Overview
What is Ken Lachance Fund Inc?
Ken Lachance Fund Inc is a charitable organization situated in Schaumburg, Illinois. Its primary mission is to offer limited financial aid to current and former employees of Convergint Technologies LLC who are encountering temporary financial hardships or emergencies, excluding chronic situations. The fund aims to provide relief during these challenging times, ensuring that eligible colleagues have the necessary support to overcome their financial distress. The organization is committed to addressing short-term needs and easing the burden of unexpected financial emergencies.
Official website here: www.kenlachancefund.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% (Three-Star out of Four Star rating)
The Ken Lachance Fund Inc has earned an 83% score on Charity Navigator, indicating a solid level of accountability and financial health. The charity boasts an impressive program expense ratio of 99.06%, demonstrating a strong commitment to utilizing funds directly for its programs rather than administrative costs. All board members are independent, ensuring unbiased governance, which is a significant strength of the organization.
However, there are some limitations in the charity's governance practices. Notably, the organization is missing a whistleblower policy and a document retention and destruction policy, which are crucial for transparency and accountability. Despite these gaps, the charity has no reported material diversion of assets, and its liabilities to assets ratio stands at an excellent 0.00%, reflecting strong financial stability.
Overall, the Ken Lachance Fund Inc shows promise through its independent board structure and high program expense ratio. While it would benefit from addressing certain governance policies, the overall financial health and commitment to its mission are commendable.
This AI summary has been generated from information found on Charity Navigator.
Is Ken Lachance Fund Inc legitimate?
Ken Lachance Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ken Lachance Fund 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
For more financial information, click here
Official website here: www.kenlachancefund.com
What is the mission statement of Ken Lachance Fund Inc?
The Ken Lachance Fund Inc is established with the purpose of offering limited financial aid to eligible individuals who are facing unforeseen economic hardships due to specific emergency situations. This fund is primarily intended for current and former employees of Convergint Technologies LLC (Convergint), providing relief during temporary or short-term financial needs and distress, excluding chronic situations.
Official website here: www.kenlachancefund.com
Who is the CEO of Ken Lachance Fund Inc?
Andrew Gross is the Chairperson of Ken Lachance Fund Inc.
Official website here: www.kenlachancefund.com
What is the revenue of Ken Lachance Fund Inc?
Ken Lachance Fund Inc's revenue in 2022 was $148,223.
Official website here: www.kenlachancefund.com
Who are the executives of Ken Lachance Fund Inc and what are their salaries?
There 9 volunteers at Ken Lachance Fund Inc.
Here are 4 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.kenlachancefund.com
Where can I find the form 990 for Ken Lachance Fund Inc?
Ken Lachance Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.kenlachancefund.com
Learn more at the official website: www.kenlachancefund.com
Mission Statement of Ken Lachance Fund Inc
Ken Lachance Fund Inc, named after its founder, is established with the primary mission to offer limited financial aid to eligible employees of Convergint Technologies LLC who are facing unforeseen economic hardships due to certain emergency situations. This nonprofit organization operates with the objective of providing temporary or short-term financial assistance to individuals who find themselves in distress, not those experiencing chronic financial predicaments. The main goal of the fund is to alleviate the immediate financial needs of Convergint Technologies LLC's current and former employees, ensuring they can cope with unexpected challenges and adversities.
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Impact
October, 2024
Ken Lachance Fund Inc provides critical financial assistance to current and former employees of Convergint Technologies LLC facing unforeseen economic hardships due to emergency situations. Its mission addresses temporary, short-term needs, offering support for those experiencing financial distress. By focusing on individuals in need, the fund plays a vital role in alleviating immediate challenges, fostering a sense of community and support among colleagues during difficult times. Ultimately, its impact lies in providing a safety net, ensuring that employees can navigate emergencies without the added burden of financial strain.
This information is meant to be a general summary of Ken Lachance Fund 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 2022.
- Investment Income: $583
- Gross Receipts: $148,223
Assets and Liabilities:
- Total Assets: $672,149
- Total Liabilities: $2,685
- Net Assets: $669,464
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Organization Details
Founding Year
2016
Phone
(847) 585-8743Principal Officer
Andrew Gross
Main Address
ONE COMMERCE DRIVE, SCHAUMBURG, IL, 60173
Website
www.kenlachancefund.comNTEE Category
Code: P20 - Human services
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