What Are the Financials of starfirecharityfoundation Like?

The starfirecharityfoundation operates on the philosophy of fiscal transparency and financial sustainability. It stated, in the annual report 2023, revenues of $8.5 million in total were divided among 70% coming from individual donors and 30% from corporations and grants. A diversified funding base has so far given it elbowroom for expansion of programmes while ensuring lean operations.
15% went towards administrative costs, well within the nonprofit benchmark to cap overhead below 20%. Thus, at least $7.2 million of every dollar provided directly affects core initiatives, such as access to health care, school scholarships, and disasters. $.85 cents of every dollar donated funds community impact projects; an example of financial stewardship.

The foundation granted $3.5 million toward health-related programs in the just-ended fiscal period, reaching over 50,000 individuals across the world. One recent case was when they provided medical aid for Cyclone Yara: $500,000 in medical supplies and temporary clinics were distributed. How they disbursed their funds efficiently in that instance also earned an acknowledgement from the Global Humanitarian Alliance.

The Education programs received $2.1 million for 1,000 scholarships to needy students pursuing STEM fields. These scholarships average $2,100 per student and have contributed to increasing opportunities in low-income communities; recipients have reported a 30% increase in graduation rates compared to the national average.

A 2022 independent audit by Charity Navigator gave the starfirecharityfoundation a 4-star rating for high financial accountability and transparency. It was rated within the top 10% of the charities it reviewed and has demonstrated efficient use of resources with the trust placed in it by donors. “Transparency is the cornerstone to effective philanthropy,” said a director of the foundation, reinforcing their commitment to maximizing the value of every dollar.

Other operational expenses included investment in digital fundraising platforms, with a 40% increase over two years in online donations. With the lowest possible expense for fundraising-just 5% of total revenue-the foundation optimized the way donors are contacted with targeted campaigns and reduced the level of contact via traditional means.

To this regard, for reserve funds, it has an emergency reserve for six months of operating expenses, estimated to cost $1.2 million for maintaining programs during periods of financial uncertainty. The practice is a representation of its financial strength and response to long-term thinking.

Starfire Charitable Foundation operates in strong financial health and value allocation, driving deep community impact with strong financial accountability.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Scroll to Top