Overview
What is San Diego County Tobacco Securitization Corporation?
The San Diego County Tobacco Securitization Corporation is a nonprofit organization established to support the County of San Diego in managing risks related to future tobacco settlement payments under the Master Settlement Agreement. By securitizing these payments, the corporation facilitates their efficient use for the benefit of the county. The corporation's principal amount totals $15,772,041, with an interest of $17,244,000 and professional services costing $229,128. The organization aims to ensure the County of San Diego receives optimal financial outcomes from the tobacco settlement payments.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (52%)
The San Diego County Tobacco Securitization Corporation has received a low rating from Charity Navigator, indicating concerns regarding its governance and transparency practices. The organization's Accountability & Finance score is at 52%, which highlights significant issues such as the lack of independent board members and missing essential governance policies, including conflict of interest and whistleblower policies.
Despite these governance shortcomings, the organization demonstrates strengths in its financial management, having received full points for its audited financial statements and showing no material diversion of assets. Additionally, it maintains a high program expense ratio, suggesting that all of its expenditures are directed towards its programs, which is a positive aspect in terms of operational efficiency.
However, the absence of critical documentation on its website, such as its tax form and policies, raises concerns about transparency. The extremely high liabilities to assets ratio further complicates its financial standing, indicating potential financial distress. Overall, while there are positive elements regarding program expenses, significant governance and transparency issues need to be addressed.
This AI summary has been generated from information found on Charity Navigator.
Is San Diego County Tobacco Securitization Corporation legitimate?
San Diego County Tobacco Securitization Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. San Diego County Tobacco 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.
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 San Diego County Tobacco Securitization Corporation?
The San Diego County Tobacco Securitization Corporation was established to assist the County in managing risks associated with tobacco settlement payments and optimizing the utilization of these funds. Its primary objective is to provide financial support for the securitization of these payments, ensuring a steady revenue stream for the County. The Corporation's role extends beyond risk management, as it also facilitates the efficient allocation of tobacco settlement funds to various County projects and initiatives.
Who is the CEO of San Diego County Tobacco Securitization Corporation?
Michel Anderson is the Secretary of San Diego County Tobacco Securitization Corporation.
What is the revenue of San Diego County Tobacco Securitization Corporation?
San Diego County Tobacco Securitization Corporation's revenue in 2022 was $35,529,297.
Who are the executives of San Diego County Tobacco Securitization Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
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- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for San Diego County Tobacco Securitization Corporation?
San Diego County Tobacco Securitization Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of San Diego County Tobacco Securitization Corporation
San Diego County Tobacco Securitization Corporation, also known as the Corporation, was established to bring advantages to the County of San Diego. Its primary objective is to aid the County in managing the financial risks associated with the future receipt of tobacco settlement payments, as stipulated in the Master Settlement Agreement. By doing so, the Corporation facilitates the efficient utilization of these tobacco settlement payments.
The Corporation plays a crucial role in mitigating uncertainty surrounding the County's future tobacco settlement payments. It accomplishes this by supporting the securitization process, which transforms these payments into more stable, predictable financial instruments. This not only minimizes potential financial risks but also enables the County to plan for the allocation of these funds in a more strategic manner.
Additionally, the Corporation's activities contribute to enhancing the financial management capabilities of the County. The organization manages the financial aspects of the securitization process, thereby allowing the County to focus on its core responsibilities. The Corporation's professional services are an essential component of this process, ensuring that the County reaps the full benefits of the tobacco settlement payments while effectively managing the associated risks.
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Impact
October, 2024
San Diego County Tobacco Securitization Corporation plays a crucial role in managing the financial landscape of tobacco settlement payments for the region. By securitizing these payments, the Corporation mitigates risks associated with future revenue uncertainties stemming from the Master Settlement Agreement. This strategic approach enables the County of San Diego to efficiently utilize funds—over $15 million in principal and more than $17 million in interest—supporting essential public services and projects.
The Corporation's efforts ensure that the financial benefits of tobacco settlements are realized in a timely manner, allowing for better budget planning and resource allocation within the county. Additionally, their management of professional services and associated costs further enhances the effectiveness of these funds, fostering public benefit and contributing to the overall economic stability of the region.
This information is meant to be a general summary of San Diego County Tobacco 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: $59,547
- Program Service Revenue: $35,469,750
- Gross Receipts: $35,529,297
Assets and Liabilities:
- Total Assets: $17,583,160
- Total Liabilities: $103,478,880
- Net Assets: -$85,895,720
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Organization Details
Founding Year
2000
Phone
(619) 685-2392Principal Officer
Michel Anderson
Main Address
1600 PACIFIC HWY RM 076, SAN DIEGO, CA, 921012429
NTEE Category
Code: W22 - Public benefit
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