Overview
What is Gethsemane Memorial Foundation Inc?
Gethsemane Memorial Foundation Inc is a nonprofit organization situated in Hopkins, Minnesota. Their primary role is to support the ministry programs of Gethsemane Evangelical Lutheran Church, located in the same city. They achieve this by allocating a portion of their assets, specifically 4% of the three-year moving average total balance, to the church. This financial support comes in the form of two semi-annual payments. The funds are intended for the expansion of the church's program ministry, surpassing their approved budget. In essence, the Foundation aids in the growth and enrichment of the church's ministry services beyond their initial budget.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Star rating)
The Gethsemane Memorial Foundation Inc has earned a commendable Three-Star rating from Charity Navigator, indicating a solid performance in accountability and finance. The organization achieved an overall score of 80%, reflecting a strong emphasis on financial practices, with its entire score derived from a single beacon focused on Accountability & Finance.
Strengths of the foundation include a fully independent board consisting of 11 members, which earns high marks for governance. Additionally, the foundation has demonstrated excellent financial health with a 90.64% program expense ratio, ensuring that a significant portion of its resources are directed towards its mission. Other positive indicators include a zero liability to assets ratio, signifying no financial obligations that could hinder operational capabilities.
While the organization shows robust management and financial practices, the rating highlights a singular focus on financial accountability, with no additional beacon scores available to assess other areas such as impact or community engagement. This limited scope may be a consideration for potential donors seeking a broader evaluation of the foundation's overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Gethsemane Memorial Foundation Inc legitimate?
Gethsemane Memorial Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Gethsemane Memorial 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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What is the mission statement of Gethsemane Memorial Foundation Inc?
The Gethsemane Memorial Foundation Inc's mission is centered around supporting the ministry programs of a particular Evangelical Lutheran church. This is accomplished by utilizing funds derived from gifts and prudent investments. A significant portion of these funds is allocated to the church, with the stipulation that they be used for expanding their ministry beyond their approved budget. The Foundation's role is essential in enhancing the church's capacity to offer more far-reaching ministry services.
Who is the CEO of Gethsemane Memorial Foundation Inc?
Steve Paulson is the President of Gethsemane Memorial Foundation Inc.
What is the revenue of Gethsemane Memorial Foundation Inc?
Gethsemane Memorial Foundation Inc's revenue in 2022 was $54,284.
Who are the executives of Gethsemane Memorial Foundation Inc and what are their salaries?
Here are 11 key members and their salaries:
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Where can I find the form 990 for Gethsemane Memorial Foundation Inc?
Gethsemane Memorial Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Gethsemane Memorial Foundation Inc
Gethsemane Memorial Foundation Inc, as a supporting entity, is committed to furthering the ministry programs of Gethsemane Evangelical Lutheran Church. This is achieved through the strategic use of funds received and income generated from wise investments. The Foundation's mission is to contribute to the expansion of the church's ministry beyond its approved budget, allocating 4% of the three-year moving average total asset balance in two semi-annual payments. These funds are intended to enhance the church's ministry efforts, extending its reach and impact beyond its immediate congregation.
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Impact
October, 2024
Gethsemane Memorial Foundation Inc significantly enhances the ministry programs of Gethsemane Lutheran Church in Hopkins, MN. By wisely managing contributions and earnings through prudent investments, the Foundation distributes 4% of the three-year moving average total asset balance to the church in semi-annual payments. This financial support empowers the church to expand its program ministry beyond the constraints of its approved budget, fostering a richer and more diverse array of spiritual and community services. The Foundation's commitment ensures that the church can further its mission and positively impact the lives of its congregation and the broader community.
This information is meant to be a general summary of Gethsemane Memorial 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.
- Investment Income: $22,689
- Gross Receipts: $54,284
Assets and Liabilities:
- Total Assets: $735,910
- Total Liabilities: $54
- Net Assets: $735,856
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Organization Details
Founding Year
1966
Phone
(952) 935-1753Principal Officer
Steve Paulson
Main Address
715 Minnetonka Mills Road, Hopkins, MN, 553437269
NTEE Category
Code: X11 - Religion related
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