Overview
What is Idc Foundation Inc?
Idc Foundation Inc. is a charitable organization, established with a mission to aid students pursuing careers in the building construction industry. This encompasses disciplines such as architecture, construction, engineering, and interior design. Located in Centerport, New York, the foundation accomplishes its goal by offering scholarships to cover educational expenses at qualifying institutions. These institutions are exempt from taxation under either Section 501(c)(3) or Section 115 of the Internal Revenue Code. The foundation also supports internships for these students, provided they are overseen or approved by their respective educational institutions. Furthermore, Idc Foundation Inc. provides grants to educational institutions to promote and strengthen programs relevant to the building construction industry, as well as to foster research in this field.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Star rating)
The IDC Foundation Inc has received a solid rating of 86%, indicative of a well-managed organization that demonstrates a commitment to financial accountability and transparency. With an impressive score in the Accountability & Finance category, the foundation showcases a fully independent board, robust audit oversight, and a strong focus on managing its resources effectively.
Strengths highlighted include the foundation's high program expense ratio of 87.64%, which suggests that a significant portion of its funds directly supports its mission-driven programs. Additionally, there are no reported instances of asset diversion, which further signals a responsible handling of donor contributions. The presence of a documented conflict of interest policy and board meeting minutes also reinforces its commitment to ethical governance.
While the rating is commendable, potential donors should consider that the Three-Star designation reflects room for continued improvement. Engaging with the foundation for further insights into its strategic goals and impact could provide a more comprehensive understanding of its initiatives and future directions.
This AI summary has been generated from information found on Charity Navigator.
Is Idc Foundation Inc legitimate?
Idc Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Idc 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 Idc Foundation Inc?
Idc Foundation Inc. was established with the primary objective of offering scholarships to undergraduate and professional students aiming to pursue careers in the building construction industry. This includes fields such as architecture, construction, engineering, and interior design. The foundation supports these students financially, enabling them to cover their educational expenses at tax-exempt institutions, as per Section 501(c)(3) or Section 115 of the Internal Revenue Code. Additionally, Idc Foundation Inc. funds internships for these students, as long as they are overseen by their respective educational institutions. Furthermore, the foundation grants money to these institutions to foster and encourage students in the building construction industry, as well as to support relevant research and educational programs related to this field.
Who is the CEO of Idc Foundation Inc?
Raymond Savino is the President of Idc Foundation Inc.
What is the revenue of Idc Foundation Inc?
Idc Foundation Inc's revenue in 2021 was $1,443,639.
Who are the executives of Idc Foundation Inc and what are their salaries?
Here are 4 key members and their salaries:
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- Other: $0
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Where can I find the form 990 for Idc Foundation Inc?
Idc Foundation Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Idc Foundation Inc
Idc Foundation Inc, established with the mission to offer financial aid, aims to support undergraduate and professional students pursuing careers in the construction industry. This encompasses fields such as architecture, construction, engineering, and interior design. The foundation accomplishes this by providing scholarships to cover educational expenses at tax-exempt institutions, as per Section 501(c)(3) or Section 115 of the Internal Revenue Code. Additionally, Idc Foundation Inc funds internships for these students, provided the internships are supervised or approved by their respective educational institutions.
Beyond scholarships and internships, Idc Foundation Inc also grants funds to educational institutions. The purpose of these grants is to encourage and bolster students' pursuits in the building construction industry and to foster research and educational programs that align with this sector. This holistic approach from Idc Foundation Inc aims to nurture talent and contribute to the advancement of the building construction industry.
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Impact
July, 2024
IDC Foundation Inc's impact lies in providing scholarships to students pursuing careers in the building construction industry, such as architecture, construction, engineering, and interior design. These scholarships help cover the costs of education at eligible institutions. Additionally, the foundation funds internships for students in the field, as long as they are approved by their educational institutions. By offering grants to support students and educational programs related to building construction, IDC Foundation Inc plays a vital role in fostering the next generation of professionals in this industry.
This information is meant to be a general summary of Idc 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 2021.
- Investment Income: $1,443,639
- Gross Receipts: $5,142,232
Assets and Liabilities:
- Total Assets: $31,905,692
- Total Liabilities: $388,491
- Net Assets: $31,517,201
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Organization Details
Founding Year
2014
Principal Officer
Raymond Savino
Main Address
277 Jackson Cres, Centerport, NY, 11721
NTEE Category
Code: B82 - Education
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