Overview
What is Federated Insurance Foundation Inc?
Federated Insurance Foundation Inc, based in Owatonna, Minnesota, is a charitable organization that focuses on providing financial assistance to Big Brothers Big Sisters (BBBS) organizations, which are classified as tax-exempt under section 501(c)3 of the U.S. Internal Revenue Code. The Foundation's primary function is to grant funds to these organizations, as outlined in the provided information and schedule I. While the specific activities and projects funded by the Foundation are not detailed in the information provided, it is clear that the Federated Insurance Foundation Inc plays a significant role in supporting BBBS organizations in their mission to empower and mentor young people.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 65% (Two-Star out of Four Star Rating)
The Federated Insurance Foundation Inc has received a Two-Star rating from Charity Navigator, reflecting a score of 65%. This rating indicates that while the organization demonstrates strong program expense management and fundraising efficiency, there are significant areas of concern regarding governance and transparency. The absence of independent board members and several key policies, such as conflict of interest and whistleblower policies, raises questions about the organization's accountability.
Strengths of the foundation include a high program expense ratio of 94.57%, meaning that a significant portion of its funds is directed towards its mission-related activities. Additionally, the organization has effectively managed its liabilities, achieving a perfect score in that area. The foundation also benefits from a solid audit and oversight committee performance, indicating a degree of financial diligence.
However, the organization faces notable limitations, particularly in governance practices. With 0% of its board members being independent and several essential policies missing, it may lack the necessary oversight to ensure accountability and ethical practices. The absence of a website listed on tax forms and missing tax form postings further complicate transparency efforts, impacting overall trust in the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Federated Insurance Foundation Inc legitimate?
Federated Insurance Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Federated Insurance 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: $0
For more financial information, click here
What is the mission statement of Federated Insurance Foundation Inc?
The Federated Insurance Foundation Inc. dedicates its efforts to supporting Big Brothers Big Sisters (BBBS) organizations that have been exempted under Section 501(C)3 of the U.S. tax code. In line with this mission, the foundation provides grants to these organizations, as outlined in its schedule. The primary goal of these grants is to aid the ongoing operations and initiatives of BBBS organizations, thereby contributing to their impact on communities. The foundation does not directly engage in activities but rather focuses on financially supporting these organizations.
Who is the CEO of Federated Insurance Foundation Inc?
Unavailable
What is the revenue of Federated Insurance Foundation Inc?
Federated Insurance Foundation Inc's revenue in 2022 was $4,041,848.
Who are the executives of Federated Insurance Foundation Inc and what are their salaries?
There 50 volunteers at Federated Insurance Foundation Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Federated Insurance Foundation Inc?
Federated Insurance Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Federated Insurance Foundation Inc
Federated Insurance Foundation Inc, as a philanthropic entity, is dedicated to supporting organizations that fall under the 501(c)3 category, specifically Big Brothers Big Sisters (BBBS) organizations. The Foundation's mission is centered around providing financial assistance to these BBBS organizations, aiming to foster positive growth and development in youth. Through its grant-giving initiatives, Federated Insurance Foundation Inc seeks to make a substantial impact on the lives of young individuals by supporting BBBS organizations in their endeavors. The Foundation's mission is an integral part of its commitment to investing in the future of society by empowering organizations that work towards the betterment of children and communities.
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Impact
October, 2024
Federated Insurance Foundation Inc significantly impacts the community by providing crucial support to Big Brothers Big Sisters (BBBS) organizations. Through grants, the foundation helps empower youth by facilitating mentoring relationships that foster personal growth, confidence, and resilience. By investing in these relationships and supporting the initiatives of BBBS, the foundation plays a vital role in helping young individuals navigate challenges and achieve their potential. The foundation's efforts contribute to building stronger communities by ensuring that children have the guidance and support they need to thrive.
This information is meant to be a general summary of Federated Insurance 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: $4,828
- Program Service Revenue: $233,389
- Gross Receipts: $4,041,848
Assets and Liabilities:
- Total Assets: $13,836
- Total Liabilities: $0
- Net Assets: $13,836
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Auction Dinner Event
Revenue
$81,146
Golf Event Green Fees
Revenue
$152,243
Organization Details
Founding Year
1972
Phone
(507) 455-5200Main Address
121 EAST PARK SQUARE, OWATONNA, MN, 55060
NTEE Category
Code: Z99 - Unknown
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