Overview
What is New York State Local Government Services Foundation Inc?
New York State Local Government Services Foundation Inc is a nonprofit organization situated in Albany, New York. With a small team of two employees, their primary mission is to assist local governments in the state by managing their property and casualty insurance needs. By acting as an attorney-in-fact, they aim to reduce the costs and expenses associated with providing various insurance programs, thereby providing valuable support to New York's municipalities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Stars)
The New York State Local Government Services Foundation Inc has received a Two-Star rating from Charity Navigator, indicating that while the organization exhibits some strong financial practices, there are areas that need improvement. The organization has a solid Program Expense Ratio of 99.77%, demonstrating that nearly all of its expenditures are directed towards its programs. Additionally, the foundation benefits from a fully independent board, which is a positive indicator of governance and oversight.
On the financial accountability front, the foundation has shown no material diversion of assets and maintains a favorable liabilities to assets ratio of 0.00%. These metrics suggest a strong financial health and responsible management of resources. However, the overall score of 67% indicates that there may be additional challenges or limitations impacting the organization’s overall effectiveness and transparency.
While the foundation's governance and program execution appear to be commendable, potential donors or stakeholders may want to consider the factors contributing to the Two-Star rating. Engaging with the organization to understand its strategic goals and any ongoing improvements may provide further insights into its operations and long-term impact.
This AI summary has been generated from information found on Charity Navigator.
Is New York State Local Government Services Foundation Inc legitimate?
New York State Local Government Services Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New York State Local Government Services Foundation 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: $252,658
For more financial information, click here
What is the mission statement of New York State Local Government Services Foundation Inc?
The New York State Local Government Services Foundation Inc serves a vital role in assisting municipalities within the state by managing their property and casualty insurance needs. As an attorney-in-fact, the foundation's primary duty is to help reduce the costs and expenses associated with providing insurance programs for local governments. By performing these duties, the foundation aims to support and strengthen the financial stability of these municipalities. In essence, the mission of the New York State Local Government Services Foundation Inc is to provide essential insurance services, thereby lessening the financial burden on local governments and ensuring their continued operation and growth.
Who is the CEO of New York State Local Government Services Foundation Inc?
Peter Baynes is the President of New York State Local Government Services Foundation Inc.
What is the revenue of New York State Local Government Services Foundation Inc?
New York State Local Government Services Foundation Inc's revenue in 2022 was $2,048,826.
Who are the executives of New York State Local Government Services Foundation Inc and what are their salaries?
The average compensation at New York State Local Government Services Foundation Inc during 2022 was $126,329. There are 2 employees at New York State Local Government Services Foundation Inc.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $214,861
- Related: $0
- Other: $33,492
Where can I find the form 990 for New York State Local Government Services Foundation Inc?
New York State Local Government Services Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New York State Local Government Services Foundation Inc
New York State Local Government Services Foundation Inc plays a crucial role in assisting municipalities within New York State in managing their property and casualty insurance requirements. Acting as an attorney-in-fact, the foundation helps these local governments reduce the costs and expenses associated with their insurance programs. By performing these duties, the foundation aims to support the provision of essential services by local governments, thereby contributing positively to the communities they serve.
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Impact
October, 2024
New York State Local Government Services Foundation Inc actively supports local municipalities throughout New York by addressing their property and casualty insurance needs. By serving in the capacity of an attorney-in-fact, the foundation plays a crucial role in helping local governments navigate the complexities of insurance procurement and management.
Through its services, the foundation aids in reducing the costs associated with insurance programs, thereby freeing up financial resources that municipalities can redirect towards essential public services and community development. This impact extends beyond mere financial savings; it enhances the overall operational efficiency of local governments, enabling them to better serve their constituents.
By fostering collaboration and providing expertise in insurance matters, the foundation strengthens the capacity of local governments to manage risks effectively. This proactive approach helps ensure that municipalities are equipped with the necessary safeguards against potential liabilities, ultimately contributing to the stability and resilience of local governance in New York State.
This information is meant to be a general summary of New York State Local Government Services Foundation 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: $167
- Program Service Revenue: $2,048,659
- Gross Receipts: $2,048,826
Assets and Liabilities:
- Total Assets: $199,723
- Total Liabilities: $0
- Net Assets: $199,723
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ATTORNEY-IN-FACT
Revenue
$2,048,659
Organization Details
Founding Year
1986
Phone
(518) 465-7933Principal Officer
Peter Baynes
Main Address
150 STATE STREET, ALBANY, NY, 122071636
NTEE Category
Code: W99 - Public benefit
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