Overview
What is Worcester State Foundation Inc?
Worcester State Foundation Inc is a nonprofit organization located at 486 Chandler Street, Worcester, Massachusetts. Its primary purpose is to financially aid Worcester State University, providing funds for various capital projects and educational programs. This includes supporting initiatives like the Latino Education Institute and an internship program, as well as numerous other educational programs. The foundation's mission is to promote the growth and development of Worcester State University, extending its capabilities beyond what state funding can offer. It operates with the objective of supporting the educational and other legal activities beneficial to the university and its community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
Worcester State Foundation Inc demonstrates a strong commitment to accountability and financial health, reflected in its impressive 96% overall score from Charity Navigator. With a program expense ratio of 96.68%, the foundation prioritizes its mission, ensuring that the vast majority of its funds directly support its programs. It also boasts a perfect impact measurement score of 100, indicating effective evaluation practices that maximize the impact of donations.
The organization is well-governed, with a fully independent board comprising 46 members, which enhances its transparency and oversight capabilities. Furthermore, the foundation exhibits excellent financial metrics, including a robust working capital ratio of 23.37 years and a highly efficient fundraising cost of just $0.002 per dollar raised. These figures suggest a strong operational framework that supports long-term sustainability.
Despite its strengths, the data does not indicate any significant limitations or concerns regarding the foundation's operations. Overall, Worcester State Foundation Inc stands out as a financially sound and impactful nonprofit, effectively leveraging its resources to support scholarship recipients significantly.
This AI summary has been generated from information found on Charity Navigator.
Is Worcester State Foundation Inc legitimate?
Worcester State Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Worcester State 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.
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What is the mission statement of Worcester State Foundation Inc?
The Worcester State Foundation Inc's mission is centered around supporting and advancing Worcester State University. This is achieved by providing financial aid to both prospective and current students, and by promoting educational activities that benefit the university and its community. The foundation's mission extends beyond what is financially feasible with state funding, aiming to foster the growth and development of Worcester State University. The foundation provides funds for various capital projects and educational programs, including the Latin Education Institute and an internship program, among others. Its goal is to enhance the university's capabilities and offerings for the betterment of its students and constituency.
Who is the CEO of Worcester State Foundation Inc?
Edward L Sherr is the Immediate Past Chair of Worcester State Foundation Inc.
What is the revenue of Worcester State Foundation Inc?
Worcester State Foundation Inc's revenue in 2022 was $3,879,031.
Who are the executives of Worcester State Foundation Inc and what are their salaries?
There 387 volunteers at Worcester State Foundation Inc.
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Where can I find the form 990 for Worcester State Foundation Inc?
Worcester State Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Worcester State Foundation Inc
Worcester State Foundation Inc, a nonprofit organization, is committed to advancing the growth and development of Worcester State University beyond what is achievable through state funding. Their mission is to offer financial aid to prospective and current students of the university, as well as support various educational and legal activities that benefit the institution and its community. The foundation provides funds for various capital projects and educational programs at Worcester State University, including the Latino Education Institute and an internship program. Furthermore, it supports numerous other initiatives to enhance the educational experience and opportunities for students at the university.
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Impact
October, 2024
Worcester State Foundation Inc significantly enhances the educational landscape at Worcester State University by providing essential financial aid to both prospective and current students. This support enables a diverse range of students to pursue their academic goals and access valuable resources.
The Foundation allocates funds for various capital projects and educational programs, directly impacting the university's infrastructure and enriching the learning experience. Notable initiatives include support for the Latino Education Institute, which fosters educational opportunities for underrepresented communities, and an internship program that bridges the gap between academic learning and practical experience.
By promoting and supporting these critical educational activities, the Worcester State Foundation plays a vital role in advancing the university's mission. Its commitment to augmenting state funding leads to significant enhancements in the quality of education and student support at Worcester State University, ultimately benefiting the entire community.
This information is meant to be a general summary of Worcester State 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: $1,403,642
- Gross Receipts: $7,624,314
Assets and Liabilities:
- Total Assets: $39,235,883
- Total Liabilities: $1,349,329
- Net Assets: $37,886,554
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Organization Details
Founding Year
1994
Phone
(508) 793-8033Principal Officer
Edward L Sherr
Main Address
486 CHANDLER STREET, WORCESTER, MA, 01602
NTEE Category
Code: B820 - Education
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