Overview
What is Alameda County Tobacco Asset Securitization Corporation?
The Alameda County Tobacco Asset Securitization Corporation is a public benefit organization based in Oakland, California. Established to aid Alameda County, California, the corporation facilitated the securitization of future tobacco settlement revenue owed to the county. In 2002, the corporation purchased the County's rights to this revenue and sold these rights to the issuer of tobacco revenue bonds. This transaction allowed the general public to invest in these securities, with the tobacco settlement proceeds serving as collateral.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0 Stars (49%)
Alameda County Tobacco Asset Securitization Corporation has received a low score of 49% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored particularly poorly in areas such as board independence and financial statement transparency, which are critical for building trust with donors and stakeholders. The absence of independent board members raises questions about governance, while missing required documents on its website further detracts from its credibility.
Despite these shortcomings, the organization does demonstrate some strengths, notably a high program expense ratio of 99.97%. This suggests that nearly all of its resources are allocated directly towards programmatic efforts rather than administrative costs. Additionally, the nonprofit has policies in place for conflicts of interest, whistleblowing, and document retention, which reflect a commitment to certain governance frameworks.
However, the overall transparency and accountability issues overshadow these positives. The lack of independent oversight and the failure to maintain necessary financial disclosures illustrate areas requiring substantial improvement. Without addressing these concerns, the organization's ability to cultivate and maintain donor support may be severely hindered.
This AI summary has been generated from information found on Charity Navigator.
Is Alameda County Tobacco Asset Securitization Corporation legitimate?
Alameda County Tobacco Asset Securitization Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Alameda County Tobacco Asset Securitization Corporation 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 Alameda County Tobacco Asset Securitization Corporation?
The Alameda County Tobacco Asset Securitization Corporation is a public benefit organization, established with the purpose of aiding a California county in securitizing future tobacco settlement proceeds. By purchasing the county's rights to these revenues and selling them to the issuer of tobacco revenue bonds, the organization facilitates the County's financial growth through securitization of future tobacco settlement payments. The organization's mission centers around providing assistance to the county by creating a financial solution through the sale of tobacco revenue bonds, backed by the future tobacco settlement receivables. This innovative approach allows the county to access funds immediately, improving its financial position and enabling it to address various needs. The securitization process also reduces the county's risk of revenue volatility, ensuring a more stable financial future.
Who is the CEO of Alameda County Tobacco Asset Securitization Corporation?
Melissa Wilk is the Cfo of Alameda County Tobacco Asset Securitization Corporation.
What is the revenue of Alameda County Tobacco Asset Securitization Corporation?
Alameda County Tobacco Asset Securitization Corporation's revenue in 2022 was $18,590,063.
Who are the executives of Alameda County Tobacco Asset Securitization Corporation and what are their salaries?
Here are 6 key members and their salaries:
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Where can I find the form 990 for Alameda County Tobacco Asset Securitization Corporation?
Alameda County Tobacco Asset Securitization Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Alameda County Tobacco Asset Securitization Corporation
Alameda County Tobacco Asset Securitization Corporation, also known as ACTASC, is a public benefit corporation with a mission to help the County of Alameda, California, secure its future tobacco settlement proceeds. ACTASC facilitates this process by purchasing the rights to these proceeds from the County and then selling them to the issuer of tobacco revenue bonds. These bonds, in turn, are sold to the general public. By doing so, ACTASC plays a crucial role in ensuring that the County receives a steady stream of revenue from tobacco settlements. This innovative financial solution enables the County to secure funds for various public projects and initiatives, ultimately benefiting the community as a whole. ACTASC's mission is an essential tool for the County of Alameda to capitalize on its tobacco settlement revenue and secure a financially stable future.
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Impact
October, 2024
The Alameda County Tobacco Asset Securitization Corporation plays a significant role in the financial management of tobacco settlement proceeds for Alameda County, California. By securitizing the amounts due to the County from these future receipts, the organization effectively converts anticipated payments into immediate funding.
Established in 2002, it purchased the rights to the County's future tobacco settlement revenue. This strategic move allowed the organization to issue tobacco revenue bonds to the general public, providing an avenue for the County to access capital quickly without waiting for the payments to be received over time.
The impact of this process includes enhanced financial liquidity for the County, which can be utilized for various public benefits and services. Additionally, it aids in fiscal planning and stability, as the County can predict cash flow from the securitized assets. Overall, the Corporation's actions not only facilitate timely funding for local government initiatives but also contribute to the overall economic health of the community in Oakland and the wider Alameda County area.
This information is meant to be a general summary of Alameda County Tobacco Asset Securitization Corporation. 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: $499,956
- Program Service Revenue: $18,090,107
- Gross Receipts: $18,590,063
Assets and Liabilities:
- Total Assets: $19,768,611
- Total Liabilities: $294,407,616
- Net Assets: -$274,639,005
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Tobacco Settlement Rev.
Revenue
$18,090,107
Organization Details
Founding Year
2001
Phone
(510) 272-6565Principal Officer
Melissa Wilk
Main Address
1221 Oak Street, Oakland, CA, 94612
NTEE Category
Code: W99 - Public benefit
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