Overview
What is Aicpa Benevolent Fund Inc?
Aicpa Benevolent Fund Inc, headquartered in Durham, North Carolina, is a charitable organization with a mission to provide financial assistance to members of the American Institute of Certified Public Accountants (AICPA) and their families who are facing financial hardships due to serious illness, accidents, or the loss of the primary income source. In 2022, the fund aided 13 individuals by covering daily subsistence expenses, medical costs, and prescription expenses that exceeded their insurance coverage. The fund's primary goal is to offer a helping hand during challenging times, ensuring the well-being of its members and their families.
Official website here: www.aicpa.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 57%, One-Star out of Four Star rating.
The AICPA Benevolent Fund Inc has received a low overall score of 57%, indicating significant concerns regarding its accountability and financial management. The rating is derived solely from its accountability and finance measures, which suggest that while the organization demonstrates strength in governance, it has deficiencies in its financial performance ratios.
Strengths of the organization include a fully independent board and the presence of comprehensive policies such as conflict of interest and whistleblower protections. All ten board members are independent, and the organization has shown compliance in various governance metrics. However, it struggles with its financial ratios, particularly in program expenses which only account for 48.55% of its total expenditures, raising questions about the allocation of resources.
Additionally, the organization has a very low liabilities to assets ratio of 0.14%, but this appears to reflect poor financial management rather than financial stability. The absence of its tax form on the nonprofit's website also detracts from its score. Overall, while the AICPA Benevolent Fund Inc is well-governed, its financial inefficiencies warrant caution for potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is Aicpa Benevolent Fund Inc legitimate?
Aicpa Benevolent Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Aicpa Benevolent Fund Inc 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.aicpa.org
What is the mission statement of Aicpa Benevolent Fund Inc?
The Aicpa Benevolent Fund Inc, as its mission, aims to provide financial assistance to members of the American Institute of Certified Public Accountants who are in need and their families. Specifically, the fund offers aid to cover daily subsistence expenses, medical and prescription costs that surpass insurance coverage due to serious illness, accident, or the demise of the primary family income earner. During the year 2022, 13 individuals received such assistance from the fund.
Official website here: www.aicpa.org
Who is the CEO of Aicpa Benevolent Fund Inc?
Timothy Laspaluto is the Trustee of Aicpa Benevolent Fund Inc.
Official website here: www.aicpa.org
What is the revenue of Aicpa Benevolent Fund Inc?
Aicpa Benevolent Fund Inc's revenue in 2022 was $509,981.
Official website here: www.aicpa.org
Who are the executives of Aicpa Benevolent Fund Inc and what are their salaries?
There 10 volunteers at Aicpa Benevolent Fund Inc.
Here are 8 key members and their salaries:
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- Related: $361,312
- Other: $46,456
Official website here: www.aicpa.org
Where can I find the form 990 for Aicpa Benevolent Fund Inc?
Aicpa Benevolent Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.aicpa.org
Learn more at the official website: www.aicpa.org
Mission Statement of Aicpa Benevolent Fund Inc
The Aicpa Benevolent Fund Inc, as its mission statement suggests, is dedicated to providing financial assistance to members of the American Institute of Certified Public Accountants (CPA) and their families who find themselves in challenging circumstances. This nonprofit organization aims to offer support to its members when they encounter difficulties that result in increased daily subsistence expenses, or medical and prescription costs that surpass their insurance coverage due to serious illness, accidents, or the demise of the primary family income earner. In the year 2022, 13 individuals benefited from this financial aid provided by the Aicpa Benevolent Fund Inc.
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Impact
July, 2024
The Aicpa Benevolent Fund Inc provides crucial financial assistance to members of the American Institute of Certified Public Accountants and their families who are facing difficult circumstances. Through its mission of offering support for daily subsistence expenses, medical costs, and other financial burdens resulting from serious illness, accidents, or the loss of a primary income source, the Fund has a direct and tangible impact on the lives of those it helps. In the year 2022, 13 individuals benefited from the assistance provided by the Fund, highlighting its importance in providing a safety net for those in need.
This information is meant to be a general summary of Aicpa Benevolent Fund Inc. 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: $359,317
- Gross Receipts: $509,981
Assets and Liabilities:
- Total Assets: $10,990,699
- Total Liabilities: $25,755
- Net Assets: $10,964,944
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Organization Details
Founding Year
1933
Phone
(919) 402-4500Principal Officer
Timothy Laspaluto
Main Address
220 LEIGH FARM ROAD, DURHAM, NC, 27707
Website
www.aicpa.orgNTEE Category
Code: M20 - Public safety
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