As you ponder the phrase “giving back,” you’re likely wondering what it means to truly make a difference. You’ll find out.
Key Takeaways
- Timken Company supports education and amateur sports.
- 501(c)(3) nonprofit operates with $2.19 million revenue.
- 100% of expenses go to charitable disbursements.
- Focuses on Canton, OH region nonprofit organizations.
- Grants support basic needs, education, and STEM.
Organization Overview
The Timken Company Charitable and Educational Fund operates as a 501(c)(3) nonprofit organization, and you’ll find it supports educational institutions and related activities, including scholarships and student financial aid services.
You can see its mission statement in action through its community impact, fostering amateur sports competition and educational goals.
The fund’s charitable efforts drive its community impact, reflecting its commitment to its mission statement and the community it serves.
Financial Summary
Building on its mission to support educational institutions and community activities, you’ll find that financial management plays a significant role in the Timken Company Charitable and Educational Fund’s operations.
You can assess its financial performance, noting $2.19 million in revenue and $1.98 million in expenses. This reflects a strong charitable impact, with 100% of expenses going towards charitable disbursements, demonstrating the fund’s commitment to its mission and enhancing its financial performance.
Tax Filings Information
As you review the Timken Company Charitable and Educational Grant Fund’s financial activities, you’ll find that filing Form 990 is essential to maintaining its federal tax-exempt status, thereby providing transparency about its financial dealings.
For tax compliance, consider:
- Filing requirements
- Form 990 data
- Tax-exempt status
- Transparency reports, ensuring you meet all tax compliance needs.
Revenue and Expenses Breakdown
You’ll find a detailed revenue and expenses breakdown for the Timken Company Charitable and Educational Grant Fund in its financial reports, where approximately $2.19 million in total revenue is reported for 2023.
You’ll identify various revenue sources, including interest revenue.
The fund’s expense categories, such as charitable disbursements, compensation, and other expenses, are also outlined, providing a clear picture of the fund’s financial activities and allocations.
Historical Financial Data
The Timken Company Charitable and Educational Grant Fund’s financial data reveals a detailed picture of its historical financial health, with total assets of $4.59 million reported in 2023.
You’ll notice historical trends and financial fluctuations.
Key points include:
- Total assets
- Revenue
- Expenses
- Interest revenue, which help you understand the fund’s financial position.
Grant Giving Strategies
You’ll examine the grant goals that guide the Timken Company Charitable and Educational Fund’s decisions, including its focus on basic needs, education, and STEM resources.
As you review the fund’s strategies, you’ll see that it combines general operating and project support to give recipients flexibility in using the funds.
You can assess the fund’s giving plans by analyzing its grantmaking strategies, which align with the company’s philanthropic commitment and include a matching gift program to amplify associates’ donations.
Grant Goals
As Timken Company operates in various areas, its Charitable and Educational Grant Fund focuses on supporting nonprofit organizations, particularly in the Canton, OH region, by addressing basic needs, enhancing educational opportunities, and promoting STEM resources.
You’ll notice grant goals include:
- Addressing basic needs
- Enhancing educational opportunities
- Promoting STEM resources
- Fostering community impact through educational initiatives, maximizing community impact.
Fund Strategies
Having established the grant goals, it’s clear that the Timken Company’s Charitable and Educational Grant Fund prioritizes support for nonprofit organizations in areas where they operate.
You’ll see grant allocation focused on basic needs, education, and STEM resources, reflecting the fund’s funding priorities.
The fund’s strategies guarantee transparency and corporate social responsibility, guiding its grant-giving decisions and community impact.
Giving Plans
The Timken Company Charitable and Educational Grant Fund prioritizes transparency and corporate social responsibility in its giving plans, which guide grant-giving decisions and community impact.
You’ll find key aspects of their strategy in:
- Grant allocation
- Community needs
- Corporate goals
- Philanthropic trends, ensuring effective grant allocation for community impact.
Frequently Asked Questions
What Is Donation Process?
You research donation eligibility, then submit applications meeting specific requirements, ensuring you’re qualified before donating, and you’ll receive confirmation after review, it’s that simple, you’ll know you’re helping.
Can I Volunteer?
You can volunteer, exploring various opportunities that foster community engagement, allowing you to make a difference and contribute to the community’s well-being through active participation.
How to Apply Scholarship?
You apply by reviewing application requirements, checking eligibility criteria, and submitting forms, ensuring you meet deadlines, and you’ll increase your chances of securing a scholarship.
Is Funding International?
You’re checking if funding is international, it is, with eligibility for international students, and funding available in various regions, depending on the program’s specific requirements and geographical restrictions.
What Events Supported?
You support community outreach and educational programs, funding events that promote learning and development, such as workshops, seminars, and conferences, enriching the lives of individuals and communities you serve.
Conclusion
You’re left wondering what’s next for the Timken Company Charitable and Educational Grant Fund. Will it continue to allocate 100% of its expenses to charitable disbursements, focusing on basic needs, education, and STEM resources? The Fund’s commitment to community service and educational advancement is clear, but its future plans remain uncertain, leaving you keen to see what’s in store.