What is an endowment?
An endowment is a permanent fund that is invested. The income is used for charitable purposes, while the principal is never spent. It is invested to grow over the years and continue to do good things forever.
What organizations are supported by the Community Foundation?
Grants are made to a variety of organizations in areas such as education, arts & culture, health and human services, community development, and many others.
Who are the Community Foundation’s donors?
Our donors are individuals, families, corporations, private foundations and charitable organizations who wish to make a difference in the lives of others and to make the community a better place. Donors range from people of modest means to those with substantial financial resources.
Why should I create a Fund?
By having a fund at the Community Foundation, your values will continue to have a presence in your community for generations to come. Partnering with the Community Foundation will give you the benefits of flexibility and efficiency in your charitable giving. Because our legal status as a public charity is already in place, a fund can be established, and the maximum tax advantages secured, in a very short time.
What services do I receive as a Fund donor?
The Community Foundation provides the IRS reporting, fund accounting, investment management, and financial accountability for funds. The Community Foundation assures that all grant and scholarship recipients meet the IRS criteria for tax-exempt status and that the monies granted are used for the intended purpose. Where appropriate, the Community Foundation advises potential grant recipients of the donor’s intent to request proposals or fund certain categories of interest. Donors receive quarterly fund statements and are kept informed of special community needs, grant opportunities, and high quality organizations.
What are the financial benefits and tax advantages of making a gift through the Community Foundation?
We offer a number of important financial benefits through charitable giving. Because we manage many funds, administrative costs and service fees for your fund are minimized. Gifts to the Community Foundation receive the maximum tax advantage allowed by law.
How do I set up a fund?
Starting a fund is simple and can easily be done in a day. You can set up an unrestricted fund to help meet a variety of needs within the community, or specify a purpose or area of concern to support with a field of interest fund. Some donors choose a designated fund which identifies a single charitable organization to support. Others opt for a donor advised fund, that allows active involvement in recommending grants. You also may name the fund you create – for yourself, a spouse, family members, a company, or a friend.
What are the costs in setting up a fund?
There is no cost to establish a fund at the Community Foundation. We will handle your fund’s grant administration, tax reporting and record keeping for a low annual administrative fee. This ensures that more of your charitable dollars go to the projects and issues close to your heart.
What can I give to the Community Foundation?
We accept cash, publicly-traded and privately held securities, immovable property and other assets, such as artwork or even livestock! These may be given as a bequest or during the donor’s lifetime. See our Ways to Give page for a more complete list of ways you can donate.
Can I give anonymously?
Yes. The Community Foundation respects the donor’s privacy if he or she does not wish to be recognized.
How are funds invested? Can I tell the Foundation how and with whom to invest my funds?
The Community Foundation Board of Directors, with the advice of an outside investment consultant, selects investment managers and monitors their performance in the Foundation’s Investment Pool. If you have a relationship with an investment advisor, he or she can possibly serve as the Community Foundation manager for funds over $1 million. Talk to a Community Foundation representative to learn more about your options.
Can you help me find effective charities to support?
Yes. Our professional staff is knowledgeable about many nonprofit’s and is happy to help.
What if I don’t have a favorite charity or cause?
You can give funds for unrestricted grants. Each year the Community Foundation staff and board reviews proposals and evaluates our community’s needs and makes grants to appropriate charities.