Overview
What is Martha Torok Charitable Trust?
The Martha Torok Charitable Trust is a philanthropic organization situated in Allentown, Pennsylvania. Its primary mission involves the investment of its assets to benefit the Church of Jesus Christ of Latter-Day Saints and its affiliated local congregations, or Wards. The trust annually distributes its income to the Church, which in turn utilizes these funds for supporting the Wards through scholarships and mission programs. The trust's purpose is centered around benefiting these local church communities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating.
The Martha Torok Charitable Trust has received a Two-Star rating, indicating a moderate level of accountability and financial stability. The trust excels in several areas, including having a fully independent board and a strong program expense ratio of 72.37%, showcasing its commitment to its mission-driven work. Additionally, it has demonstrated effective asset management with a 0.00% liabilities to assets ratio, reflecting a solid financial foundation.
However, the organization has notable limitations, particularly in transparency and governance policies. It lacks essential documents such as a conflict of interest policy, whistleblower policy, and a document retention policy, which are critical for fostering trust and accountability. Furthermore, the absence of its website listed on tax forms and the failure to post its tax form on its website indicate that there are areas for improvement in communication and transparency with stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Martha Torok Charitable Trust legitimate?
Martha Torok Charitable Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Martha Torok Charitable Trust 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
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What is the mission statement of Martha Torok Charitable Trust?
The Martha Torok Charitable Trust's primary mission is to support the financial needs of local congregations of the Church of Jesus Christ of Latter-Day Saints. This is achieved through the investment of the trust's assets, with the annual income distributed to the Corporation of the President of the Church of Jesus Christ of Latter-Day Saints. The Church and the local congregations then utilize these funds for various purposes, such as providing scholarships and supporting missions. The trust's activities are limited to these investments and distributions, and no distributions were made for the year ending June 30, 2023.
Who is the CEO of Martha Torok Charitable Trust?
Harry W Rinehart is the Co-Trustee of Martha Torok Charitable Trust.
What is the revenue of Martha Torok Charitable Trust?
Martha Torok Charitable Trust's revenue in 2023 was $80,112.
Who are the executives of Martha Torok Charitable Trust and what are their salaries?
Here are 3 key members and their salaries:
- 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 Martha Torok Charitable Trust?
Martha Torok Charitable Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Martha Torok Charitable Trust
Martha Torok Charitable Trust is dedicated to supporting the financial needs of local congregations belonging to The Church of Jesus Christ of Latter-Day Saints. The trust's mission is to invest its assets for the sole benefit of this church organization. Specifically, the trust distributes its income annually to The Corporation of the President of the Church of Jesus Christ of Latter-Day Saints, which then utilizes these funds to benefit the named or future local congregations, known as Wards. The funds are primarily used for providing scholarships and funding missions for these Wards. The trust's activities are limited to this investment and distribution process, with no direct involvement in the management or operation of the churches or their programs.
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Impact
October, 2024
Martha Torok Charitable Trust significantly impacts local congregations of the Church of Jesus Christ of Latter-Day Saints through strategic investment of its trust assets. By focusing on the financial support of designated Wards and their congregations, the trust ensures that resources are available for essential community activities.
The income generated from the trust is channeled directly to the Corporation of the President of the Church of Jesus Christ of Latter-Day Saints, which in turn facilitates grants for scholarships and mission initiatives. This structured financial support empowers local congregations to engage their members in educational pursuits and community outreach, enhancing the overall vitality and mission of the church.
In particular, the trust's commitment to generating annual distributions strengthens the local church community, enabling Wards to address the needs of their congregations effectively. Through these efforts, the Martha Torok Charitable Trust plays a pivotal role in fostering educational development and supporting missionary work within the church, thereby contributing to the spiritual and communal well-being of its members.
This information is meant to be a general summary of Martha Torok Charitable Trust. 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: $80,112
- Gross Receipts: $168,755
Assets and Liabilities:
- Total Assets: $1,000,847
- Total Liabilities: $0
- Net Assets: $1,000,847
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Organization Details
Founding Year
1996
Phone
(610) 434-1517Principal Officer
Harry W Rinehart
Main Address
123 North 5th Street, Allentown, PA, 18102
NTEE Category
Code: T20 - Philanthropy
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