Overview
What is Santa Clara County Tobacco Securitization Corporation?
The Santa Clara County Tobacco Securitization Corporation is a nonprofit organization established primarily for the advantage of Santa Clara County and its residents. Based in San Jose, California, its central purpose is to effectively utilize and distribute funds derived from tobacco settlement payments. To achieve this goal, the organization manages risks associated with future tobacco settlement payments receipts and ensures their efficient allocation. This, in turn, aims to alleviate the financial pressures faced by the government.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (55%)
The Santa Clara County Tobacco Securitization Corporation has received a low rating of 55%, which reflects significant concerns regarding its accountability and financial practices. The rating is based solely on this criterion and emphasizes the need for improvement in several operational areas.
On a positive note, the organization has shown commendable governance features, such as having a fully independent board and no material diversion of assets. However, the lack of essential policies, including a conflict of interest policy and a whistleblower policy, raises questions about its transparency and risk management practices. Additionally, the organization has not listed its website on its tax form, which is a requirement for better public accountability.
Despite a high program expense ratio of 99.37%, indicating that most of its expenses support its programs, the absence of critical documentation such as board meeting minutes and the nonprofit's tax forms on its website presents significant limitations. These deficiencies suggest a need for the organization to enhance its policies and communication to improve overall accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Santa Clara County Tobacco Securitization Corporation legitimate?
Santa Clara County Tobacco Securitization Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Santa Clara County Tobacco Securitization Corporation 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:
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Other Salaries and Wages: $0
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What is the mission statement of Santa Clara County Tobacco Securitization Corporation?
The Santa Clara County Tobacco Securitization Corporation was established with a mission to support the County of Santa Clara. Its primary objective is to manage the risks associated with future tobacco settlement payments and ensure their efficient utilization. By doing so, the corporation aims to alleviate the financial burdens on the government. The corporation's primary function is to allocate funds from tobacco settlement payments for the benefit of the County of Santa Clara and its residents. It serves to maximize the impact of these funds, fostering overall improvement in the county's well-being.
Who is the CEO of Santa Clara County Tobacco Securitization Corporation?
Margaret Olaiya is the Director of Santa Clara County Tobacco Securitization Corporation.
What is the revenue of Santa Clara County Tobacco Securitization Corporation?
Santa Clara County Tobacco Securitization Corporation's revenue in 2022 was $151,881.
Who are the executives of Santa Clara County Tobacco Securitization Corporation and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Santa Clara County Tobacco Securitization Corporation?
Santa Clara County Tobacco Securitization Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Santa Clara County Tobacco Securitization Corporation
Santa Clara County Tobacco Securitization Corporation, established for the advantage of Santa Clara County, aims to mitigate the potential risks associated with future tobacco settlement payments (TSPs) and ensure the efficient utilization of these funds. The organization's primary mission is to alleviate the burden on the government by managing the risks related to the receipt of TSPs and facilitating their effective use. By doing so, the Corporation contributes to the betterment of Santa Clara County and its residents, making targeted expenditures from tobacco settlement payments for their benefit.
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Impact
October, 2024
The Santa Clara County Tobacco Securitization Corporation significantly impacts the community by managing the complexities associated with tobacco settlement payments (TSPs). By strategically navigating the risks tied to these payments, the organization ensures a reliable stream of funding that can be utilized effectively for public benefit.
This structured approach allows for the allocation of resources to critical programs and initiatives that support the residents of Santa Clara County. The organization's efforts enhance governmental efficiency, ultimately reducing the financial burdens typically placed on local government services. Through its focus on maximizing the potential of TSPs, the corporation plays a vital role in promoting public health, education, and community development within the county.
This information is meant to be a general summary of Santa Clara County Tobacco Securitization Corporation. 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: $622
- Gross Receipts: $151,881
Assets and Liabilities:
- Total Assets: $766,190
- Total Liabilities: $250,469,361
- Net Assets: -$249,703,171
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Organization Details
Founding Year
2006
Phone
(408) 299-5210Principal Officer
Margaret Olaiya
Main Address
70 W Hedding Street East Wing 2ndFl, San Jose, CA, 95110
NTEE Category
Code: W990 - Public benefit
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