Overview
What is The Kit Faragher Foundation?
The Kit Faragher Foundation, located in Denver, Colorado, is a charitable organization that offers scholarships and educational assistance to financially struggling students in Colorado. In 2022, the foundation awarded a total of $40,000 in scholarships to deserving applicants, with $10,000 distributed during that year and an additional $27,500 paid for scholarships awarded in previous years. The scholarships are directly sent to the chosen colleges selected by the recipients. The foundation's primary mission is to support Colorado students' higher education goals by providing financial aid.
Official website here: www.kitfaragherfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 53%
The Kit Faragher Foundation has received a one-star rating due to its overall score of 53%. This rating reflects significant concerns regarding the organization's accountability and financial management. Key weaknesses include a lack of independent board members, with none of the ten board members being independent, and missing essential governance policies such as conflict of interest and whistleblower policies.
Despite these challenges, the foundation demonstrates a strong program expense ratio of 87.1%, indicating that a substantial portion of its funds is allocated directly to its programs. Additionally, the organization has effectively maintained a low liabilities to assets ratio of 9.14%, suggesting it is managing its debts responsibly. However, the absence of transparent governance practices raises questions about the effectiveness and oversight of the organization.
Overall, while The Kit Faragher Foundation appears to effectively utilize its funds in program delivery, the lack of independent oversight and governance policies is a significant area of concern that potential donors and stakeholders should consider.
This AI summary has been generated from information found on Charity Navigator.
Is The Kit Faragher Foundation legitimate?
The Kit Faragher Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Kit Faragher 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.kitfaragherfoundation.org
What is the mission statement of The Kit Faragher Foundation?
The Kit Faragher Foundation's primary mission is to provide scholarships and educational assistance to financially disadvantaged students in Colorado, enabling them to pursue higher education. In 2022, scholarships totaling $40,000 were granted to deserving applicants, with $10,000 distributed during that year and additional funds allocated for scholarships awarded in previous years. The foundation directly pays these scholarships to the selected colleges, ensuring that the financial burden is alleviated for the recipients.
Official website here: www.kitfaragherfoundation.org
Who is the CEO of The Kit Faragher Foundation?
Beth Ann Faragher is the CEO of The Kit Faragher Foundation The CEO's salary of The Kit Faragher Foundation is $0 and their total compensation is $0.
Official website here: www.kitfaragherfoundation.org
What is the revenue of The Kit Faragher Foundation?
The Kit Faragher Foundation's revenue in 2023 was $46,154.
Official website here: www.kitfaragherfoundation.org
Who are the executives of The Kit Faragher Foundation and what are their salaries?
Here are 5 key members and their salaries (The Kit Faragher Foundation's CEO's salary is $0 and their total compensation is $0):
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- Other: $0
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- Other: $0
Official website here: www.kitfaragherfoundation.org
Where can I find the form 990EZ for The Kit Faragher Foundation?
The Kit Faragher Foundation's most recent form 990EZ was submitted in 2023 and can be accessed here.
Official website here: www.kitfaragherfoundation.org
Learn more at the official website: www.kitfaragherfoundation.org
Mission Statement of The Kit Faragher Foundation
The Kit Faragher Foundation is a philanthropic organization that focuses on providing scholarships and educational assistance to Colorado students who are in need of financial aid to attend college. Its mission is to identify and support the most deserving applicants by awarding them scholarships directly to the colleges they have chosen. In 2022, the Foundation granted scholarships totaling $40,000, with $10,000 awarded during that year and an additional $27,500 distributed for scholarships awarded in previous years. The Foundation's commitment to education extends beyond the current year, demonstrating its dedication to helping students overcome financial barriers and pursue their academic goals.
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Impact
August, 2024
The Kit Faragher Foundation's impact includes granting scholarships and educational assistance to Colorado students in need of financial support for college. In 2022, the foundation awarded scholarships totaling $40,000. Of this amount, $10,000 was paid out during 2022, with an additional $27,500 disbursed for scholarships awarded in previous years, totaling $37,500 in payments made in 2022. These funds are directly sent to the colleges chosen by the recipients. This support directly benefits deserving students in Colorado, helping them pursue higher education and achieve their academic goals.
This information is meant to be a general summary of The Kit Faragher 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 2023.
- Investment Income: $9,493
- Gross Receipts: $175,764
Assets and Liabilities:
- Total Assets: $435,702
- Total Liabilities: $39,830
- Net Assets: $395,872
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Organization Details
Founding Year
2003
Principal Officer
Michael Mccasland
NTEE Category
Code: B82 - Education
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