Overview
What is Bancroft Community Foundation Inc?
Bancroft Community Foundation Inc is a nonprofit organization situated in Algona, Iowa. Established with the purpose of funding civic improvement projects that cannot be financed through tax dollars due to budgetary constraints, the foundation grants funds to support various local initiatives, such as the Bancroft Ambulance service. During the fiscal year in question, the foundation made a single grant of $3,200 for this purpose. In addition to monetary grants, the foundation is actively involved in long-term projects, including the construction and operation of a medical facility for the community. The facility, owned by the foundation, is rented to the city and a local nonprofit hospital to provide essential medical services to residents. Rental income from these sources is utilized to cover construction debt and facility expenses. Beyond direct grants, the foundation also engages in other donations, rent, and capital expenditures related to these projects. Lastly, the foundation is currently working on a civic improvement project to restore a city building, aiming to create a much-needed community business opportunity.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 0%
Bancroft Community Foundation Inc has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns about the organization's accountability and financial practices. The charity's score of just 10% highlights a lack of transparency and governance, with no independent board members contributing to oversight. Furthermore, critical policies such as conflict of interest, whistleblower, and document retention are missing, severely impacting the organization’s credibility.
The foundation has reported a material diversion of assets as none, which is a positive aspect, but this is overshadowed by the absence of essential operational policies and documentation. The program expense ratio is low at 5.81%, suggesting that a minimal proportion of the funds are directed towards its programs, which raises questions about its effectiveness and mission impact.
Additionally, the foundation's website is missing from its tax form, and there are no posted board meeting minutes or financial documents available, making it challenging for donors and the public to assess its activities and financial health. These factors collectively indicate serious deficiencies in organizational practices, warranting caution for potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Bancroft Community Foundation Inc legitimate?
Bancroft Community Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bancroft Community 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.
Heare are some key statistics you may want to consider:
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What is the mission statement of Bancroft Community Foundation Inc?
The Bancroft Community Foundation Inc was established with the purpose of raising funds and distributing grants for civic betterment projects that cannot be funded through tax dollars due to budget constraints. The foundation supports various projects, including contributing $3,200 to the Bancroft Ambulance. While the majority of their donations, rent, and capital expenditures for these projects are not in the form of direct grants, they have taken on significant initiatives such as building and owning a medical center, which is rented to the city and a local nonprofit hospital to provide medical services to residents. The rents received from these sources are used to retire construction debt on the facility and cover its expenses. Overall, the foundation's mission is to enhance the community by funding projects that cannot be funded through tax dollars.
Who is the CEO of Bancroft Community Foundation Inc?
Ellengray G Kennedy is the President of Bancroft Community Foundation Inc.
What is the revenue of Bancroft Community Foundation Inc?
Bancroft Community Foundation Inc's revenue in 2023 was $152,486.
Who are the executives of Bancroft Community Foundation Inc and what are their salaries?
Here are 6 key members and their salaries:
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Where can I find the form 990 for Bancroft Community Foundation Inc?
Bancroft Community Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Bancroft Community Foundation Inc
Bancroft Community Foundation Inc was established with a mission to raise funds and distribute grants for civic betterment projects that cannot be funded by tax dollars due to budget constraints. This nonprofit organization aims to support projects that enhance the community, filling in the gaps where government funds fall short. The foundation's primary objective is to contribute to the improvement of the community by providing financial assistance for projects that would otherwise go unfunded.
Bancroft Community Foundation Inc demonstrates its commitment to this mission by distributing grants. For instance, during a particular fiscal year, the foundation made a grant of $3,200 to support the Bancroft Ambulance service. However, it's important to note that this was not the only way the foundation contributed to the community. The foundation also invested in long-term projects, such as constructing a medical facility and restoring a city building to create a community business opportunity. Although these projects were not funded through direct grants, they were crucial in improving the community's facilities and services.
The foundation's most notable project is the construction of a medical facility, which it owns and rents out to the city and a local nonprofit hospital. The rental income from these sources is used to retire the construction debt on the facility and cover its operational expenses. This strategy allows the foundation to continue its mission of supporting civic betterment projects while ensuring the sustainability of its medical facility. Overall, Bancroft Community Foundation Inc is dedicated to improving its community by raising funds and investing in projects that enhance the quality of life for its residents.
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Impact
October, 2024
Bancroft Community Foundation Inc has made a substantial impact on the city of Bancroft, Iowa, by addressing critical needs that are often sidelined due to budget constraints. One of its most significant contributions includes a grant of $3,200 to support the Bancroft Ambulance service, ensuring that essential emergency services are available to residents.
In addition to direct financial support, the Foundation has embarked on long-term community improvement initiatives. Notably, it has invested in establishing a medical facility, which plays a crucial role in providing healthcare services to the local population. This medical center is not only a vital resource for residents but also generates rental income that helps manage construction debt and cover ongoing operational expenses.
Furthermore, the Foundation is actively involved in restoring a city building, transforming it into a business opportunity that can benefit the community economically. This project signifies a commitment to revitalizing Bancroft and enhancing the quality of life for its residents.
Through these efforts, Bancroft Community Foundation Inc effectively raises funds and distributes resources where they are most needed, allowing the community to thrive despite financial limitations. The Foundation’s focus on civic betterment plays a pivotal role in fostering a healthier, more vibrant community in Bancroft.
This information is meant to be a general summary of Bancroft Community 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 2023.
- Investment Income: $7,096
- Gross Receipts: $231,929
Assets and Liabilities:
- Total Assets: $3,377,500
- Total Liabilities: $180,000
- Net Assets: $3,197,500
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEDICAL CENTER RENT
Organization Details
Phone
(515) 295-3565Principal Officer
Ellengray G Kennedy
Main Address
111 N DODGE ST, ALGONA, IA, 50511
NTEE Category
Code: T31 - Philanthropy
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