Overview
What is Rocket Giving Fund?
The Rocket Giving Fund is a Detroit-based 501C3 nonprofit organization with a mission to host a world-class PGA Tour event while giving back to the local community. They operate primarily through the annual Rocket Mortgage Classic golf tournament, which serves as the primary fundraising activity. The proceeds from the event and related efforts are invested in various community initiatives, including support for veterans and their families, education, and neighborhood enhancement. The organization collaborates with other charitable organizations to maximize community impact, and contributes to community-wide events and the promotion of Detroit's image nationally. Their objectives include transforming public spaces, strengthening neighborhoods, and developing a vibrant urban core in Detroit.
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Rocket Giving Fund has received a two-star rating from Charity Navigator, indicating areas of concern regarding its accountability and financial practices. While the organization boasts a strong independent board with 100% of its members being independent, it falls short in critical governance policies, specifically lacking a whistleblower policy and a document retention policy. This raises questions about its internal controls and transparency.
The financial aspect of the organization shows some strengths, such as a high program expense ratio of 89.14%, which suggests that a significant portion of funds is directed towards its programs. Additionally, the organization has no material diversion of assets, reflecting stability in its financial management. However, the liabilities to assets ratio at 145.93% indicates potential financial risk, as it suggests that the organization has more liabilities than assets.
Overall, while Rocket Giving Fund demonstrates some solid governance practices and effective program spending, it is hindered by its lack of essential policies and a concerning financial ratio. These factors contribute to its overall rating of "needs improvement," signaling that potential donors should carefully consider these aspects when evaluating the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Rocket Giving Fund legitimate?
Rocket Giving Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rocket Giving 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:
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For more financial information, click here
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
What is the mission statement of Rocket Giving Fund?
The Rocket Giving Fund is a non-profit organization with a mission to enhance the lives of people in the community by hosting a premier PGA Tour event. Through the Rocket Mortgage Classic, the organization raises funds for various causes, primarily focusing on veterans and their families, education, and neighborhood enhancement. By working in partnership with other charitable organizations, the Rocket Giving Fund maximizes community impact. Their primary goal is to transform public spaces, strengthen neighborhoods, and contribute to the development of a vibrant urban core.
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
Who is the CEO of Rocket Giving Fund?
Jay Farner is the President of Rocket Giving Fund.
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
What is the revenue of Rocket Giving Fund?
Rocket Giving Fund's revenue in 2022 was $14,851,439.
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
Who are the executives of Rocket Giving Fund and what are their salaries?
There 1346 volunteers at Rocket Giving Fund.
Here are 13 key members and their salaries:
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Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
Where can I find the form 990 for Rocket Giving Fund?
Rocket Giving Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pgatour.com/tournaments/rocket-mortgage-classic
Learn more at the official website: www.pgatour.com/tournaments/rocket-mortgage-classic
Mission Statement of Rocket Giving Fund
The Rocket Giving Fund is a charitable organization with a mission to enhance the lives of Detroit's residents and promote the city's image on a national scale. It achieves this through the facilitation of community-wide events, including a PGA Tour event, the Rocket Mortgage Classic. The primary fundraising activity of the Rocket Giving Fund, this annual golf tournament generates proceeds that are reinvested into the Detroit community.
The net revenues from the Rocket Mortgage Classic and other related events are allocated towards initiatives that benefit veterans and their families, educational opportunities, and neighborhood enhancement. In collaboration with other charitable organizations, the Rocket Giving Fund aims to amplify the impact of community projects, revitalizing public spaces, strengthening neighborhoods, and fostering a vibrant urban core within Detroit.
The Rocket Giving Fund's commitment to the Detroit community extends beyond financial investments. It seeks to create long-lasting change by addressing the needs of various sectors, from veterans to education and neighborhood development. By hosting a world-class PGA Tour event and other community events, the Rocket Giving Fund not only raises funds but also brings attention to Detroit, boosting the morale and pride of its residents.
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Impact
October, 2024
Rocket Giving Fund significantly impacts the Detroit community by promoting quality of life and enhancing the city's image through various initiatives and events. Central to its mission is the Rocket Mortgage Classic, an annual PGA Tour golf tournament that serves as a primary fundraising activity. The proceeds from this event are strategically invested back into the community, particularly in areas such as veterans' support, education, and neighborhood enhancement.
In addition to the golf tournament, Rocket Giving Fund collaborates with established community events like America's Thanksgiving Parade, the Ford Fireworks, and the Detroit Jazz Festival, creating a vibrant cultural landscape that enriches public spaces and strengthens neighborhoods. This multifaceted approach not only attracts attention to Detroit but also fosters a sense of unity and pride among residents, promoting long-term benefits for the urban core and its inhabitants.
This information is meant to be a general summary of Rocket Giving 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.
- Program Service Revenue: $14,065,264
- Gross Receipts: $14,851,439
Assets and Liabilities:
- Total Assets: $5,751,041
- Total Liabilities: $5,440,025
- Net Assets: $311,016
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ROCKET MORTGAGE CLASSIC
Revenue
$14,065,264
Organization Details
Founding Year
2018
Phone
(313) 782-9500Principal Officer
Jay Farner
Main Address
1074 WOODWARD AVENUE, DETROIT, MI, 48226
NTEE Category
Code: P12 - Human services
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