Overview
What is Westminster Educational Foundation Incorporated?
Westminster Educational Foundation Incorporated is a nonprofit organization dedicated to backing the Westminster Theological Seminary. Their primary aim is to foster educational growth by providing financial assistance through various means such as wills, annuities, insurance, and other resources. The Foundation's purpose is to utilize the interest and principal derived from these resources to enhance the learning objectives of the Westminster Theological Seminary. By doing so, the Foundation plays a crucial role in supporting the institution's academic and educational endeavors.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Stars, 67%)
The Westminster Educational Foundation Incorporated has received a rating of two stars from Charity Navigator, indicating a need for improvement in its accountability and financial practices. The organization scored 67% overall, showing some strengths in areas such as material diversion of assets and the ratio of liabilities to assets. However, significant concerns were noted regarding board independence and the lack of a conflict of interest policy.
While the foundation has a whistleblower policy and maintains thorough documentation of board meeting minutes, it scored poorly in transparency measures, including the absence of its website listed on tax forms and failure to post its tax form on its website. Additionally, the board's lack of independent members raises questions about governance and oversight.
The program expense ratio is commendable, suggesting that a substantial portion of funds is directed towards programs. However, the overall lack of transparency and independent oversight mechanisms may hinder the organization's effectiveness and public trust. Improvements in these areas could enhance its rating in the future.
This AI summary has been generated from information found on Charity Navigator.
Is Westminster Educational Foundation Incorporated legitimate?
Westminster Educational Foundation Incorporated is a legitimate nonprofit organization registered as a 501(c)(3) entity. Westminster Educational Foundation Incorporated 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: $0
For more financial information, click here
What is the mission statement of Westminster Educational Foundation Incorporated?
Westminster Educational Foundation Incorporated's mission is centered around supporting the Westminster Theological Seminary. Established with the objective of procuring resources through various means such as wills, annuities, and insurance, the foundation uses the accumulated interest and principal to advance the educational objectives of the seminary. The foundation's activities encompass providing financial assistance to the seminary and soliciting donations to further its educational goals.
What is the revenue of Westminster Educational Foundation Incorporated?
Westminster Educational Foundation Incorporated's revenue in 2023 was $71,521.
Who are the executives of Westminster Educational Foundation Incorporated and what are their salaries?
There 2 volunteers at Westminster Educational Foundation Incorporated.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $146,481
- Other: $28,264
- Compensation: $0
- Related: $144,516
- Other: $90,350
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $149,269
- Other: $31,052
Where can I find the form 990 for Westminster Educational Foundation Incorporated?
Westminster Educational Foundation Incorporated's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Westminster Educational Foundation Incorporated
Westminster Educational Foundation Incorporated, a philanthropic organization, was established with a mission to support the Westminster Theological Seminary. This mission is achieved through multiple avenues. Primarily, the foundation seeks to solicit funds from various sources such as wills, annuities, insurance, and other means. These collected funds serve as a vital resource, as the foundation utilizes both the interest and principal to further the educational goals of the Westminster Theological Seminary. By providing grants and investing in the seminary's future, Westminster Educational Foundation Incorporated plays a pivotal role in supporting the institution's academic and educational growth.
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Impact
October, 2024
Westminster Educational Foundation Incorporated significantly enhances the educational landscape through its support of Westminster Theological Seminary. By establishing programs that provide grants, the Foundation ensures financial resources are available to foster theological education and training. It actively encourages community involvement by soliciting gifts through various means, such as wills, annuities, and insurance. This approach not only secures funding but also promotes a culture of philanthropy that underpins the seminary's mission. Furthermore, the use of both interest and principal from these contributions allows the Foundation to sustain and expand educational programs, ultimately shaping future leaders within the theological community. Through its initiatives, the Foundation plays a vital role in furthering the seminary's educational goals, impacting both students and the broader community in Philadelphia and beyond.
This information is meant to be a general summary of Westminster Educational Foundation Incorporated. 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 2023.
- Investment Income: $37,278
- Gross Receipts: $735,236
Assets and Liabilities:
- Total Assets: $1,405,058
- Total Liabilities: $0
- Net Assets: $1,405,058
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Organization Details
Founding Year
1989
Principal Officer
Peter Lillback
NTEE Category
Code: B82 - Education
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