Overview
What is Lake Lure Community Education Foundation Inc?
Lake Lure Community Education Foundation Inc is a nonprofit organization based in Lake Lure, North Carolina. The primary objective of this organization is to support Classical Academies CFA, Inc. by managing and leasing real estate properties to them. The foundation also engages in fundraising initiatives to contribute to the supported organization's activities. By performing these functions, Lake Lure Community Education Foundation Inc plays a crucial role in fostering the growth and development of Classical Academies CFA, Inc.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (67%)
The Lake Lure Community Education Foundation Inc has received a two-star rating, indicating that the organization has areas needing significant enhancement. With an overall score of 67%, it demonstrates strong governance in certain aspects, such as having a fully independent board and high program expense ratio, which suggests that nearly all of its expenses are directed towards its programs.
However, the organization faces notable challenges in accountability and financial practices. A concerning aspect is its high liabilities to assets ratio of 92.90%, which could imply financial instability. Additionally, the absence of essential policies such as a conflict of interest policy, a whistleblower policy, and a document retention policy reflects gaps in governance that need to be addressed to improve transparency and accountability.
Overall, while the Lake Lure Community Education Foundation Inc shows promise in some governance areas, it must work on its financial management and policy framework to enhance its rating and effectiveness as a nonprofit organization.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Lure Community Education Foundation Inc legitimate?
Lake Lure Community Education Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake Lure Community Education 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Lake Lure Community Education Foundation Inc?
The Lake Lure Community Education Foundation Inc's primary role is to support Classical Academis CFA, Inc. They accomplish this by holding and leasing real estate to the aforementioned organization. In addition to this, the foundation also raises funds for Classical Academis CFA, Inc. In essence, the mission of Lake Lure Community Education Foundation Inc is centered around providing essential resources to foster the growth and development of its supported organization.
Who is the CEO of Lake Lure Community Education Foundation Inc?
Stephen Milito is the President of Lake Lure Community Education Foundation Inc.
What is the revenue of Lake Lure Community Education Foundation Inc?
Lake Lure Community Education Foundation Inc's revenue in 2022 was $658,607.
Who are the executives of Lake Lure Community Education Foundation Inc and what are their salaries?
There 6 volunteers at Lake Lure Community Education Foundation Inc.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Lake Lure Community Education Foundation Inc?
Lake Lure Community Education Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lake Lure Community Education Foundation Inc
Lake Lure Community Education Foundation Inc is committed to supporting Classical Academis CFA, Inc. Their primary mission is achieved through the holding and leasing of real estate to their supported organization. This action not only provides a physical space for Classical Academis CFA, Inc. but also serves as a means to contribute financially. Additionally, the Foundation also engages in fundraising activities to bolster the resources of Classical Academis CFA, Inc., further aiding its operations and growth.
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Impact
July, 2024
Lake Lure Community Education Foundation Inc's impact lies in providing essential support to its supported organization, Classical Academis CFA, Inc. By holding and leasing real estate for this educational institution, the foundation enables the school to focus on delivering high-quality education to its students. Additionally, through fundraising efforts, the foundation helps secure necessary resources for the school's operations and growth. This symbiotic relationship ultimately benefits the community by promoting education and fostering academic excellence.
This information is meant to be a general summary of Lake Lure Community Education 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: $2,747
- Program Service Revenue: $639,305
- Gross Receipts: $658,607
Assets and Liabilities:
- Total Assets: $12,324,980
- Total Liabilities: $11,420,390
- Net Assets: $904,590
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental
Revenue
$639,305
Organization Details
Founding Year
2011
Phone
(828) 625-9292Principal Officer
Stephen Milito
Main Address
P O Box 12, Lake Lure, NC, 28746
NTEE Category
Code: B12 - Education
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