Overview
What is Beneficial State Foundation?
The Beneficial State Foundation, based in Oakland, California, is a dedicated nonprofit organization. Their main objective is to combat economic distress and foster community development. They achieve this by distributing grants and promoting financial literacy. The foundation also advocates for affordable housing and works towards eliminating discrimination by providing loans and investments, including consumer loans, micro, and small business loans, and deposit services to disadvantaged communities and community service organizations. Additionally, the foundation is committed to promoting a beneficial banking model that aims to transform the banking industry. This is accomplished by attracting human, financial, and intellectual capital to beneficial banking, thereby accelerating its transformation. The foundation currently employs 34 individuals.
Official website here: www.beneficialstate.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
Beneficial State Foundation has achieved a high rating of 96% from Charity Navigator, reflecting its strong performance in accountability and finance. The organization boasts an excellent score for its independent board members, with 100% of its board being independent, and it has a robust financial oversight structure in place. This indicates a commitment to transparency and responsible management of funds.
With a program expense ratio of 94.29%, the foundation effectively directs a significant portion of its resources towards its mission-driven programs, demonstrating its focus on impact rather than administrative costs. Additionally, the presence of comprehensive policies such as conflict of interest and whistleblower protections highlights the organization's dedication to ethical practices and governance.
While the foundation shows strong financial health and governance, the summary does not note any weaknesses or concerns. Overall, Beneficial State Foundation appears to be a well-managed nonprofit with a clear commitment to serving its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Beneficial State Foundation?
96% of 31 reviewers on Facebook recommend Beneficial State Foundation. Here is a summary of their reviews:
Overall, the sentiment towards Beneficial State Foundation is very positive, particularly regarding their customer service. Reviewers often express appreciation for the helpfulness and efficiency of the staff, highlighting experiences that surpassed their expectations. For instance, one user noted a swift resolution to a mobile banking issue without the frustration of long hold times, underscoring the commitment to providing excellent support.
This nonprofit appears to deliver on its promise of creating a positive banking experience for its customers, fostering a sense of trust and satisfaction among those who have interacted with them. Overall, supporters feel valued and are enthusiastic about recommending Beneficial State Foundation to others.
This AI summary has been generated from reviews found on Facebook.
Is Beneficial State Foundation legitimate?
Beneficial State Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Beneficial State 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:
Executive Compensation: $338,285
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,147,975
For more financial information, click here
Official website here: www.beneficialstate.org
What is the mission statement of Beneficial State Foundation?
The Beneficial State Foundation's mission is to foster a beneficial banking model that revolutionizes the industry. They achieve this by drawing in human, financial, and intellectual resources to promote this model. The foundation's activities include creating programs and distributing grants to combat economic distress and stimulate community development. They also encourage financial literacy, advocate for affordable housing, and combat discrimination by providing loans and investments to disadvantaged communities and community service organizations. The foundation uses various means, as deemed appropriate by their board, to offer deposit services and loans for consumers and small businesses.
Official website here: www.beneficialstate.org
Who is the CEO of Beneficial State Foundation?
Erin Kilmer Neel is the President of Beneficial State Foundation.
Official website here: www.beneficialstate.org
What is the revenue of Beneficial State Foundation?
Beneficial State Foundation's revenue in 2022 was $5,676,276.
Official website here: www.beneficialstate.org
Who are the executives of Beneficial State Foundation and what are their salaries?
The average compensation at Beneficial State Foundation during 2022 was $73,125. There are 34 employees and 6 volunteers at Beneficial State Foundation.
Here are 13 key members and their salaries:
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- Compensation: $193,430
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- Other: $12,526
- Compensation: $112,044
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- Other: $20,286
- Compensation: $129,219
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- Other: $15,900
- Compensation: $157,429
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- Other: $8,109
- Compensation: $120,323
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- Other: $7,810
- Compensation: $123,280
- Related: $0
- Other: $22,143
- Compensation: $116,466
- Related: $0
- Other: $15,059
Official website here: www.beneficialstate.org
Where can I find the form 990 for Beneficial State Foundation?
Beneficial State Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.beneficialstate.org
Learn more at the official website: www.beneficialstate.org
Mission Statement of Beneficial State Foundation
Beneficial State Foundation, a nonprofit organization, is committed to combating economic distress and fostering community development. Its mission is threefold: firstly, it aims to establish and promote a beneficial banking model that could potentially revolutionize the banking industry. Secondly, the foundation accelerates this transformation by attracting human, financial, and intellectual capital to this model. Lastly, it uses various means, as determined by its board, to distribute grants and create programs that combat economic distress, encourage financial literacy, promote affordable housing, and eliminate discrimination. Through these efforts, the foundation provides loans and investments, including consumer loans and micro and small business loans, as well as depositry services, to disadvantaged communities and community service organizations.
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Impact
October, 2024
Beneficial State Foundation effectively combats economic distress and fosters community development through a range of targeted programs and grants. By enhancing financial literacy, promoting affordable housing, and advocating for equitable access to financial services, the foundation addresses systemic barriers faced by disadvantaged communities. It prioritizes the provision of loans, including consumer and small business microloans, which are vital for empowering local enterprise and supporting individual financial well-being.
Through its mission, the foundation aims to transform the banking industry by creating a beneficial banking model that prioritizes social impact over profit. The foundation's work attracts human, financial, and intellectual capital to support initiatives that eliminate discrimination in financial services. By emphasizing community service and inclusive practices, Beneficial State Foundation has made significant strides toward building a more equitable and sustainable economic landscape.
This information is meant to be a general summary of Beneficial State 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: $241,722
- Gross Receipts: $5,676,276
Assets and Liabilities:
- Total Assets: $122,226,419
- Total Liabilities: $6,787,802
- Net Assets: $115,438,617
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Organization Details
Founding Year
2006
Phone
(510) 410-2036Principal Officer
Erin Kilmer Neel
Main Address
1438 WEBSTER STREET 300, OAKLAND, CA, 94612
Website
www.beneficialstate.orgNTEE Category
Code: W60 - Public benefit
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