St Michael's Endowment Trust Fund

What it reported doing in 2024

The st. Michael's endowment trust fund was formed for the sole purpose of receiving, managing and investing funds solely for the benefit of st. Michael's episcopal church, inc. (a not for profit organization). In accordance with the policy established by the vestry of the church, donations to the trust fund are to be managed by the planned giving committee. The trust fund is required to disburse the net income in annual installments to st. Michael's episocpal church, inc. The funds are to be used by the church in the following manner: one-fourth to be used for scholarships or grants to members of the church for the purpose of attending seminary, church-related camping or leadership conferences, or such other training which would enable members of the congregation to grow in christian faith and service to god's people. One-fourth to be used for capital improvements to real property owned by the church. Distribtutions for capital improvements shall not be utilized to fund a portion of a fund-raising program to build any buildings occupied or to be occupied by the church or to pay principal and interest for any debt owed by the church. One-fourth to be for outreach community, including, but not limited to, social service agencies to which this parish relates, or to special programs designed for those persons in the orlando area who are in spiritual and/or economic need. One-fourth to be used for projects or the dioceses of central Florida, the diocese of honduras, the domestic and foreign missionary society, schools, colleges and seminaries, retirement facilities, and other special ministries.

Financial Efficiency

• Mission deployment rate: 0%; rating input score 0
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 3 of 9 controls in place; rating input score 43
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Limited
  • Other executive compensation review process: Limited
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: Limited
• Total-asset coverage ratio: Limited
• Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
• Officer compensation ratio: Limited

Growth

• Program expense growth: -10.9% per year; rating input score 0; 4th percentile among comparable filings
• Revenue growth: 36.8% per year; rating input score 100; 94th percentile among comparable filings
• Asset growth: 12.1% per year; rating input score 100; 65th percentile among comparable filings