Overview
What is The Penny Foundation?
The Penny Foundation is a nonprofit organization based in Birmingham, Alabama, with a primary focus on reducing economic disparities within the African American community. Established in its initial year, their mission is centered around eliminating economic inequality. Through grantmaking, programming, and donor-advised funds, they aim to contribute to this goal. Their team comprises a small but dedicated workforce of one individual, working tirelessly towards their cause.
Official website here: www.pennyfoundation.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 77% (Three-Star out of Four Star rating)
The Penny Foundation has secured a Three-Star rating from Charity Navigator, indicating a solid level of performance and accountability within its operations. The organization achieved a commendable score of 77% in the Accountability & Finance category, reflecting robust governance practices, including a fully independent board and strong financial management.
Strengths of the foundation include excellent ratings for its board independence, material diversion of assets, and transparency in tax form disclosures. These factors suggest that the organization is committed to responsible management and ethical practices. The program expense ratio and liabilities to assets ratio also scored high, signaling effective allocation of funds towards its mission.
However, the foundation's fundraising efficiency ratio raises some concerns, as it scored significantly lower than other metrics. This may indicate potential challenges in fundraising efforts or high costs relative to funds raised, which could impact the organization's sustainability in the long term. Overall, while The Penny Foundation demonstrates many strengths, it may need to address its fundraising strategies to improve its overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is The Penny Foundation legitimate?
The Penny Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Penny 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: $279,339
For more financial information, click here
Official website here: www.pennyfoundation.org/
What is the mission statement of The Penny Foundation?
The Penny Foundation's mission is centered around eliminating economic inequality within the African American community. To accomplish this, the foundation employs various strategies such as grantmaking, programming, and donor-advised funds. Initially, their focus in the first year was on setting up the organization and laying the groundwork for their operations.
Official website here: www.pennyfoundation.org/
Who is the CEO of The Penny Foundation?
Lyord Watson is the Board Chair of The Penny Foundation. The CEO's salary of The Penny Foundation is $0 and their total compensation is $0.
Official website here: www.pennyfoundation.org/
What is the revenue of The Penny Foundation?
The Penny Foundation's revenue in 2022 was $1,697,715.
Official website here: www.pennyfoundation.org/
Who are the executives of The Penny Foundation and what are their salaries?
The average compensation at The Penny Foundation during 2022 was $279,339. There is 1 employee at The Penny Foundation.
Here are 17 key members and their salaries (The Penny Foundation's CEO's salary is $0 and their total compensation is $0):
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Official website here: www.pennyfoundation.org/
Where can I find the form 990 for The Penny Foundation?
The Penny Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pennyfoundation.org/
Learn more at the official website: www.pennyfoundation.org/
Mission Statement of The Penny Foundation
The Penny Foundation, a prominent organization, is committed to eliminating economic inequality within the African American community. Through grantmaking, programming, and donor-advised funds, this nonprofit aims to tackle this pressing issue head-on. In its inaugural year, the foundation focused on setting up its operations and initiating its mission. The Penny Foundation's ultimate goal is to bridge the economic gap within the African American community, working tirelessly to create a more equitable society for all its members.
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Impact
July, 2024
The Penny Foundation has been instrumental in working towards the elimination of economic inequality in the African American community through grantmaking, programming, and donor advised funds. Their mission is focused on making a tangible impact in Birmingham, AL. By addressing this critical issue, The Penny Foundation is contributing to the betterment of the African American community and striving for a more equitable society.
This information is meant to be a general summary of The Penny 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 2022.
- Investment Income: $7,698
- Gross Receipts: $1,697,715
Assets and Liabilities:
- Total Assets: $590,814
- Total Liabilities: $6,346
- Net Assets: $584,468
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Organization Details
Founding Year
2018
Phone
(205) 677-8361Principal Officer
Lyord Watson
Main Address
PO Box 13181, BIRMINGHAM, AL, 35203
Website
www.pennyfoundation.org/NTEE Category
Code: T30 - Philanthropy
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