Overview
What is Magnificent Mile Charitable Foundation Inc?
The Magnificent Mile Charitable Foundation Inc, headquartered in Chicago, Illinois, is a nonprofit organization. Their primary mission is to support education and programs that cater to underserved communities within the city. They have gained notable recognition through the Magnificent Mile Lights Festival, an event that showcases Chicago's diversity and heritage. Beyond this, they actively contribute to the well-being of local citizens by funding various initiatives.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (60%, Two-Star out of Four Stars)
The Magnificent Mile Charitable Foundation Inc has received a Two-Star rating from Charity Navigator, indicating that there are significant areas for improvement within the organization. While the foundation has a solid program expense ratio of 87.19%, indicating that the majority of its funds are directed towards its programs, there are concerns regarding its governance and transparency practices.
One notable weakness is the lack of independent board members, which raises questions about the organization's accountability. Additionally, the foundation's website is missing from its tax forms, and several important policies, such as a whistleblower policy and a document retention policy, are not in place. This lack of transparency and governance could potentially detract from donor confidence and overall operational effectiveness.
Despite these challenges, the foundation has demonstrated its commitment to responsible asset management, reflected in its 0.00% liabilities to assets ratio. This indicates no outstanding debts, suggesting a stable financial position. However, to enhance its standing and effectiveness, the foundation should address the noted governance deficiencies and improve its transparency measures.
This AI summary has been generated from information found on Charity Navigator.
Is Magnificent Mile Charitable Foundation Inc legitimate?
Magnificent Mile Charitable Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Magnificent Mile Charitable 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.
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Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Magnificent Mile Charitable Foundation Inc?
The Magnificent Mile Charitable Foundation's mission revolves around providing support for educational initiatives and programs that cater to underserved communities in Chicago. They strive to make a positive impact in these areas by contributing funds and resources. Notably, the organization gained recognition through the Magnificent Mile Lights Festival, an event that showcases the city's diversity and heritage while raising funds for their cause. The foundation's activities aim to uplift and empower Chicago's underserved citizens, fostering a sense of community and opportunity.
Who is the CEO of Magnificent Mile Charitable Foundation Inc?
Kimberly Bares is the Board Member of Magnificent Mile Charitable Foundation Inc. The CEO's salary of Magnificent Mile Charitable Foundation Inc is $0 and their total compensation is $0.
What is the revenue of Magnificent Mile Charitable Foundation Inc?
Magnificent Mile Charitable Foundation Inc's revenue in 2022 was $11,724.
Who are the executives of Magnificent Mile Charitable Foundation Inc and what are their salaries?
Here are 7 key members and their salaries (Magnificent Mile Charitable Foundation Inc's CEO's salary is $0 and their total compensation is $0):
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Where can I find the form 990 for Magnificent Mile Charitable Foundation Inc?
Magnificent Mile Charitable Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Magnificent Mile Charitable Foundation Inc
The Magnificent Mile Charitable Foundation is dedicated to supporting education and programs that cater to underserved citizens and communities in Chicago. Through its initiatives, the organization strives to make a significant impact, drawing attention to the city's diversity and heritage while addressing the needs of its less fortunate residents. One of the ways the foundation achieves this is by organizing events such as the Magnificent Mile Lights Festival, which not only highlights the city's charm but also raises funds for its various programs. By supporting these initiatives, the Magnificent Mile Charitable Foundation contributes to the betterment of Chicago's underserved communities, providing them with essential resources and opportunities for improvement.
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Impact
October, 2024
The Magnificent Mile Charitable Foundation Inc enhances the fabric of Chicago by providing critical support for education and programs that uplift underserved citizens and communities. Through initiatives like the Magnificent Mile Lights Festival, it not only garners local and national attention but also celebrates the city's diversity and rich heritage. By focusing on education and community programs, the foundation plays a pivotal role in fostering social equity and empowerment in Chicago, ensuring that opportunities are accessible to all residents, particularly those in need.
This information is meant to be a general summary of Magnificent Mile Charitable 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: $11,724
Assets and Liabilities:
- Total Assets: $73,497
- Total Liabilities: $0
- Net Assets: $73,497
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Organization Details
Founding Year
1991
Principal Officer
Kimberly Bares
Main Address
625 N Michigan STE 600, Chicago, IL, 60611
NTEE Category
Code: T30 - Philanthropy
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