Overview
What is Lakeshore Avenue Baptist Church Foundation Inc?
Lakeshore Avenue Baptist Church Foundation Inc is a nonprofit organization located at 3534 Lakeshore Ave, Oakland, CA 94610. Their primary mission is to manage the investments of Lakeshore Avenue Baptist Church (LABC), ensuring the church's financial sustainability for future programs and ministries. The foundation receives donations, memorials, and bequests, which they invest to generate income and increase in value. This income is then re-invested, providing long-term financial support for LABC's future needs. The quarterly distributions from the foundation's investments are allocated to LABC's ministries and operations, benefiting all church members. The foundation's activities primarily focus on investment management, ensuring the church's financial stability and growth for generations to come.
Official website here: www.labcoakland.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56%, One-Star out of Four Star rating. The Lakeshore Avenue Baptist Church Foundation Inc has received a score of 56%, indicating significant areas for improvement, particularly in accountability and finance. This rating reflects concerns regarding governance practices, specifically the lack of independent board members and essential policies related to conflicts of interest and whistleblowing.
Strengths highlighted in the rating include a strong program expense ratio, indicating that all of its expenses are directed towards its programs, which is a positive sign for its operational impact. Additionally, the organization has shown no material diversion of assets, demonstrating financial integrity in that regard. The foundation does maintain documented board meeting minutes, which is a necessary practice for transparency in governance.
However, the absence of independent board members and missing policies raise significant red flags about the foundation's governance structure. The lack of a conflict of interest policy, whistleblower policy, and document retention policy can potentially expose the organization to ethical risks. Furthermore, the failure to post tax forms on its website as required may limit financial transparency. Overall, while the foundation’s commitment to program expenses is commendable, its governance weaknesses could jeopardize its long-term viability and trust with the community.
This AI summary has been generated from information found on Charity Navigator.
Is Lakeshore Avenue Baptist Church Foundation Inc legitimate?
Lakeshore Avenue Baptist Church Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakeshore Avenue Baptist Church Foundation Inc 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
Official website here: www.labcoakland.org
What is the mission statement of Lakeshore Avenue Baptist Church Foundation Inc?
The Lakeshore Avenue Baptist Church Foundation Inc's primary role is to manage the investments of Lakeshore Avenue Baptist Church (LABC). The foundation receives donations, bequests, and memorials, which are then invested. The generated income and appreciated value from these investments are reinvested for future support of LABC's needs and programs. The foundation's funds contribute to the church's quarterly distribution of $3,250 for ministries and operations. This financial management ensures the church's mission and ministries are sustained into the future.
Official website here: www.labcoakland.org
Who is the CEO of Lakeshore Avenue Baptist Church Foundation Inc?
Mark Wilson is the President of Lakeshore Avenue Baptist Church Foundation Inc.
Official website here: www.labcoakland.org
What is the revenue of Lakeshore Avenue Baptist Church Foundation Inc?
Lakeshore Avenue Baptist Church Foundation Inc's revenue in 2022 was $46,927.
Official website here: www.labcoakland.org
Who are the executives of Lakeshore Avenue Baptist Church Foundation Inc and what are their salaries?
There 6 volunteers at Lakeshore Avenue Baptist Church Foundation Inc.
Here are 7 key members and their salaries:
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Official website here: www.labcoakland.org
Where can I find the form 990 for Lakeshore Avenue Baptist Church Foundation Inc?
Lakeshore Avenue Baptist Church Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.labcoakland.org
Learn more at the official website: www.labcoakland.org
Mission Statement of Lakeshore Avenue Baptist Church Foundation Inc
Lakeshore Avenue Baptist Church Foundation Inc's primary mission is centered around managing investments that directly support the mission and various ministries of the Lakeshore Avenue Baptist Church (LABC). This foundation receives funds through bequests, memorials, and donations, and then strategically invests these resources. The objective is to generate income and appreciate the value of these investments over time. The long-term plan involves distributing funds derived from these investments to cater to the future needs and programs of the church. In simpler terms, the Lakeshore Avenue Baptist Church Foundation Inc plays a crucial role in ensuring the financial sustainability and growth of LABC's mission and ministries, ultimately benefiting all church members through fixed distributions for operations and programs.
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Impact
August, 2024
The Lakeshore Avenue Baptist Church Foundation Inc plays a crucial role in supporting the mission and ministries of the Lakeshore Avenue Baptist Church in Oakland, CA. By effectively managing investments and generating income, the foundation ensures a sustainable source of funding for the church's programs and operations. Through quarterly distributions and reinvestment strategies, the foundation helps to strengthen the church's financial foundation for the long term. This assistance ultimately benefits all members of the church community, enabling the continuance and growth of vital programs and services.
This information is meant to be a general summary of Lakeshore Avenue Baptist Church Foundation Inc. 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: $31,927
- Gross Receipts: $46,927
Assets and Liabilities:
- Total Assets: $581,612
- Total Liabilities: $0
- Net Assets: $581,612
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Organization Details
Founding Year
1985
Phone
(510) 893-2848Principal Officer
Mark Wilson
Main Address
3534 Lakeshore Ave, Oakland, CA, 946102223
Website
www.labcoakland.orgNTEE Category
Code: X20 - Religion related
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