Overview
What is The Covenant Endowment Fund?
The Covenant Endowment Fund is a charitable organization situated in Charlottesville, Virginia, at 175 Hickory Street. Its primary mission is to collect contributions and invest them, with the aim of providing financial aid to support need-based families enrolled in The Covenant School, Inc. This independent Christian school offers educational services to approximately 650 students from pre-kindergarten through 12th grade. The fund's resources contribute to the school's financial aid program, ensuring access to quality education for students from financially challenged families.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating, 63%)
The Covenant Endowment Fund has received a Two-Star rating from Charity Navigator, indicating a need for improvement in various accountability and financial practices. With an overall score of 63%, the charity demonstrates strengths in areas such as having a majority independent board and an excellent liabilities to assets ratio. However, it falls short in transparency and governance, particularly due to a lack of independent board members and missing key policies such as conflict of interest and whistleblower policies.
While the organization maintains a solid program expense ratio, indicating that it allocates a significant portion of its resources to its programs, the absence of a publicly accessible website for tax documents and policies raises concerns about its accountability. The failure to meet criteria for document retention and public transparency further impacts its rating negatively.
Overall, while The Covenant Endowment Fund shows potential through its financial health and governance structure, significant improvements are needed in transparency and adherence to best practices to enhance its standing in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is The Covenant Endowment Fund legitimate?
The Covenant Endowment Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Covenant Endowment 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of The Covenant Endowment Fund?
The Covenant Endowment Fund's mission is to receive contributions, which it then invests for the purpose of funding programs at The Covenant School, Inc. The primary goal is to provide financial assistance for the school's financial aid program, which aids need-based families of the school. This Christian school offers educational services to approximately 650 students, ranging from pre-kindergarten to 12th grade. The Endowment Fund's role is to support these educational initiatives.
What is the revenue of The Covenant Endowment Fund?
The Covenant Endowment Fund's revenue in 2024 was $51,385.
Who are the executives of The Covenant Endowment Fund and what are their salaries?
There 2 volunteers at The Covenant Endowment Fund.
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for The Covenant Endowment Fund?
The Covenant Endowment Fund's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of The Covenant Endowment Fund
The Covenant Endowment Fund's primary mission is to collect contributions, which are then invested for future use. This fund's purpose is to support programs at The Covenant School, Inc., an independent Christian school providing educational services to around 650 students from pre-kindergarten through 12th grade. Specifically, the contributions received by The Covenant Endowment Fund are utilized to aid the school's financial aid program. This program offers assistance to families in need, ensuring that students from less financially stable backgrounds can also benefit from the educational opportunities provided by The Covenant School, Inc. In essence, The Covenant Endowment Fund plays a significant role in supporting the school's commitment to making quality education accessible to a diverse group of students by providing financial aid to qualified families.
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Impact
October, 2024
The Covenant Endowment Fund significantly impacts the Covenant School by providing essential funding assistance for its financial aid program. This program is crucial for supporting need-based families, ensuring that education is accessible to a diverse range of students. The fund enhances the school's ability to serve approximately 650 students from pre-kindergarten through 12th grade, fostering an inclusive environment that aligns with its mission of offering quality Christian education. By receiving contributions and strategically investing them, the fund plays a vital role in sustaining and expanding educational opportunities for families in Charlottesville, VA.
This information is meant to be a general summary of The Covenant Endowment 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 2024.
- Investment Income: $17,194
- Gross Receipts: $138,311
Assets and Liabilities:
- Total Assets: $515,381
- Total Liabilities: $0
- Net Assets: $515,381
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Organization Details
Founding Year
2005
Principal Officer
Brian Cullaty
NTEE Category
Code: B112 - Education
If you are a representative of The Covenant Endowment Fund and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.