Overview
What is Finger Lakes Area Community Endowment?
The Finger Lakes Area Community Endowment is a charitable organization situated in Canandaigua, New York, specifically at 72 South Main Street. Its primary mission is to contribute to the philanthropic sector within the area by raising funds from various sources and distributing them to eligible charitable organizations or individuals, as per the Internal Revenue Code of 1986 or any future United States internal revenue law. The organization's activities are focused on providing area philanthropic support, and it is committed to allocating funds to organizations that have been exempted under section 501(c)(3) of the Internal Revenue Code or to suitable individuals. The Finger Lakes Area Community Endowment serves as a bridge between donors and local charities, ensuring that resources are effectively utilized to benefit the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating 80% - Three-Star out of Four Star rating
The Finger Lakes Area Community Endowment has received a Three-Star rating from Charity Navigator, with an overall score of 80%. This rating is based solely on its Accountability & Finance score, suggesting that the organization is performing well in terms of financial management and transparency. The charity has demonstrated strong fiscal practices, including no material diversion of assets and a perfect score in various financial oversight categories.
Strengths of the organization include an impressive Program Expense Ratio of 98.22%, indicating that nearly all funds are directed towards its programs rather than administrative costs. Additionally, the Endowment has a strong working capital ratio of 4.89 years, showcasing its ability to sustain operations over the long term. The governance practices are also commendable, with policies in place to prevent conflicts of interest and ensure proper oversight.
However, while the financial aspects are solid, the lack of additional performance metrics might limit a comprehensive understanding of its impact and effectiveness outside of financial stewardship. Overall, the organization appears to be a reliable steward of its resources, with a focus on accountability and efficiency in its operations.
This AI summary has been generated from information found on Charity Navigator.
Is Finger Lakes Area Community Endowment legitimate?
Finger Lakes Area Community Endowment is a legitimate nonprofit organization registered as a 501(c)(3) entity. Finger Lakes Area Community Endowment 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.
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What is the mission statement of Finger Lakes Area Community Endowment?
The Finger Lakes Area Community Endowment was established with the objective of raising funds from both private and public sources for philanthropic purposes. Their mission involves allocating and distributing these funds to eligible charitable organizations that fall under Section 501(C)(3) of the Internal Revenue Code of 1986, or to individuals who meet the criteria for suitable beneficiaries as per the law. In essence, the Community Endowment serves as a bridge between donors and organizations or individuals in need, ensuring that philanthropic contributions are utilized effectively for the betterment of the community.
Who is the CEO of Finger Lakes Area Community Endowment?
George W Hamlin Iv is the Advisory Board of Finger Lakes Area Community Endowment.
What is the revenue of Finger Lakes Area Community Endowment?
Finger Lakes Area Community Endowment's revenue in 2022 was $4,726,079.
Who are the executives of Finger Lakes Area Community Endowment and what are their salaries?
Here are 12 key members and their salaries:
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Where can I find the form 990 for Finger Lakes Area Community Endowment?
Finger Lakes Area Community Endowment's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Finger Lakes Area Community Endowment
The Finger Lakes Area Community Endowment, as an organization, was established with a primary objective to raise funds from both private and public sources for philanthropic purposes within the area. Its mission is to collect and distribute these funds to qualified charitable organizations that fall under the category of exempt organizations under Section 501(C)(3) of the Internal Revenue Code of 1986 or to suitable beneficiaries as per the law. In essence, the Finger Lakes Area Community Endowment serves as a conduit for channeling philanthropic support towards deserving causes within the community.
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Impact
October, 2024
The Finger Lakes Area Community Endowment plays a vital role in enhancing the quality of life in the Canandaigua, NY region through its philanthropic efforts. By raising funds from various private and public sources, it effectively allocates resources to local charitable organizations, helping to address specific community needs and support worthy causes. The organization ensures that donations align with the preferences of contributors or are decided upon by trustees, fostering a sense of community involvement and empowerment.
The impact of the Endowment is significant, as it directly supports initiatives that qualify under the Internal Revenue Code, thus ensuring that ineligible organizations or individuals do not benefit from grants. Through its careful selection of beneficiaries, the Endowment not only provides valuable financial assistance but also promotes sustainability within the area's nonprofit sector. Overall, the Finger Lakes Area Community Endowment is a catalyst for positive change, driving philanthropic support that enriches the local community and supports its diverse needs.
This information is meant to be a general summary of Finger Lakes Area Community Endowment. 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: $1,004,107
- Gross Receipts: $9,440,542
Assets and Liabilities:
- Total Assets: $20,437,572
- Total Liabilities: $0
- Net Assets: $20,437,572
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Organization Details
Founding Year
1994
Phone
(585) 394-4260Principal Officer
George W Hamlin Iv
Main Address
72 SOUTH MAIN STREET, CANANDAIGUA, NY, 14424
NTEE Category
Code: T30 - Philanthropy
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