Overview
What is The Fountain Fund?
The Fountain Fund is a nonprofit organization situated in Charlottesville, Virginia. Their primary objective is to enhance economic opportunities for individuals who have served their time in prison, enabling them to improve their lives and maintain a presence in their communities. They accomplish this by offering low-interest loans and financial coaching, thereby assisting these individuals in building credit and achieving self-determined goals. The Fountain Fund's mission is deeply rooted in empowering the formerly incarcerated through financial education, lending, and community support. With a team of eight dedicated employees, they strive to make a positive impact in people's lives.
Official website here: www.fountainfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Stars)
The Fountain Fund has achieved an 88% rating from Charity Navigator, which indicates a strong level of accountability and transparency. The organization is recognized for having a fully independent board of directors, scoring the maximum points in both the majority independent board members and independent board size categories. This commitment to governance contributes positively to their overall score.
Financially, The Fountain Fund demonstrates effective management, with a program expense ratio of 71.65%, meaning a significant portion of its expenditures supports its programs. Additionally, the charity has a low liabilities to assets ratio of 7.65%, showcasing financial stability. The organization also effectively maintains financial oversight with an active audit and oversight committee.
However, there are areas where The Fountain Fund could improve, particularly in establishing a whistleblower policy and a document retention and destruction policy, both of which are currently missing. Addressing these gaps could enhance their accountability framework and further strengthen their overall performance in the eyes of donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is The Fountain Fund legitimate?
The Fountain Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Fountain Fund 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: $87,009
Professional Fundraising Fees: $0
Other Salaries and Wages: $225,628
For more financial information, click here
Official website here: www.fountainfund.org
What is the mission statement of The Fountain Fund?
The Fountain Fund's mission is centered around improving the lives of formerly incarcerated individuals. This is achieved through various means, including providing low-interest loans and offering financial education. The organization aims to help these individuals build their credit and achieve their self-determined goals. Moreover, The Fountain Fund offers community support, acting as a resource to assist them in maintaining a stable life and reintegrating into society.
Official website here: www.fountainfund.org
Who is the CEO of The Fountain Fund?
Daniel Goodall is the Board Member of The Fountain Fund.
Official website here: www.fountainfund.org
What is the revenue of The Fountain Fund?
The Fountain Fund's revenue in 2022 was $1,080,908.
Official website here: www.fountainfund.org
Who are the executives of The Fountain Fund and what are their salaries?
The average compensation at The Fountain Fund during 2022 was $39,080. There are 8 employees and 11 volunteers at The Fountain Fund.
Here are 12 key members and their salaries:
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- Compensation: $87,009
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Official website here: www.fountainfund.org
Where can I find the form 990 for The Fountain Fund?
The Fountain Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fountainfund.org
Learn more at the official website: www.fountainfund.org
Mission Statement of The Fountain Fund
The Fountain Fund, as an organization, is dedicated to improving the lives of formerly incarcerated individuals by enhancing their economic opportunities. Its mission is twofold: firstly, it aims to promote financial literacy and provide accessible lending options to this demographic. By offering low-interest loans, The Fountain Fund assists these individuals in building their credit and achieving their self-determined goals. Secondly, the organization extends its support beyond financial aid, providing community resources and coaching to help the formerly incarcerated reintegrate into society and lead fulfilling lives. In essence, The Fountain Fund seeks to empower its beneficiaries, enabling them to break free from the cycle of incarceration and contribute positively to their communities.
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Impact
July, 2024
The Fountain Fund's impact can be seen in the increased economic opportunities for formerly incarcerated individuals. By providing low-interest loans and financial coaching, The Fountain Fund assists individuals in building their credit and achieving their self-determined goals. Through these services, The Fountain Fund helps individuals improve their lives and successfully reintegrate into their communities, ultimately breaking the cycle of incarceration.
This information is meant to be a general summary of The Fountain Fund. 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: $1,401
- Program Service Revenue: $14,977
- Gross Receipts: $1,080,908
Assets and Liabilities:
- Total Assets: $1,798,301
- Total Liabilities: $137,592
- Net Assets: $1,660,709
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INTEREST
Revenue
$14,977
Organization Details
Founding Year
2016
Phone
(434) 234-3600Principal Officer
Daniel Goodall
Main Address
233 4TH STREET NW BOX Z, CHARLOTTESVILLE, VA, 22903
Website
www.fountainfund.orgNTEE Category
Code: I40 - Crime
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