Overview
What is Canton College Foundation Inc?
Canton College Foundation Inc, established in 1973, is a nonprofit organization located in Canton, New York. Its primary mission is to financially support the State University of New York at Canton. The foundation achieves this by providing scholarships for students, fostering faculty and staff development, and backing campus enhancement projects. Additionally, the Canton Foundation owns and manages several real estate entities - Grasse River, LLC, Hemlock Acre, LLC, and River Roo, LLC - to generate revenue for the college. These organizations primarily acquire, maintain, and manage real property, with Grasse River, LLC focusing on student housing development and rental generation, while Hemlock Acre, LLC earns income through land rent. The foundation employs a team of 31 individuals to carry out these initiatives.
Official website here: www.canton.edu/foundation
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93% (Four-Star out of Four Stars)
Canton College Foundation Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored 93% overall, with its metrics largely derived from its accountability practices, indicating a commitment to transparency and ethical governance.
One of the foundation's key strengths lies in its independent board composition, with 78% of its members being independent. This is complemented by a robust audit and oversight committee, and the implementation of multiple governance policies, including conflict of interest and whistleblower protections, which help ensure that the foundation operates with integrity. The program expense ratio of 87.05% further signifies that a substantial portion of its funding is directed towards its charitable programs.
Despite these strengths, the foundation's liabilities to assets ratio of 54.10% could be an area for potential improvement, as it indicates a moderate level of indebtedness. However, the absence of any material diversion of assets speaks to its financial health and prudent management. Overall, the foundation demonstrates a solid commitment to its mission and responsible financial stewardship.
This AI summary has been generated from information found on Charity Navigator.
Is Canton College Foundation Inc legitimate?
Canton College Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Canton College 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: $702,621
For more financial information, click here
Official website here: www.canton.edu/foundation
What is the mission statement of Canton College Foundation Inc?
The Canton College Foundation Inc, established in 1973, was established with a mission to provide financial support to the State University of New York at Canton. This support extends to student scholarships, faculty and staff development, and promoting campus enhancement projects. The foundation's activities also include managing real estate properties for the benefit of the college. Grasse River, LLC, Hemlock Acre, LLC, and River Roo, LLC are the organizations responsible for acquiring, maintaining, and managing these properties. The primary sources of revenue for these organizations come from student housing developed and managed by Grasse River, LLC, and land rent from Hemlock Acre, LLC.
Official website here: www.canton.edu/foundation
Who is the CEO of Canton College Foundation Inc?
Tracey Thompson is the Director of Canton College Foundation Inc.
Official website here: www.canton.edu/foundation
What is the revenue of Canton College Foundation Inc?
Canton College Foundation Inc's revenue in 2023 was $5,163,091.
Official website here: www.canton.edu/foundation
Who are the executives of Canton College Foundation Inc and what are their salaries?
The average compensation at Canton College Foundation Inc during 2023 was $22,665. There are 31 employees and 60 volunteers at Canton College Foundation Inc.
Here are 28 key members and their salaries:
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- Related: $301,996
- Other: $193,126
- Compensation: $33,577
- Related: $111,264
- Other: $71,153
Official website here: www.canton.edu/foundation
Where can I find the form 990 for Canton College Foundation Inc?
Canton College Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.canton.edu/foundation
Learn more at the official website: www.canton.edu/foundation
Mission Statement of Canton College Foundation Inc
Canton College Foundation, established in 1973, is a nonprofit organization with a mission to support the State University of New York at Canton. Its primary aim is to provide financial assistance to the institution, specifically in the form of student scholarships. Furthermore, the foundation invests in faculty and staff development and promotes campus enhancement projects. By doing so, Canton College Foundation contributes to the overall growth and success of the university.
In addition to its financial support, Canton College Foundation also engages in real estate management. The organization owns Grasse River, LLC, Hemlock Acre, LLC, and River Ro, LLC, whose primary purpose is to acquire, maintain, and manage real property for the benefit of the college. Grasse River, LLC, manages student housing developments, generating rental income and related expenses. Meanwhile, Hemlock Acre, LLC, generates land rent. This diversified approach to funding and property management allows Canton College Foundation to sustainably support the university's needs.
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Impact
October, 2024
Canton College Foundation Inc significantly enhances the educational landscape by providing crucial financial support to the State University of New York at Canton. Established in 1973, the organization focuses on scholarships for students, which directly impacts access to education and reduces financial burdens. Additionally, it supports initiatives for faculty and staff development, fostering an enriching academic environment.
The foundation's real property management activities, through entities like Grasse River, LLC, Hemlock Acres, LLC, and River Roo, LLC, further contribute to its mission. By acquiring, maintaining, and managing real estate, the foundation generates rental revenues that are reinvested in the college community. This includes the development and management of student housing, which ensures that students have access to safe and suitable accommodations.
Through its various initiatives, the Canton College Foundation Inc plays a vital role in cultivating a thriving campus environment, ultimately enhancing the educational experience for students and supporting the professional growth of faculty and staff.
This information is meant to be a general summary of Canton College 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 2023.
- Investment Income: $587,000
- Program Service Revenue: $2,965,902
- Gross Receipts: $7,632,987
Assets and Liabilities:
- Total Assets: $42,332,952
- Total Liabilities: $22,905,882
- Net Assets: $19,427,070
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME -STUDENT HOUSING
Revenue
$2,960,044
FEES AND ACTIVITY INCOME
Revenue
$5,858
Organization Details
Founding Year
1973
Phone
(315) 386-7127Principal Officer
Tracey Thompson
Main Address
34 CORNELL DRIVE, CANTON, NY, 13617
Website
www.canton.edu/foundationNTEE Category
Code: B82 - Education
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