Overview
What is Memorial Endowment Fund For First?
The Memorial Endowment Fund For First is a charitable entity, specifically based in South Bend, Indiana. Its primary purpose is to offer financial assistance to the First Presbyterian Church of South Bend, Indiana, aiding in its overall support. This endowment fund plays an essential role in upholding and strengthening the church's operations and mission.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (50%)
The Memorial Endowment Fund For First has been assessed with a One-Star rating, indicating significant concerns regarding its accountability and finance practices. The organization scored 50% overall, with notable deficiencies in governance aspects such as the absence of independent board members, which raises questions about oversight and decision-making processes.
One strength of the organization is its program expense ratio, which stands at an impressive 92.39%. This suggests that the majority of its resources are being directed towards its programs rather than administrative costs. Additionally, there is no record of material diversion of assets, reflecting a positive aspect of financial integrity.
However, several critical governance policies are missing, including a conflict of interest policy, whistleblower policy, and guidelines for document retention. Furthermore, the nonprofit's website is not listed on its tax form, and it fails to provide essential documents such as board meeting minutes and its tax form online. These gaps in transparency and accountability contribute to its low rating and highlight areas for improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Memorial Endowment Fund For First legitimate?
Memorial Endowment Fund For First is a legitimate nonprofit organization registered as a 501(c)(3) entity. Memorial Endowment Fund For First 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: $5,754
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Memorial Endowment Fund For First?
The Memorial Endowment Fund For First has a mission to aid in support of a specific Presbyterian church, namely the First Presbyterian Church of South Bend, Indiana. This mission is achieved through the provision of grants to the church. The primary objective of the fund is to contribute to the church's operations and activities, thereby supporting its mission and community engagement. The fund does not have a broader societal or global mission beyond aiding the First Presbyterian Church of South Bend, Indiana.
Who is the CEO of Memorial Endowment Fund For First?
1St Source Bank is the Trustee of Memorial Endowment Fund For First.
What is the revenue of Memorial Endowment Fund For First?
Memorial Endowment Fund For First's revenue in 2022 was $2,048.
Who are the executives of Memorial Endowment Fund For First and what are their salaries?
There is 1 key member and their salary:
- Compensation: $5,754
- Related: $0
- Other: $0
Where can I find the form 990 for Memorial Endowment Fund For First?
Memorial Endowment Fund For First's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Memorial Endowment Fund For First
The Memorial Endowment Fund For First, as its name suggests, is an entity that is dedicated to aiding the First Presbyterian Church of South Bend, Indiana. Its primary mission is to provide support to this church, serving as a crucial resource for its operations and activities. The fund accomplishes this by granting funds to the First Presbyterian Church, thereby contributing to its ongoing operations and initiatives. This support is instrumental in ensuring the church's continued service and impact in the community.
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Impact
October, 2024
The Memorial Endowment Fund For First significantly impacts the First Presbyterian Church of South Bend, Indiana, by providing essential financial support through grants. This fund helps sustain the church's various programs and initiatives, fostering community engagement and spiritual growth. By enabling the church to maintain its operations and outreach efforts, the Endowment Fund plays a vital role in promoting the mission and values of the congregation. Ultimately, this support strengthens the church’s ability to serve its members and the broader community, ensuring that it can continue to fulfill its religious and social commitments.
This information is meant to be a general summary of Memorial Endowment Fund For First. 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: $2,048
- Gross Receipts: $144,637
Assets and Liabilities:
- Total Assets: $408,019
- Total Liabilities: $0
- Net Assets: $408,019
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Organization Details
Founding Year
1984
Phone
(574) 235-2790Principal Officer
1St Source Bank
Main Address
PO BOX 1602, SOUTH BEND, IN, 46634
NTEE Category
Code: X21I - Religion related
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