WHAT IS A COMMUNITY
FOUNDATION?
A community foundation is a pool of
many gifts, current or planned contributed by people of a particular
community for the benefit of that community.
WHAT IS THE COMMUNITY FOUNDATION
OF CARROLL COUNTY, INC.?
The Community Foundation
of Carroll County, Inc. was established in 1994 to ensure financial
support for Carroll County Not for Profit Organizations. It is
governed by 15 volunteers who sit on the Board of Trustees and is
classified as a public charity under the provisions of the 1954
Internal Revenue Code, as amended.
WHERE DOES THE COMMUNITY
FOUNDATION GET ITS FUNDS?
The Community
Foundation receives its money from individuals, families,
businesses, or organizations interested in providing financial
support for the charitable causes of their choice. These gifts and
bequests make up the permanent endowments of the Community
Foundation, from which the annual investment return used to support
the charitable cause for which the fund intended.
ARE MY GIFTS TO THE COMMUNITY
FOUNDATION TAX-DEDUCTIBLE?
Yes, all gifts to the
Community Foundation are tax-deductible to the furthest extent of
charitable giving laws and regulations.
HOW DO YOU FUND THE COMMUNITY
FOUNDATION'S OPERATING BUDGET?
The Community
Foundation of Carroll County charges a modest fee for service on
each Fund it manages. It also receives funds from donors designated
for operating expenses. The Board of Trustees also solicits gifts to
be placed in a special endowment fund called The Community
Foundation of Carroll County Operating Endowment Fund. This
particular endowment fund supports operations. Other endowment
funds, which have gifts that are earmarked for charitable purposes,
are never used for operational expenses.
HOW ARE GIFTS MADE TO THE
COMMUNITY FOUNDATION?
A donor may make a gift or
bequest of any size to the Community Foundation for the community's
benefit and the gift will be used according to the donor's
instructions. Some donors designate specific organizations to
receive their money. Others limit their gifts to specific areas of
concern. Many donors provide undirected gifts to be used by the
Community foundation in responding to various community needs as
they arise.
HOW ARE COMMUNITY FOUNDATION
ASSETS ADMINISTERED?
A professional investment
manager safeguards and invests the Community Foundation's funds. An
investment committee comprised of members of the Community
Foundation's Board of Trustees sets the overall investment policy
and monitors the performance of the investment manager.
The Community Foundation's accounts are audited annually by
an independent auditor and are available for public
review.
HOM MUCH OF ANY ENDOWMENT FUND IS
DISTRIBUTED TO THE CHARITABLE BENEFICIARY EACH
YEAR?
The Board of Trustees makes distributions
from the fund. The amount of the distribution is based on the annual
income of the Fund. Grants are made to the charitable cause for
which the fund is intended. It is important to note that each gift
placed into an endowment fund will never be spent.
WILL MY GIFT TO THE ENDOWMENT
FUND EVER BE SPENT?
No, your gift will never be
spent. It will be invested along with the other gifts to the fund
and the annual investment return will be distributed to the
charitable cause for which the fund is intended.
WHO DECIDES HOW THE COMMUNITY
FOUNDATION'S FUNDS ARE DISTRIBUTED?
Allocations
from the Community Foundation's funds are made by the Board of
Trustees, according to the agreement made between the donor and the
Community Foundation. The Foundation's Grants Making Committee first
reviews all requests for grants from unrestricted endowment funds.
Recommendations are then presented to the full board for
consideration and approval.
WHERE DOES THE MONEY
GO?
Grants are made to tax-exempt, not-for-profit
charitable organizations serving Carroll County in the areas of
education, the arts, health, social services and the conservation
and preservation of historical and cultural resources. Distributions
from restricted funds are sent annually to the charitable cause for
which the fund was intended. Grant amounts from unrestricted funds
vary depending upon the nature and needs of the organizations and
the fund's investment return. Scholarships are awarded annually
through an application and review process with consideration of
specific scholarship fund guidelines. Since its inception, the
Community Foundation has distributed more than three quarters of a
million dollars back to the community.
