Overview
What is Ares Charitable Foundation?
The Ares Charitable Foundation, based in Los Angeles, California, is a nonprofit organization dedicated to promoting economic equality. They achieve this goal by making strategic investments in career preparation and reskilling programs, encouraging entrepreneurship, and enhancing individuals' financial literacy. The foundation aims to empower people to improve their future, serving as a platform for giving opportunities during significant local and global crises, such as public health and natural disasters. The initiative "Jobs for the Future" is designed to help individuals prepare for climate-resilient jobs in the U.S. and identify leading training providers, organizations, and best practices to create career paths in these opportunities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Ares Charitable Foundation has received a two-star rating from Charity Navigator, indicating that there are areas for improvement in its operational and financial practices. The overall score of 67% reflects a solid commitment to program expenses, as evidenced by a program expense ratio of 98.81%, suggesting that most funds are directed toward its charitable mission. However, the organization faces challenges in financial transparency and governance, as highlighted by several missing policies and the low score in board independence.
One of the foundation's strengths is its high percentage of independent board members, which enhances accountability. Additionally, the foundation has effectively managed its assets, as indicated by the absence of material diversion of assets. However, the score in other governance aspects, such as the lack of a whistleblower policy and inadequate financial oversight measures, raises concerns about its operational integrity.
Furthermore, limitations in fundraising efficiency and working capital are notable, with a fundraising efficiency ratio of just $0.002 and a working capital ratio of 0.18 years. These figures suggest that while the foundation is committed to its programs, it may struggle with financial sustainability and resource mobilization in the long run. Addressing these governance and financial challenges will be crucial for improving its overall rating and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Ares Charitable Foundation legitimate?
Ares Charitable Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ares Charitable 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
What is the mission statement of Ares Charitable Foundation?
The Ares Charitable Foundation is committed to accelerating economic equality by making strategic investments. These investments primarily focus on career preparation and reskilling, encouraging entrepreneurship, and enhancing individuals' understanding of personal finance. The goal is to empower people to pursue a better future. In addition, the foundation may serve as a platform for select giving opportunities during significant local and global crises, such as public health emergencies and natural disasters.
Who is the CEO of Ares Charitable Foundation?
Michael Arougheti is the President/Director of Ares Charitable Foundation.
What is the revenue of Ares Charitable Foundation?
Ares Charitable Foundation's revenue in 2022 was $4,895,656.
Who are the executives of Ares Charitable Foundation and what are their salaries?
There 55 volunteers at Ares Charitable Foundation.
Here are 4 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Ares Charitable Foundation?
Ares Charitable Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ares Charitable Foundation
Ares Charitable Foundation is committed to promoting economic equality by making strategic investments. Their focus lies in providing career preparation and reskilling programs, encouraging entrepreneurship, and enhancing individuals' understanding of personal finance. The ultimate goal is to empower people, enabling them to pursue a better future. In addition to this primary mission, the foundation may also serve as a channel for select giving opportunities during significant local and global crises, such as public health or natural disasters.
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Impact
July, 2024
The Ares Charitable Foundation's impact is significant in accelerating equality of economic opportunity through strategic investments in career preparation, reskilling, entrepreneurship, and personal finance education. One of their key initiatives, "Jobs for the Future," aims to help individuals prepare for climate-resilient jobs in the U.S. by identifying training providers, organizations, and best practices to design pathways to these career opportunities. Additionally, the foundation may provide support during significant local and global crises, including public health and natural disasters. Overall, their philanthropic efforts in Los Angeles, California, are aligned with their mission to empower individuals to pursue a better future.
This information is meant to be a general summary of Ares Charitable 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: -$353
- Gross Receipts: $4,943,236
Assets and Liabilities:
- Total Assets: $1,689,267
- Total Liabilities: $942,722
- Net Assets: $746,545
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Organization Details
Founding Year
2019
Phone
(424) 285-2736Principal Officer
Michael Arougheti
Main Address
2000 AVENUE OF THE STARS 12TH FL, LOS ANGELES, CA, 90067
NTEE Category
Code: T12 - Philanthropy
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