Overview
What is Mariner Foundation?
The Mariner Foundation serves as the parent-teacher organization for Mountain Island Day Community Charter School, managing its physical facilities and associated debt. In the fiscal year 2019-2020, the Foundation raised funds through a bond offering, allowing them to purchase the school's former leasehold, construct a new educational facility, buy land for future use, and enhance the school's grounds. The Foundation leases the property back to the school, covering the annual debt service requirements. Beyond academic support, Mariner Foundation arranges extra-curricular and ancillary activities for the school, such as bus transportation and student activities, and manages fees and expenses for additional programs like dance, art, and athletics, thereby contributing to the overall success of Mountain Island Day Community Charter School.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Star rating (Needs Improvement) - Score: 65%
The Mariner Foundation has received a two-star rating from Charity Navigator, indicating a need for improvement in its operational practices. While the foundation has a strong program expense ratio and fundraising efficiency, which shows that nearly all of its funds are directed towards its programs, it faces challenges with its financial health as indicated by the liabilities to assets ratio and working capital ratio.
The organization boasts a fully independent board with a high percentage of independent members, which enhances its governance. However, it lacks essential policies such as a whistleblower policy and document retention and destruction guidelines, which are critical for transparency and accountability. The presence of an audit and oversight committee and adherence to conflict of interest policies are positive aspects that reflect some level of governance.
Despite its strengths in program execution, the financial stability concerns and missing governance policies may hinder the foundation's overall effectiveness. Addressing these limitations could improve its rating and better position the Mariner Foundation to fulfill its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Mariner Foundation legitimate?
Mariner Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mariner Foundation 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 Mariner Foundation?
The Mariner Foundation's mission is centered around supporting Mountain Island Day Community Charter School. They achieve this by fostering collaboration between parents and teachers and supplying necessary resources for the school's success. The foundation serves as the school's parent-teacher organization and also manages the school's physical facilities, including borrowing funds for facility purchases and improvements. They lease the property to the school to cover debt service requirements and organize additional activities, such as transportation and student events, for which they collect fees and manage expenses.
Who is the CEO of Mariner Foundation?
Bitika Williams is the President of Mariner Foundation.
What is the revenue of Mariner Foundation?
Mariner Foundation's revenue in 2022 was $1,793,742.
Who are the executives of Mariner Foundation and what are their salaries?
There 100 volunteers at Mariner Foundation.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Mariner Foundation?
Mariner Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mariner Foundation
The Mariner Foundation, as a dedicated organization, is committed to supporting the success of Mountain Island Day Community Charter School. By establishing a partnership between parents and teachers, and providing necessary resources, the Foundation aims to contribute to the school's prosperity. In essence, its mission is to foster a conducive environment that enables Mountain Island Day Community Charter School to thrive.
Moreover, the Mariner Foundation plays a pivotal role in the school's operations. It holds the ownership of the school's facilities and manages the associated debt. In the fiscal year 2019-2020, the Foundation secured a significant loan of $24,735,000 through a public finance bond offering. This capital was utilized for purchasing the school's formerly leased facilities, constructing a new educational complex, acquiring land for future expansion, and making substantial improvements to the school's premises. The Foundation then leases the property to the school, ensuring a steady flow of funds to cover the annual debt service requirements.
Beyond these financial contributions, the Mariner Foundation also takes on a more hands-on role in the school's activities. It coordinates extra-curricular and ancillary activities, such as arranging for transportation and overseeing student activities. Furthermore, the Foundation manages expenses and fees for additional activities, including dance, art, and athletics. In this way, the Mariner Foundation serves as a vital partner in the growth and development of Mountain Island Day Community Charter School.
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Impact
July, 2024
The Mariner Foundation's impact is substantial in supporting the success of Mountain Island Day Community Charter School. Through its activities as the school's parent-teacher organization, facility owner, and debt holder, the Foundation plays a critical role in providing resources and infrastructure for the school's operations. Additionally, the Foundation coordinates various extra-curricular and ancillary activities for the students, ensuring a well-rounded educational experience. Overall, its efforts directly contribute to the enhancement of the school's educational environment and the support of its students, parents, and teachers.
This information is meant to be a general summary of Mariner Foundation. 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: $3,519
- Program Service Revenue: $1,320,157
- Gross Receipts: $1,793,742
Assets and Liabilities:
- Total Assets: $22,191,927
- Total Liabilities: $24,500,924
- Net Assets: -$2,308,997
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Facility Lease to MIDCCS
Revenue
$1,076,303
School Fundraisers
Revenue
$243,854
Organization Details
Founding Year
2012
Phone
(704) 477-0547Principal Officer
Bitika Williams
Main Address
1209 Little Rock Road, Charlotte, NC, 28214
NTEE Category
Code: B94 - Education
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