Overview
What is The Luster Foundation?
The Luster Foundation is a charitable organization, based in Chicago, Illinois, with a strong commitment to supporting causes that fall under the categories of charity, religion, education, and science. It contributes financially to various organizations that meet the criteria of being exempt under Section 501(C)(3) of the Internal Revenue Code. Specifically, as per the provided information, they have donated to Fairplay Foods, Youth Guidance, The Richard Haley Foundation, and the ST FitUS Outreach Program, with contributions ranging from $5,000 to $20,165. The Luster Foundation's purpose is to contribute to the betterment of society through its charitable contributions.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 53%, One-Star out of Four Star rating.
The Luster Foundation has received a One-Star rating from Charity Navigator, reflecting significant concerns regarding its accountability and financial practices. The organization's overall score of 53% suggests shortcomings in key areas, particularly in governance, where it has 0% independent board members and lacks essential policies such as conflict of interest and whistleblower protections. The absence of a website listed on its tax form further underscores transparency issues.
On a positive note, the foundation maintains a strong program expense ratio of 87.02%, indicating that a large majority of its spending is directed towards its programs rather than administrative costs. Additionally, there are no material diversions of assets reported, which reflects an effective management of resources in that respect. However, the lack of independent oversight and missing policies raises concerns about the foundation's governance and accountability practices.
In summary, while The Luster Foundation appears to be effective in executing its programs, the critical gaps in governance and transparency could hinder its overall credibility and long-term sustainability. Potential donors and stakeholders may want to consider these factors carefully.
This AI summary has been generated from information found on Charity Navigator.
Is The Luster Foundation legitimate?
The Luster Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Luster Foundation 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
For more financial information, click here
What is the mission statement of The Luster Foundation?
The Luster Foundation is established with a charitable, religious, educational, and scientific purpose, falling under the exempt category of Section 501(C)(3) of the Internal Revenue Code. It supports organizations that share similar objectives, providing them with financial aid. As per the provided information, the foundation has made donations to Fairplay Foods, Youth Guidance, The Richard Haley Foundation, St. Fitus Outreach Program, totaling $40,165. However, the specific mission or focus areas of these supported organizations are not provided in the information.
Who is the CEO of The Luster Foundation?
Jory Luster is the President of The Luster Foundation.
What is the revenue of The Luster Foundation?
The Luster Foundation's revenue in 2022 was $51,897.
Who are the executives of The Luster Foundation and what are their salaries?
There 20 volunteers at The Luster Foundation.
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 The Luster Foundation?
The Luster Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of The Luster Foundation
The Luster Foundation, established with a charitable, religious, educational, and scientific purpose in mind, is dedicated to supporting organizations that fall under Section 501(C)(3) of the Internal Revenue Code. This foundation believes in the power of contributing to causes that aim to uplift communities and improve lives. In line with its mission, The Luster Foundation has provided financial aid to various organizations, including Fairplay Foods, Youth Guidance, The Richard Haley Foundation, and ST Fitus Outreach Program, each contributing uniquely to their respective fields. By providing financial support, The Luster Foundation empowers these organizations to carry out their missions effectively, ultimately making a positive impact on society.
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Impact
August, 2024
The Luster Foundation's impact is evident in its support for organizations dedicated to charitable, educational, and scientific purposes. Through partnerships with various nonprofits, such as Fairplay Foods, Youth Guidance, The Richard Haley Foundation, and St. Fitus Outreach Program, the foundation has contributed significant funds towards community development and youth empowerment in Chicago, Illinois. By focusing on philanthropic efforts and supporting organizations that qualify as exempt under Section 501(c)(3) of the Internal Revenue Code, The Luster Foundation plays a crucial role in uplifting communities and fostering positive change.
This information is meant to be a general summary of The Luster Foundation. 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: $39
- Gross Receipts: $75,127
Assets and Liabilities:
- Total Assets: $65,973
- Total Liabilities: $0
- Net Assets: $65,973
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Organization Details
Founding Year
1990
Phone
(773) 579-1800Principal Officer
Jory Luster
Main Address
1104 WEST 43RD STREET, CHICAGO, IL, 60609
NTEE Category
Code: T99Z - Philanthropy
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