Torch Foundation

The information for Torch Foundation is as of the organization's most recent filing in October '20. This organization is located in Commack, NY. It has been in existence for 27 years, following its founding in 1993.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Torch Foundation's NTEE code is P12. The "P" tells us that the organization is classified along with Fund Raising & Fund Distribution within the Human Services major classification. The "12" tells us that the organization raises and distributes funds for multiple organizations within the Human Services - Multipurpose and Other major group area. The C Section Code for the Torch Foundation is 3, which means it falls under the category of Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations. The mission of the Torch Foundation is to give back to the real estate, design, and construction community, as well as the children of society.

Program Areas

The organization's general fund encompasses all revenues, support, and functional expenses that are not specifically reported by another fund or program. This includes funds raised through events to support children's charities and medical organizations that provide services for children in need. Additionally, grants are provided to individual families with children requiring special medical care.

Board Governance

The Torch Foundation appears to be well-governed based on the provided information. With a total of 5 voting members, all of whom are independent, the organization ensures that decisions are made without any potential conflicts of interest. This is further supported by the existence of a conflict of interest policy, which requires the disclosure of any conflicts and helps maintain transparency and accountability within the organization. The fact that the organization does not delegate management to an outside firm indicates that the board members are actively involved in overseeing the operations and decision-making processes. Additionally, the documentation of both board and committee meetings suggests a commitment to transparency and record-keeping. The presence of a written whistleblower policy and a document retention policy further demonstrates the organization's dedication to ethical practices and accountability. These policies provide mechanisms for reporting any wrongdoing and ensure that important documents are properly maintained. However, it is worth noting that the organization does not substantiate and review leadership salaries or officer's salaries. While this may not necessarily indicate poor governance, it would be beneficial for the organization to have a process in place to review and justify these salaries to ensure fairness and transparency. Lastly, the fact that the organization does not provide copies of the 990 form to the board prior to filing could be seen as a minor gap in governance. However, this can be easily addressed by implementing a practice of sharing the 990 form with the board members to keep them informed about the organization's financial status and activities. Overall, the Torch Foundation demonstrates strong governance practices with its focus on transparency, accountability, and the establishment of important policies.

Grant History

Our dataset includes six years of grant history for the Torch Foundation. Over the course of these six years, they have awarded a total of 30 grants, with an average check size of $14,095. The organization primarily focuses on the Human Services sector, with all 30 grants awarded in this area. In terms of geographical distribution, the Torch Foundation has awarded the most grants in New York (20), followed by New Jersey (5), Illinois (2), Massachusetts (1), Florida (1), and Georgia (1). On average, the Torch Foundation awards five grants each year.

Organization Growth

The Torch Foundation has experienced growth over the given time period. Investment income increased from $107 in 2013 to $917 in 2019. Other revenue also increased from $175.0K in 2013 to $326.7K in 2019, and total revenue increased from $175.1K in 2013 to $327.6K in 2019. Additionally, the number of total volunteers increased from 10 in 2014 to 11 in 2019. However, there were some decreases in certain areas, such as grants paid which decreased from $85.5K in 2013 to $68.5K in 2019. Despite this, overall, the Torch Foundation has shown growth in terms of investment income, revenue, and volunteer numbers.