Overview
What is Schola Foundation?
The Schola Foundation is a nonprofit organization based in Mankato, Minnesota, specifically at 145 Good Counsel Drive. Its primary mission is to offer financial aid to the Catholic schools located in the Mankato area. Currently, this assistance is provided to Loyola Catholic School, encompassing pupils from pre-K through 12th grade. The foundation's activities are focused on supporting education within the Mankato community.
Official website here: www.scholafoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Stars)
The Schola Foundation has earned an overall score of 88%, reflecting a strong commitment to accountability and financial practices. The organization received full marks for having a majority of independent board members, which enhances its governance and oversight capabilities. Additionally, the absence of material diversion of assets and a well-structured auditing process indicates prudent fiscal management.
Strengths of the foundation include a high program expense ratio of 80.77%, signaling that the majority of its funds are directed towards its mission-related programs. The foundation also maintains a well-documented financial policy framework, including a conflict of interest policy and comprehensive board meeting minutes. These elements contribute positively to the foundation's reputation for transparency.
However, there are some areas for improvement. The foundation's whistleblower policy and document retention and destruction policies are currently missing, which could be important for fostering a culture of accountability and protection for individuals reporting unethical practices. Addressing these gaps could enhance overall confidence in its governance practices.
This AI summary has been generated from information found on Charity Navigator.
Is Schola Foundation legitimate?
Schola Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Schola 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.
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Official website here: www.scholafoundation.org
What is the mission statement of Schola Foundation?
The Schola Foundation's mission is centered around providing financial aid to Catholic schools within the Mankato area. Currently, this assistance is extended to Loyola Catholic School, catering to students from preschool to the 12th grade, thereby supporting educational initiatives in the community.
Official website here: www.scholafoundation.org
Who is the CEO of Schola Foundation?
Larry Krmpotich is the President of Schola Foundation.
Official website here: www.scholafoundation.org
What is the revenue of Schola Foundation?
Schola Foundation's revenue in 2022 was $1,251,467.
Official website here: www.scholafoundation.org
Who are the executives of Schola Foundation and what are their salaries?
Here are 16 key members and their salaries:
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Official website here: www.scholafoundation.org
Where can I find the form 990 for Schola Foundation?
Schola Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.scholafoundation.org
Learn more at the official website: www.scholafoundation.org
Mission Statement of Schola Foundation
The Schola Foundation, a non-profit organization, is committed to providing financial assistance to Catholic schools within the Mankato area. Its mission is centered around supporting the educational needs of these institutions, currently extending aid to Loyola Catholic School, catering to students from pre-K through 12th grade. This support serves as a vital resource, enabling these schools to continue their educational endeavors and provide quality education to their students.
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Impact
July, 2024
Schola Foundation's impact is focused on providing financial assistance to Mankato Area Catholic Schools, particularly Loyola Catholic School from pre-Kindergarten through 12th grade in Mankato, MN. This support helps ensure that students have access to a quality education within the Catholic school system. Through its mission of providing financial aid, Schola Foundation plays a crucial role in enhancing educational opportunities and promoting academic success for students in the Mankato area.
This information is meant to be a general summary of Schola 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: $458,058
- Program Service Revenue: $38,893
- Gross Receipts: $1,251,467
Assets and Liabilities:
- Total Assets: $12,527,773
- Total Liabilities: $3,575,658
- Net Assets: $8,952,115
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SCHOOL BUILDING AND LAND
Revenue
$38,893
Organization Details
Founding Year
1975
Phone
(507) 388-0617Principal Officer
Larry Krmpotich
Main Address
145 GOOD COUNSEL DRIVE, MANKATO, MN, 56001
Website
www.scholafoundation.orgNTEE Category
Code: B24C - Education
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