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Re: [NARCDC] Charitable Trust

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  • Julianne Buck
    Mike, Your group s answer may be a resounding NO , but have you considered housing your endowment with a community foundation? As a designated or agency
    Message 1 of 5 , Jul 31, 2007
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      Mike,
       
      Your group's answer may be a resounding "NO", but have you considered housing your endowment with a community foundation?  As a "designated" or "agency" fund endowment, you could then set up a committee rather than board or organization.  The committee would decide the distributions.  Also, CFs traditionally have a very competitive, if not higher, rate of return on the endowment invesments.
       
      It's a whole lot cheaper and easier than setting up a whole new organization.  But, the horse may already be out of the barn.
       
      Food for thought!!
       
      If you are not familiar with your local community foundation, you can find it via http://www.cof.org/
       
      Good luck!
      Julie
       
       


       
      On 7/31/07, Headwaters RCD <headwatersrcd@...> wrote:

      I am seeking some bylaws from which to work.  The organization has the beginnings of an endowment ($400k) to ultimately help the affiliated RC&D (no board desire to consolidate the two) operate and complete its mission. 
       
      They have an 8-member board that represents the interests from each member's 'home' county.  In theory, the organization works behind the scenes to develop relationships that would help it as it fulfills its own mission to develop the endowment.  They have also served as the 'deep pockets' from which to advance expenses pending grant reimbursement.
       
      They own some real property and the rights to one rail-banked trail. 
      While they filed a state Declaration of Trust, filed PA Articles of Incorporation, and gone through the whole IRS process to become a 501-c-3, they have not ever created a set of bylaws. 
       
       
      Mike Brady, Coordinator
      Headwaters RC&D
      DuBois, PA


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      --
      Thanks!
      Julie

      Julianne Buck
      Executive Director
      Morris Community Foundation
      105 E. Main, #202
      Morris, IL  60450
      815-941-0852
      julie@...
      http://www.morriscommunityfoundation.com
    • Tom Anderson
      Mike, I would second Julie Buck’s recommendation to use a community foundation. There are a whole host of advantages, not the least of which is providing
      Message 2 of 5 , Aug 2, 2007
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        Mike,
         
        I would second Julie Buck’s recommendation to use a community foundation. There are a whole host of advantages, not the least of which is providing additional credibility to attract donors. My full list follows.
         
        Setting up a fund or funds with a community foundation has a number of advantages over a non-profit setting up its own foundation:
        ~ Allows the non-profit to concentrate on its core functions
        ~ Provides financial safeguards for the assets in its care
        ~ Provides professional investment management
        ~ Insures compliance with tax regulations so donations are tax deductible
        ~ Minimizes the non-profit’s (& Board member’s) liability
        ~ Provides credibility, increasing the likelihood of sizable donations
        ~ Provides a way that individual fund purposes can continue even if the non-profit ceases to exist
        ~ Eliminates the foundation learning curve time & effort for the non-profit
         
        Looking at the roles of both the non-profit and the community foundation provides another perspective:
        ~ Non-profit - determining the need and raising the money
        ~ Community Foundation – providing expertise, credibility, fund management and compliance
        ~ Non-profit – determining how the monies are spent, as provided for in the fund documentation
         
        Good luck.
         
        ~ Tom Anderson
        Kern River Valley Revitalization
        Council Member Mojave Desert-Mountain RC&D


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      • Julianne Buck
        All, Upon reflection, I realized that you all may be wondering why a community foundation is a member of your RC&D network. We have a Land Use & Protection
        Message 3 of 5 , Aug 2, 2007
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          All,
           
          Upon reflection, I realized that you all may be wondering why a community foundation is a member of your RC&D network.  We have a Land Use & Protection team at the foundation that has been researching how to use one of our endowments to impact the quality of life in our county.  What a blessing -- to have money to spend!!
           
          One project to come out of it has been RC&D.  Therefore, I am proud to announce that the Illinois Headwaters RC&D is a newly-formed organization, made up of the five counties in NE IL of Ford, Grundy, Kankakee, Kendall, and Will.  The steering committee just turned it over to the board of directors in June and we are now working on our USDA RC&D application -- wish us luck!
           
          The Morris Community Foundation in Grundy is a peer of the Community Foundation of the Kankakee River Valley.  It is our two organizations who used our convener role to bring this RC&D to fruition.
           
          Most of us community foundations have a variety of services that may be of benefit to you, so please do not hesitate to contact us.  If I can answer any general questions for you, I'm happy to do so.
           
          I hope to meet most of you at some future RC&D event!
           
          Julie
           
          On 8/2/07, Tom Anderson <andersontj2004@...> wrote:

          Mike,
           
          I would second Julie Buck's recommendation to use a community foundation. There are a whole host of advantages, not the least of which is providing additional credibility to attract donors. My full list follows.
           
          Setting up a fund or funds with a community foundation has a number of advantages over a non-profit setting up its own foundation:
          ~ Allows the non-profit to concentrate on its core functions
          ~ Provides financial safeguards for the assets in its care
          ~ Provides professional investment management
          ~ Insures compliance with tax regulations so donations are tax deductible
          ~ Minimizes the non-profit's (& Board member's) liability
          ~ Provides credibility, increasing the likelihood of sizable donations
          ~ Provides a way that individual fund purposes can continue even if the non-profit ceases to exist
          ~ Eliminates the foundation learning curve time & effort for the non-profit
           
          Looking at the roles of both the non-profit and the community foundation provides another perspective:
          ~ Non-profit - determining the need and raising the money
          ~ Community Foundation – providing expertise, credibility, fund management and compliance
          ~ Non-profit – determining how the monies are spent, as provided for in the fund documentation
           
          Good luck.
           
          ~ Tom Anderson
          Kern River Valley Revitalization
          Council Member Mojave Desert-Mountain RC&D


          Moody friends. Drama queens. Your life? Nope! - their life, your story.
          Play Sims Stories at Yahoo! Games.




          --
          Thanks!
          Julie

          Julianne Buck
          Executive Director
          Morris Community Foundation
          105 E. Main, #202
          Morris, IL  60450
          815-941-0852
          julie@...
          http://www.morriscommunityfoundation.com
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