Overview
What is Pacific Sound Resources Environmental Trust?
The Pacific Sound Resources Environmental Trust is a nonprofit organization based in Olympia, Washington, primarily established to facilitate the liquidation of Pacific Sound Resources, Inc. This liquidation process is carried out in accordance with decrees issued by the United States District Court and the United States Environmental Protection Agency, with the aim of settling Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) claims on behalf of the United States Environmental Protection Agency. The trust was created with the goal of using the liquidation proceeds exclusively for the benefit of the U.S. Environmental Protection Agency, the Muckleshit Indian Tribe, and the Squamish Indian Tribe. Although the specific activities or programs offered by the trust are not detailed in the provided information, it is clear that the Trust's primary mission is to address environmental issues related to Pacific Sound Resources, Inc.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 27%, Zero-Star out of Four Star rating.
Pacific Sound Resources Environmental Trust has received a low rating due to significant weaknesses in its accountability and financial practices. While it boasts a fully independent board, it falls short in other critical areas such as the number of independent board members and the lack of essential policies, including conflict of interest and whistleblower policies. These deficiencies contribute to the overall low governance score.
The charity has a concerning program expense ratio of only 2.15%, indicating that a minimal portion of its funds is directed towards its intended programs and services. Additionally, the absence of meeting minutes and missing documentation on its website further raises questions about transparency and operational efficiency.
Despite having no material diversion of assets, the overall lack of financial responsibility and governance policies significantly undermines donor confidence. For potential donors and stakeholders, these limitations suggest caution and a need for improvement in the charity's practices to enhance its effectiveness and accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Pacific Sound Resources Environmental Trust legitimate?
Pacific Sound Resources Environmental Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pacific Sound Resources Environmental Trust 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: $1,722
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Pacific Sound Resources Environmental Trust?
The Pacific Sound Resources Environmental Trust was established in 1994 by the U.S. District Court of Western Washington in Seattle, with the primary objective of facilitating the liquidation of Pacific Sound Resources, Inc. The liquidation process is being carried out exclusively for the benefit of the U.S. Environmental Protection Agency, the Muckleshoot Indian Tribe, and the Squamish Indian Tribe. The trust continues to execute the liquidation of Pacific Sound Resources, Inc. in accordance with decrees from the U.S. District Court and the U.S. Environmental Protection Agency.
Who is the CEO of Pacific Sound Resources Environmental Trust?
Daniel Silver is the Trustee of Pacific Sound Resources Environmental Trust.
What is the revenue of Pacific Sound Resources Environmental Trust?
Pacific Sound Resources Environmental Trust's revenue in 2022 was $107,690.
Who are the executives of Pacific Sound Resources Environmental Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $1,723
- Related: $0
- Other: $0
Where can I find the form 990 for Pacific Sound Resources Environmental Trust?
Pacific Sound Resources Environmental Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Pacific Sound Resources Environmental Trust
The Pacific Sound Resources Environmental Trust, established in 1994, was created with a specific mission: to liquidate Pacific Sound Resources, Inc. This liquidation is not for the benefit of any ordinary shareholders, but rather for the exclusive use of the U.S. Environmental Protection Agency, the Muckleshot Indian Tribe, and the Squamish Indian Tribe. The Trust's primary objective is to facilitate the liquidation of Pacific Sound Resources, Inc., ensuring that the proceeds from this process are directed towards addressing environmental claims related to the company, as overseen by the U.S. District Court of Western Washington in Seattle. Currently, the Trust continues to carry out this liquidation process in accordance with the decrees of the U.S. District Court and the U.S. Environmental Protection Agency.
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Impact
June, 2024
Pacific Sound Resources Environmental Trust's impact lies in its crucial role in facilitating the liquidation of Pacific Sound Resources, Inc. to settle CERCLA claims on behalf of the U.S. Environmental Protection Agency. The Trust operates in accordance with United States District Court and EPA decrees, ensuring the proper handling of environmental liabilities stemming from the activities of Pacific Sound Resources, Inc. This effort not only helps in addressing environmental concerns but also supports the interests of the Muckleshoot Indian Tribe and the Squamish Indian Tribe.
This information is meant to be a general summary of Pacific Sound Resources Environmental Trust. 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: $106,661
- Gross Receipts: $1,327,938
Assets and Liabilities:
- Total Assets: $5,332,113
- Total Liabilities: $263
- Net Assets: $5,331,850
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Organization Details
Founding Year
1993
Phone
(360) 754-9343Principal Officer
Daniel Silver
Main Address
606 Columbia ST NW Suite 212, Olympia, WA, 98501
NTEE Category
Code: C200 - Environment
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