Overview
What is Luella C Oliver Trust Bank Of Pontiac Trustee?
Luella C Oliver Trust Bank Of Pontiac Trustee is a charitable entity established with the last will of Luella C. Oliver. Based in Fairbury, Illinois, the trust's primary objective is to distribute its income, dividing it equally between the United Methodist Church of Chatsworth, Illinois, and the Garrett Evangelical Theological Society, utilizing the income for scholarships. The trust's purpose is to contribute financially to the United Methodist Church and provide educational opportunities through scholarships at the Garrett Evangelical Theological Society.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 53%, One-Star out of Four Star rating.
The Luella C Oliver Trust Bank Of Pontiac Trustee has received a low rating of 53%, reflecting significant concerns in its governance and transparency practices. The organization lacks independent board members and is missing critical policies such as conflict of interest, whistleblower, and document retention, which are essential for accountability. However, it has a strong performance in financial management, with a low liabilities to assets ratio and a high program expense ratio, indicating that it is effectively directing funds to its mission.
Despite its strong program expense ratio of 83.48%, the absence of necessary governance structures raises questions about the overall management of the organization. The lack of an independent board and missing policies could hinder its credibility and effectiveness in the long term. Moreover, the charity's website is not listed on its tax form, which limits public access to key information.
In conclusion, while Luella C Oliver Trust Bank Of Pontiac Trustee demonstrates commendable financial management, its governance and transparency issues significantly impact its overall rating. Prospective donors should consider these factors carefully when evaluating their support for this nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Luella C Oliver Trust Bank Of Pontiac Trustee legitimate?
Luella C Oliver Trust Bank Of Pontiac Trustee is a legitimate nonprofit organization registered as a 501(c)(3) entity. Luella C Oliver Trust Bank Of Pontiac Trustee 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: $5,672
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Luella C Oliver Trust Bank Of Pontiac Trustee?
The Luella C Oliver Trust, managed by Bank of Pontiac Trustee, has a specific mission. It distributes half of its income to support the United Methodist Church of Chatsworth, Illinois, and the other half is allocated for scholarships at Garrett Evangelical Theological Society. This trust, as per Luella C Oliver's last will, also funds a building project at the United Methodist Church of Chatsworth. The primary objective of the trust is to provide financial aid to the church and educational scholarships.
In summary, the Luella C Oliver Trust Bank of Pontiac Trustee is committed to financially supporting both the United Methodist Church of Chatsworth and the Garrett Evangelical Theological Society. The trust provides funds for the church's building project and offers scholarships to students at the theological society.
Who is the CEO of Luella C Oliver Trust Bank Of Pontiac Trustee?
Bank Of Pontiac is the Trustee of Luella C Oliver Trust Bank Of Pontiac Trustee.
What is the revenue of Luella C Oliver Trust Bank Of Pontiac Trustee?
Luella C Oliver Trust Bank Of Pontiac Trustee's revenue in 2022 was $70,226.
Who are the executives of Luella C Oliver Trust Bank Of Pontiac Trustee and what are their salaries?
There is 1 key member and their salary:
- Compensation: $5,672
- Related: $0
- Other: $0
Where can I find the form 990 for Luella C Oliver Trust Bank Of Pontiac Trustee?
Luella C Oliver Trust Bank Of Pontiac Trustee's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Luella C Oliver Trust Bank Of Pontiac Trustee
The Luella C Oliver Trust Bank Of Pontiac Trustee, as per its mission, distributes its net income in two equal parts. One half is allocated to support the United Methodist Church of Chatsworth, Illinois, while the other half is designated for scholarships at Garrett Evangelical Theological Society. The church beneficiary is expected to utilize the funds allocated to its building fund, in accordance with Luella C. Oliver's last will. This trust aims to contribute financially to both religious and educational institutions, thereby supporting their respective causes.
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Impact
August, 2024
The impact of Luella C Oliver Trust Bank Of Pontiac Trustee is significant in supporting religious and educational institutions through its distributions. The Trust's activity of distributing income to the church for support and to the seminary for scholarships contributes to the growth and sustainability of these organizations. Specifically, the grant provided to the United Methodist Church of Chatsworth, IL, towards its building fund, as outlined in Luella C. Oliver's last will, showcases the Trust's commitment to fulfilling its mission. Additionally, supporting the Garrett Evangelical Theological Society for scholarships demonstrates the Trust's dedication to advancing theological education. This Trust plays a crucial role in furthering religious and educational causes, making a tangible impact on the communities it serves.
This information is meant to be a general summary of Luella C Oliver Trust Bank Of Pontiac Trustee. 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: $2,252
- Gross Receipts: $104,989
Assets and Liabilities:
- Total Assets: $667,625
- Total Liabilities: $57,744
- Net Assets: $609,881
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Organization Details
Founding Year
1987
Phone
(815) 692-2369Principal Officer
Bank Of Pontiac
Main Address
104 E LOCUST ST, FAIRBURY, IL, 61739
NTEE Category
Code: X12 - Religion related
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