Overview
What is Virginia Mayo Ownby Memorial Trust?
The Virginia Mayo Ownby Memorial Trust is a charitable organization established through a trust set up by Virginia Mayo Ownby. Based in Tulsa, Oklahoma, its primary mission is to invest the trust's funds and distribute the income semi-annually to the University of Tulsa. This financial aid is intended for two specific scholarship funds: one for business students and another for law students. The trust aims to support the educational aspirations of students in these fields, contributing to their academic growth and future careers.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 53%, One-Star out of Four Star rating.
The Virginia Mayo Ownby Memorial Trust has received a low rating of 53% from Charity Navigator, indicating significant concerns regarding accountability and financial practices. The organization scores poorly on several key governance metrics, particularly due to the absence of independent board members and missing essential policies such as conflict of interest and whistleblower protections.
Despite these governance issues, the trust demonstrates a strong program expense ratio of 84.62%, suggesting that a substantial portion of its funds is directed toward its charitable programs. Additionally, there are no reported material diversions of assets, which is a positive aspect in terms of financial integrity. However, the lack of transparency, as highlighted by the missing website and tax documents, raises further questions about the organization's operational practices.
Overall, while the Virginia Mayo Ownby Memorial Trust shows effectiveness in program spending, its governance deficiencies and lack of transparency contribute to its low rating. Prospective donors and stakeholders may wish to consider these factors carefully when evaluating their support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Virginia Mayo Ownby Memorial Trust legitimate?
Virginia Mayo Ownby Memorial Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virginia Mayo Ownby Memorial Trust 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 Virginia Mayo Ownby Memorial Trust?
The Virginia Mayo Ownby Memorial Trust was established through a trust instrument by Virginia Mayo Ownby. The trust directs that the funds be invested, and the income from these investments is distributed semi-annually to the University of Tulsa to fund scholarships. Specifically, the funds are allocated for two scholarships: one for business students through the Cass Allen Mayo Sr. Scholarship Fund, and another for law students via the Hugh Ownby Scholarship Fund. The purpose of these scholarships is to support and provide educational opportunities for these students.
What is the revenue of Virginia Mayo Ownby Memorial Trust?
Virginia Mayo Ownby Memorial Trust's revenue in 2023 was $46,557.
Who are the executives of Virginia Mayo Ownby Memorial Trust and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Virginia Mayo Ownby Memorial Trust?
Virginia Mayo Ownby Memorial Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Virginia Mayo Ownby Memorial Trust
The Virginia Mayo Ownby Memorial Trust, established by a trust instrument, is dedicated to supporting education by investing its funds and distributing the income semi-annually. This income is allocated to the University of Tulsa to fund two distinct scholarship programs. The first scholarship, the Cass Allen Mayo Sr. Scholarship Fund, is designed to aid business students, while the second, the Hugh Ownby Scholarship Fund, is specifically intended for law students. The mission of the Virginia Mayo Ownby Memorial Trust, therefore, is to contribute to the educational growth of students pursuing business and law degrees at the University of Tulsa.
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Impact
October, 2024
The Virginia Mayo Ownby Memorial Trust significantly impacts education by providing vital financial support for students pursuing degrees in business and law at the University of Tulsa. Through the establishment of scholarship funds, specifically the Cass Allen Mayo Sr. Scholarship Fund and the Hugh Ownby Scholarship Fund, the trust facilitates access to education for aspiring scholars. By distributing income from invested funds semi-annually, the trust empowers students to overcome financial barriers, thereby enhancing their educational opportunities and contributing to their professional development. The scholarships offered not only alleviate the financial burdens associated with higher education but also encourage academic excellence and foster a commitment to community service among recipients. In this way, the trust plays a crucial role in shaping the future of legal and business education in Tulsa, ultimately benefiting the wider community.
This information is meant to be a general summary of Virginia Mayo Ownby Memorial Trust. 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 2023.
- Investment Income: $87,808
- Gross Receipts: $1,786,658
Assets and Liabilities:
- Total Assets: $3,133,186
- Total Liabilities: $0
- Net Assets: $3,133,186
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Organization Details
NTEE Category
Code: B82 - Education
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