Overview
What is Teamsters Local 701 Scholarship Fund?
Teamsters Local 701 Scholarship Fund is a charitable organization situated in North Brunswick, New Jersey. Their primary mission is to grant bootstrap scholarships worth $1,500 each to the children and grandchildren of active members belonging to Teamsters Local Union No. 701. This initiative aims to empower the next generation by offering financial assistance for their higher education. The Scholarship Fund serves as a testament to the union's commitment to supporting the families of its members.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating. This rating indicates that while the Teamsters Local 701 Scholarship Fund demonstrates strengths in several areas, it also has notable weaknesses that affect its overall evaluation. The organization has a strong accountability and finance score, showcasing good practices in board independence and asset management.
Despite these strengths, the organization has received low marks in transparency and governance practices. Specifically, it has not established a conflict of interest policy, whistleblower policy, or document retention policies, which are important for maintaining trust and accountability. Additionally, the absence of essential documents on their website, such as their tax form, further limits public access to information regarding their operations.
As a result, while Teamsters Local 701 Scholarship Fund performs well in financial accountability, the lack of governance policies and transparency measures may raise concerns for potential donors and stakeholders. Enhancements in these areas could improve their rating and overall trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Teamsters Local 701 Scholarship Fund legitimate?
Teamsters Local 701 Scholarship Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Teamsters Local 701 Scholarship Fund 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
For more financial information, click here
What is the mission statement of Teamsters Local 701 Scholarship Fund?
The Teamsters Local 701 Scholarship Fund's mission is centered around providing educational assistance. Specifically, it aims to grant scholarships worth $1,500 each to the children and grandchildren of active members belonging to Teamsters Local Union No. 701. This initiative serves as a means to empower the next generation by investing in their education, thereby fostering opportunities for personal growth and development.
Who is the CEO of Teamsters Local 701 Scholarship Fund?
Ronald Lake is the President of Teamsters Local 701 Scholarship Fund.
What is the revenue of Teamsters Local 701 Scholarship Fund?
Teamsters Local 701 Scholarship Fund's revenue in 2022 was $59,293.
Who are the executives of Teamsters Local 701 Scholarship Fund and what are their salaries?
There 8 volunteers at Teamsters Local 701 Scholarship Fund.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Teamsters Local 701 Scholarship Fund?
Teamsters Local 701 Scholarship Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Teamsters Local 701 Scholarship Fund
Teamsters Local 701 Scholarship Fund is a nonprofit organization dedicated to honoring the achievements of the future generation. Its primary mission is to award educational scholarships to the children and grandchildren of active members of Teamsters Local Union No. 701. By offering these scholarships, the fund aims to provide financial assistance and encourage higher education, enabling these young individuals to pursue their academic goals and build a solid foundation for their future. The Scholarship Fund awards scholarships of $1,500 each to nine deserving recipients, demonstrating its commitment to supporting the educational aspirations of the families connected with Teamsters Local Union No. 701.
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Impact
August, 2024
The Teamsters Local 701 Scholarship Fund has a direct impact on the lives of children and grandchildren of active members of Teamsters Local Union No. 701 by awarding educational scholarships. This support enables these individuals to pursue their higher education goals and alleviate some of the financial burden associated with college expenses. The fund's provision of boot strap college scholarships totaling $1,500 each to nine recipients demonstrates its commitment to promoting education and empowerment within the community. By investing in the education of these students, the Teamsters Local 701 Scholarship Fund contributes to the advancement of individuals and the overall well-being of its members.
This information is meant to be a general summary of Teamsters Local 701 Scholarship Fund. 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: $3,202
- Gross Receipts: $88,752
Assets and Liabilities:
- Total Assets: $610,928
- Total Liabilities: $0
- Net Assets: $610,928
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Organization Details
Founding Year
2004
Principal Officer
Ronald Lake
Main Address
2003 Route 130, North Brunswick, NJ, 08902
NTEE Category
Code: B82 - Education
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