Overview
What is Sacramento County Tobacco Securitizaton Corporation?
The Sacramento County Tobacco Securitization Corporation is a nonprofit entity based in Sacramento, California. Its primary role is to purchase the county's right to receive Tobacco Settlement Revenues (TSRs) and borrow funds to pay for the acquisition. These borrowings are secured by the TSRs. The corporation then receives TSRs and residual payments related to these revenues, invests the proceeds, and manages expenses. In essence, the Sacramento County Tobacco Securitization Corporation acts as a financial intermediary, allowing the county to secure funds based on future tobacco settlement revenues.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Star rating)
The Sacramento County Tobacco Securitization Corporation has received a Two-Star rating from Charity Navigator, indicating some strengths in governance and financial accountability but also notable weaknesses. The organization boasts a fully independent board and demonstrates strong financial statements, with no material diversion of assets. However, it faces challenges in critical areas such as its high liabilities to assets ratio, which raises concerns about its financial stability.
While the program expense ratio is commendable at 100%, suggesting that all expenses are directed towards its mission, the lack of a comprehensive online presence, including missing policies on conflict of interest, whistleblower protection, and document retention, detracts from its accountability. Furthermore, the absence of a website listed on its tax form indicates a gap in transparency that may impact donor confidence.
Overall, while the Sacramento County Tobacco Securitization Corporation exhibits some positive governance practices, the financial red flags and missing operational policies suggest a need for improvement in transparency and financial health to enhance its overall effectiveness and trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Sacramento County Tobacco Securitizaton Corporation legitimate?
Sacramento County Tobacco Securitizaton Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sacramento County Tobacco Securitizaton Corporation 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.
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What is the mission statement of Sacramento County Tobacco Securitizaton Corporation?
The Sacramento County Tobacco Securitization Corporation is responsible for purchasing the county's right to receive Tobacco Settlement Revenues (TSRS), borrowing the necessary funds to pay for the purchase, securing the borrowings with the TSRS, receiving the TSRS and residual payments, investing the funds, and incurring expenses. The corporation receives the tobacco settlement revenues due to the county from the state of California. The corporation makes semi-annual payments on the loan with the Tobacco Securitization Authority of Northern California. The Authority issued bonds to fund the corporation's purchase of the county's tobacco settlement rights. The Authority takes the funds received from the corporation and pays the bondholders. In essence, the Sacramento County Tobacco Securitization Corporation acts as an intermediary, managing the Tobacco Settlement Revenues on behalf of the county and using borrowed funds to purchase the rights to these revenues.
Who is the CEO of Sacramento County Tobacco Securitizaton Corporation?
Rich Desmond is the Chair of Sacramento County Tobacco Securitizaton Corporation.
What is the revenue of Sacramento County Tobacco Securitizaton Corporation?
Sacramento County Tobacco Securitizaton Corporation's revenue in 2023 was $14,769,558.
Who are the executives of Sacramento County Tobacco Securitizaton Corporation and what are their salaries?
There 7 volunteers at Sacramento County Tobacco Securitizaton Corporation.
Here are 8 key members and their salaries:
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Where can I find the form 990 for Sacramento County Tobacco Securitizaton Corporation?
Sacramento County Tobacco Securitizaton Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Sacramento County Tobacco Securitizaton Corporation
The Sacramento County Tobacco Securitization Corporation functions as an entity that purchases the county's right to receive Tobacco Settlement Revenues (TSRS), borrows funds to pay for these revenues, and secures the borrowings with the TSRS. Once the purchase is complete, the corporation receives the TSRS and any residual payments, invests the funds, and incurs expenses. In simpler terms, the Sacramento County Tobacco Securitization Corporation acts as an intermediary for the county to access its Tobacco Settlement Revenues and manage them effectively.
The corporation's primary mission is to facilitate the purchase of the county's right to receive Tobacco Settlement Revenues. It accomplishes this by borrowing necessary funds and securing the borrowings with the TSRS. Once the purchase is made, the corporation takes receipt of the TSRS and any residual payments and proceeds to invest the funds and cover expenses. By executing these tasks, the Sacramento County Tobacco Securitization Corporation enables the county to benefit from its Tobacco Settlement Revenues while also ensuring the timely repayment of the borrowed funds.
The Tobacco Settlement Revenues are obtained from the State of California as compensation for the county's losses due to tobacco-related health issues. The Sacramento County Tobacco Securitization Corporation plays a crucial role in managing these revenues by making semi-annual payments on the loan with the Tobacco Securitization Authority of Northern California. The Authority, in turn, issues bonds to fund the corporation's purchase of the county's Tobacco Settlement Rights. The funds received from the corporation are then used to pay the bondholders. Thus, the Sacramento County Tobacco Securitization Corporation serves as a vital bridge between the county and the Tobacco Settlement Revenues, ensuring the county's financial stability and the timely repayment of its debts.
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Impact
October, 2024
Sacramento County Tobacco Securitization Corporation plays a crucial role in the financial management of tobacco settlement revenues (TSRs) for Sacramento County. By purchasing the county's rights to these revenues, the corporation helps convert future income from tobacco settlements into immediate funding, which can be utilized for various public projects and services.
The corporation borrows necessary funds against these TSRS, ensuring that payments can be made both for the acquisition of these rights and for ongoing financial obligations. This process not only secures substantial financial resources for the county but also provides a mechanism for investment and expense management.
Through coordination with the Tobacco Securitization Authority of Northern California, the corporation ensures that bondholders receive timely payments from the revenues generated by the tobacco settlement, thus maintaining financial stability and fostering trust in the funding process. Overall, the corporation's activities directly impact public benefit by freeing up resources that can be invested in community programs and services, addressing various needs within Sacramento County.
This information is meant to be a general summary of Sacramento County Tobacco Securitizaton Corporation. 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 2023.
- Program Service Revenue: $14,672,558
- Gross Receipts: $14,769,558
Assets and Liabilities:
- Total Assets: $172,295,304
- Total Liabilities: $164,539,777
- Net Assets: $7,755,527
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TOBACCO SETTLEMENT
Revenue
$14,672,558
Organization Details
Founding Year
2001
Phone
(916) 874-6744Principal Officer
Rich Desmond
Main Address
700 H STREET 1703, SACRAMENTO, CA, 95814
NTEE Category
Code: W22 - Public benefit
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