The 506 Foundation Inc

Charity Navigator Rating: Needs Improvement (Two Stars, 73%)

The 506 Foundation Inc has received a Two-Star out of Four Star rating from Charity Navigator, indicating a need for improvement in various operational areas. With an overall score of 73%, the organization has shown strengths in its independent board composition and financial management, specifically boasting an impressive 84.59% program expense ratio, which suggests a strong focus on its mission-related activities.

However, there are significant gaps in the foundation's accountability and transparency measures. The absence of a conflict of interest policy, a whistleblower policy, and a document retention policy have been noted as areas of concern, resulting in low scores in those categories. Furthermore, the charity's website is not listed on its tax form, and other essential documents are missing from its online presence, which may hinder public trust and accessibility.

Despite these shortcomings, the foundation has demonstrated sound financial health, as evidenced by its zero liabilities to assets ratio. The presence of documented board meeting minutes suggests some level of operational accountability. Overall, while The 506 Foundation Inc shows promise in its mission-driven spending, there is a clear need to enhance its governance practices to achieve a higher rating in the future.

This AI summary has been generated from information found on Charity Navigator.

The 506 Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The 506 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: $6,758
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

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