Washington, D.C. Charity Navigator, America's largest charity evaluator, has awarded the Carnegie Institution of Washington its highest rating, 4 stars, for sound fiscal management for 7 years running. Receiving the top-star rating indicates that an organization excels, compared with other charities in the United States, in successful financial management.
Charity Navigator evaluates over 5,300 charities and only 12 have received a 4-star rating 7 years in a row, putting Carnegie in the top percent.
Charity Navigator’s letter stated: “We are proud to announce [the] Carnegie Institution of Washington has earned our seventh consecutive 4-star rating for its ability to efficiently manage and grow its finances. Only 2% of the charities we've rated have received at least 6 consecutive 4-star evaluations, indicating that [the] Carnegie Institution of Washington outperforms most charities in America in its efforts to operate in the most fiscally responsible way possible. This ‘exceptional’ designation from Charity Navigator differentiates [the] Carnegie Institution of Washington from its peers and demonstrates to the public it is worthy of their trust.”
Charity Navigator bases its analyses on the financial information each charity provides annually in “its informational tax returns, or IRS Forms 990.” During the last year, 85.9% of Carnegie expenses went toward scientific programs, while 13.9% was expended for administrative and fund-raising purposes.
“Andrew Carnegie would be pleased to know how carefully we are managing the institution’s funds,” commented Carnegie president Richard Meserve. “His goal was to keep administrative costs low so that we can support the high-risk, high-reward scientific research for which the institution has become known. This record demonstrates that the legacy continues.”
For more information about Charity Navigator’s evaluation see http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=3424
The Carnegie Institution (www.CIW.edu) has been a pioneering force in basic scientific research since 1902. It is a private, nonprofit organization with six research departments throughout the U.S. Carnegie scientists are leaders in plant biology, developmental biology, astronomy, materials science, global ecology, and Earth and planetary science.