
Who is the CEO of Silas L Griffith Trust Trust Company Of Vermont Trustee?
Trust Company Of Vermont is the Trustee of Silas L Griffith Trust Trust Company Of Vermont Trustee.
What is the revenue of Silas L Griffith Trust Trust Company Of Vermont Trustee?
Silas L Griffith Trust Trust Company Of Vermont Trustee's revenue in 2022 was $40,889.
Who are the executives of Silas L Griffith Trust Trust Company Of Vermont Trustee and what are their salaries?
There is 1 key member and their salary:
- Compensation: $13,619
- Related: $0
- Other: $0
Where can I find the form 990 for Silas L Griffith Trust Trust Company Of Vermont Trustee?
Silas L Griffith Trust Trust Company Of Vermont Trustee's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Silas L Griffith Trust Trust Company Of Vermont Trustee
The Silas L Griffith Trust, overseen by the Trust Company of Vermont Trustee, is a support organization with a mission to aid three primary beneficiaries: a church, a subcommittee of the church that provides assistance for Christmas gifts and clothing for needy children in Danby and Mt Tabor, a public school district, and a public library, all of which are classified as 501(C)(3) organizations. Established in 1903 through the will of Silas Griffith, this trust's primary exempt purpose is to offer financial support to these organizations. In accordance with the settlor's intentions and the needs of the beneficiaries, the trustee determines an annual net income payout, calculated as 4% of the fair market value as of December 31, to be distributed in equal installments. This continuous financial support enables the beneficiaries to carry out their respective missions and serve their communities effectively.
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Impact
October, 2024
The Silas L Griffith Trust, managed by the Trust Company of Vermont, plays a significant role in supporting vital community institutions in Danby and Mt. Tabor, Vermont. Established in 1903 under the will of Silas Griffith, the trust provides essential financial backing to the Danby Congregational Church, local public schools, and the Danby Public Library.
One of the key impacts of the trust is its financial assistance for the church’s subcommittee that distributes Christmas gifts and clothing to underprivileged children in these communities, fostering a sense of care and support during the holiday season. Additionally, it contributes to the operational needs of the public schools and library, enhancing educational resources and community access to information.
With a strategy to distribute a consistent 4% of the trust's fair market value annually, the trustee ensures that these contributions are sustainable and effectively aligned with the expressed wishes of the trust's founder. By taking into account the financial context, needs of the beneficiaries, and projected economic conditions, the trust maximizes its impact while safeguarding its long-term viability.
This model of support not only addresses immediate community needs but also strengthens the fabric of local society by reinforcing educational and spiritual resources, ultimately enriching the lives of residents in Danby and Mt. Tabor.
This information is meant to be a general summary of Silas L Griffith Trust Trust Company Of Vermont 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 2022.
- Investment Income: $40,423
- Gross Receipts: $142,897
Assets and Liabilities:
- Total Assets: $1,051,234
- Total Liabilities: $0
- Net Assets: $1,051,234
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Organization Details
Founding Year
1903
Phone
(802) 230-4019Principal Officer
Trust Company Of Vermont
Main Address
23 Court Street, Rutland, VT, 05701
NTEE Category
Code: T22Z - Philanthropy
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