Overview
What is Microloan Foundation Usa?
Microloan Foundation USA is a nonprofit organization headquartered in Chestnut Hill, Massachusetts. Their primary mission is to combat poverty and inequality in sub-Saharan African countries by offering microfinance services to impoverished women residing in rural areas. The organization, which has assisted over 240,000 women and 960,000 children since its inception, provides business education and training as a prerequisite for receiving microloans. The training equips these women with essential business skills, benefiting not only the individual and her family but also the wider community. Microloan Foundation USA serves as the U.S. fundraising arm for this purpose.
Official website here: www.microloanfoundationusa.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100%, Four-Star out of Four Star rating.
Microloan Foundation USA has achieved an impressive 100% rating, reflecting its strong commitment to accountability and financial transparency. The organization scored perfectly across multiple metrics, including having a fully independent board and no material diversion of assets, which indicates a strong governance structure. With a program expense ratio of 88.40%, the foundation effectively directs the majority of its funds towards its programs, showcasing its focus on impactful initiatives.
The foundation has established comprehensive policies, including conflict of interest and whistleblower policies, which contribute to its overall accountability. It also maintains transparency by listing crucial documents such as meeting minutes and tax forms on its website. This level of openness helps build trust with donors and stakeholders, reinforcing its credibility as a nonprofit organization.
While the rating is exemplary, some potential donors may want to explore the specific programs and outcomes associated with the foundation to better understand its impact. Overall, Microloan Foundation USA stands out as a financially sound and transparent organization dedicated to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Microloan Foundation Usa legitimate?
Microloan Foundation Usa is a legitimate nonprofit organization registered as a 501(c)(3) entity. Microloan Foundation Usa 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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Official website here: www.microloanfoundationusa.org
What is the mission statement of Microloan Foundation Usa?
Microloan Foundation USA, as the fundraising arm for the international organization, works towards reducing poverty and inequality in Sub-Saharan African countries by offering microfinance services to impoverished women living in remote rural areas. The mission of Microloan Foundation USA is to empower these women, thereby benefiting their families and communities at large. To achieve this, the organization provides business education and training as a prerequisite for receiving a microloan, thus equipping these women with essential business skills. By doing so, Microloan Foundation USA contributes to the economic development and improvement of living conditions in these communities.
Official website here: www.microloanfoundationusa.org
Who is the CEO of Microloan Foundation Usa?
Steven Mark is the President of Microloan Foundation Usa.
Official website here: www.microloanfoundationusa.org
What is the revenue of Microloan Foundation Usa?
Microloan Foundation Usa's revenue in 2022 was $157,814.
Official website here: www.microloanfoundationusa.org
Who are the executives of Microloan Foundation Usa and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.microloanfoundationusa.org
Where can I find the form 990 for Microloan Foundation Usa?
Microloan Foundation Usa's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.microloanfoundationusa.org
Learn more at the official website: www.microloanfoundationusa.org
Mission Statement of Microloan Foundation Usa
Microloan Foundation USA, as the US fundraising arm of its international counterpart, is committed to reducing poverty and inequality in sub-Saharan African countries. The organization accomplishes this mission by providing microfinance services to impoverished women living in remote rural areas. By offering business education and training to small groups of women as a prerequisite to receiving a microloan, Microloan Foundation USA empowers these women, enabling them to improve their own lives, their families, and their communities at large. Through this approach, the organization has assisted approximately 240,000 women and 960,000 children since its inception.
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Impact
October, 2024
Microloan Foundation USA plays a significant role in reducing poverty and inequality by extending vital microfinance services to impoverished women in remote rural areas of sub-Saharan Africa. By focusing on women, the organization empowers them to start and grow their own businesses, ultimately benefiting their families and communities.
Since its inception, Microloan Foundation has assisted approximately 240,000 women and impacted around 960,000 children. This transformative effort includes comprehensive business education and training provided to small groups of women prior to receiving microloans. Such training equips them with essential business skills, fostering self-sufficiency and entrepreneurship.
The foundation's approach not only addresses immediate financial needs but also promotes long-term economic improvement and gender equality, making a profound and lasting impact on the lives of women and their communities in sub-Saharan Africa.
This information is meant to be a general summary of Microloan Foundation Usa. 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: $141
- Gross Receipts: $157,814
Assets and Liabilities:
- Total Assets: $47,639
- Total Liabilities: $0
- Net Assets: $47,639
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Organization Details
Founding Year
2008
Phone
(617) 816-5637Principal Officer
Steven Mark
Main Address
237 BONAD ROAD, CHESTNUT HILL, MA, 02467
NTEE Category
Code: Q33 - International
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