Overview
What is Gary Educational Development Foundation Inc?
Gary Educational Development Foundation Inc is a nonprofit organization situated in Gary, Indiana. With a modest workforce of two dedicated individuals, their primary mission is to offer financial aid in the form of scholarships for college and technical training to students residing in Gary. Their objective is to empower local students by providing them with educational opportunities that can significantly impact their future prospects. The Foundation plays a crucial role in fostering educational growth and development within the Gary community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54%, One-Star out of Four Star rating. The Gary Educational Development Foundation Inc has received a low rating primarily due to its performance in the Accountability & Finance category. While the organization has a strong governance structure, with a fully independent board and comprehensive policies in place, there are significant concerns regarding its financial efficiency.
The foundation scored well in areas such as board independence and the presence of essential policies, reflecting a commitment to ethical governance. However, it faced substantial penalties for its financial ratios, particularly with a program expense ratio of only 43.30%, which indicates a large portion of its budget is not directed towards its programs. Additionally, the liabilities to assets ratio of 0.00% suggests potential financial instability or issues with asset management.
As a result, while the organization exhibits strong accountability practices, its low financial efficiency rating raises questions about its overall effectiveness in fulfilling its mission. This combination of strengths and weaknesses highlights the importance of transparency and prudent financial management in nonprofit operations.
This AI summary has been generated from information found on Charity Navigator.
Is Gary Educational Development Foundation Inc legitimate?
Gary Educational Development Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Gary Educational Development 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: $85,846
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Gary Educational Development Foundation Inc?
The Gary Educational Development Foundation Inc is dedicated to supporting the educational aspirations of students. Their mission, as stated, is to offer scholarships for college and technical training to students residing in Gary, Indiana. Through these scholarships, they aim to provide opportunities for these students to further their education and skills, thereby enhancing their prospects for the future. The foundation's primary activity aligns with this mission, focusing on providing financial assistance for higher education. They strive to make education more accessible and affordable for deserving students, thereby empowering them to pursue their academic dreams.
Who is the CEO of Gary Educational Development Foundation Inc?
Virgil Savage is the Officer Manager of Gary Educational Development Foundation Inc.
What is the revenue of Gary Educational Development Foundation Inc?
Gary Educational Development Foundation Inc's revenue in 2022 was $58,051.
Who are the executives of Gary Educational Development Foundation Inc and what are their salaries?
The average compensation at Gary Educational Development Foundation Inc during 2022 was $42,923. There are 2 employees at Gary Educational Development Foundation Inc.
Here are 18 key members and their salaries:
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Where can I find the form 990 for Gary Educational Development Foundation Inc?
Gary Educational Development Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Gary Educational Development Foundation Inc
The Gary Educational Development Foundation Inc is dedicated to supporting the educational aspirations of students in Gary, Indiana. Their primary mission is to offer scholarships for both college and technical training opportunities. By providing these scholarships, the foundation aims to empower young individuals in Gary, enabling them to pursue higher education and skilled vocational training. This commitment to education is a vital step in fostering personal growth and contributing to the community's development.
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Impact
August, 2024
Gary Educational Development Foundation Inc’s impact is significant in providing essential scholarships for college and technical training to the students of Gary, Indiana. Through their dedicated efforts, they are helping to support the educational aspirations of students in the community by providing financial assistance for higher education. This support is crucial in enabling students to pursue their academic and career goals, ultimately contributing to the overall development and advancement of the individuals and the community as a whole.
This information is meant to be a general summary of Gary Educational Development 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.
- Gross Receipts: $58,051
Assets and Liabilities:
- Total Assets: $5,368,317
- Total Liabilities: $0
- Net Assets: $5,368,317
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Organization Details
Founding Year
1976
Phone
(219) 886-4902Principal Officer
Virgil Savage
Main Address
PO Box 641257, Gary, IN, 46401
NTEE Category
Code: B82Z - Education
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