Overview
What is Grace Foundation Inc Of Albert Lea?
The Grace Foundation Inc of Albert Lea is a nonprofit organization that primarily supports churches and ministries by covering various programs, youth-related expenses, and capital improvements using its funds. Furthermore, the foundation extends its aid to college students who are church members or the children of church members, providing scholarships to help alleviate their educational expenses. In 2022, two such scholarships were awarded to deserving recipients.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star Rating)
Grace Foundation Inc of Albert Lea has earned a solid 87% score, reflecting strong performance in accountability and finance. The organization boasts a fully independent board, with 100% of its members being independent, and it has established clear policies for conflict of interest, document retention, and board meeting minutes, demonstrating a commitment to good governance.
Financially, the foundation shows impressive metrics, including a program expense ratio of 94.36%, indicating that the majority of its resources are directed toward fulfilling its mission rather than administrative costs. Additionally, it reports no material diversion of assets and has a favorable liabilities to assets ratio of 0.00%, suggesting a sound financial footing.
While the foundation's overall performance is commendable, potential donors and stakeholders may wish to examine specific program outcomes and broader impact beyond the financial metrics provided. The strengths highlighted in governance and financial management support the foundation's credibility in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Grace Foundation Inc Of Albert Lea legitimate?
Grace Foundation Inc Of Albert Lea is a legitimate nonprofit organization registered as a 501(c)(3) entity. Grace Foundation Inc Of Albert Lea 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 Grace Foundation Inc Of Albert Lea?
The Grace Foundation Inc of Albert Lea, in its mission, focuses on supporting church and ministry activities. It accomplishes this by financing various programs, youth-related expenses, and capital improvements using its funds. Moreover, the foundation offers scholarships to college students who are church members or have parents who are church members, to help alleviate their educational expenses. As evidenced in 2022, two scholarships were awarded to eligible recipients.
Who is the CEO of Grace Foundation Inc Of Albert Lea?
Bruce Olson is the Chair of Grace Foundation Inc Of Albert Lea.
What is the revenue of Grace Foundation Inc Of Albert Lea?
Grace Foundation Inc Of Albert Lea's revenue in 2022 was $40,719.
Who are the executives of Grace Foundation Inc Of Albert Lea and what are their salaries?
There 7 volunteers at Grace Foundation Inc Of Albert Lea.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Grace Foundation Inc Of Albert Lea?
Grace Foundation Inc Of Albert Lea's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Grace Foundation Inc Of Albert Lea
Grace Foundation Inc of Albert Lea is committed to supporting church and ministry. This nonprofit organization achieves this mission by providing financial assistance for various programs, youth-related expenses, and capital improvements using its own funds. Furthermore, Grace Foundation Inc of Albert Lea awards scholarships to college students who are members of the church or have parents who are church members, aiming to alleviate their education costs. In 2022, two such scholarships were granted to eligible recipients.
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Impact
October, 2024
Grace Foundation Inc of Albert Lea plays a vital role in strengthening the fabric of the local community by supporting various church programs and ministry initiatives. By funding diverse activities, including youth-related expenses and capital improvements, the foundation enhances the accessibility and quality of services offered by local churches.
Additionally, the foundation provides financial assistance to college students who are members of the church or children of members, helping to reduce the burden of education costs. In 2022 alone, two scholarships were awarded, directly benefiting individuals seeking higher education. Through these efforts, Grace Foundation fosters a sense of community and encourages the development of the next generation, ensuring that the values of faith and education are intertwined in Albert Lea.
This information is meant to be a general summary of Grace Foundation Inc Of Albert Lea. 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: $12,987
- Gross Receipts: $49,938
Assets and Liabilities:
- Total Assets: $1,385,091
- Total Liabilities: $0
- Net Assets: $1,385,091
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Organization Details
Founding Year
1982
Principal Officer
Bruce Olson
Main Address
918 GARFIELD AVE, ALBERT LEA, MN, 56007
NTEE Category
Code: X20 - Religion related
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