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Table of contents
- Making today feel better
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- Encompassing Charity
- encompassing charity – Cedar Fort Publishing & Media
It may be a simple, typed document listing the year's grants or an elaborately detailed publication. A growing number of foundations and corporations use an annual report as an effective means of informing the community about their contributions activities, policies, and guidelines. The annual contributions report is not to be confused with a corporation's annual report to the stockholders.
A document filed with the secretary of state or other appropriate state office by persons establishing a corporation. This is the first legal step in forming a nonprofit corporation. Cash, stocks, bonds, real estate, or other holdings of a foundation.
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Generally, assets are invested and the income is used to make grants. Rules governing the operation of a nonprofit corporation. Bylaws often provide the methods for the selection of directors, the creation of committees, and the conduct of meetings. Also referred to as a Capital Development Campaign, a capital campaign is an organized drive to collect and accumulate substantial funds to finance major needs of an organization such as a building or major repair project. A grant that is made on the condition that other monies must be secured, either on a matching basis or via some other formula, usually within a specified period of time, with the objective of stimulating giving from additional sources.
In its traditional legal meaning, the word "charity" encompasses religion, education, assistance to the government, promotion of health, relief of poverty or distress, and other purposes that benefit the community. Nonprofit organizations that are organized and operated to further one of these purposes generally will be recognized as exempt from federal income tax under Section c 3 of the Internal Revenue Code see c 3 and will be eligible to receive tax-deductible charitable gifts.
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A community foundation is a tax-exempt, nonprofit, autonomous, publicly supported, philanthropic institution composed primarily of permanent funds established by many separate donors of the long-term diverse, charitable benefit of the residents of a defined geographic area.
Typically, a community foundation serves an area no larger than a state. Community foundations provide an array of services to donors who wish to establish endowed funds without incurring the administrative and legal costs of starting independent foundations. According to Foundation Center , there are more than community foundations across the United States today. A corporate company-sponsored foundation is a private foundation that derives its grantmaking funds primarily from the contributions of a profit-making business.
The company-sponsored foundation often maintains close ties with the donor company, but it is a separate, legal organization, sometimes with its own endowment, and is subject to the same rules and regulations as other private foundations. A corporate giving direct giving program is a grantmaking program established and administered within a profit-making company. Gifts or grants go directly to charitable organizations from the corporation. Also referred to as Denial, a decline is the refusal or rejection of a grant request. Some declination letters explain why the grant was not made, but many do not.
A grant made to establish an innovative project or program that will serve as a model, if successful, and may be replicated by others. Grant funds distributed at the discretion of one or more trustees, which usually do not require prior approval by the full board of directors. The governing board can delegate discretionary authority to staff.
Substantial contributors to a private foundation, foundation managers, certain public officials, family members of disqualified persons and corporations and partnerships in which disqualified persons hold significant interests. The law bars most financial transactions between disqualified persons and foundations.
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As applied to public charities, the term disqualified person includes 1 organization managers, 2 any other person who, within the past five years, was in a position to exercise substantial influence over the affairs of the organization, 3 donors and donor advisors with regard to transactions with a particular donor advised fund, 4 investment advisors to assets of donor advised funds, 5 and disqualified persons of supporting organizations who are also disqualified persons of the supported organization, 6 family members of the above, and 7 businesses they control.
Paying excessive benefits to a disqualified person will result in the imposition of penalty excise taxes on that person, and, under some circumstances, on the charity's board of directors see Intermediate Sanctions. A fund possessing these characteristics may be exempt from the donor advised fund classification if it grants to one single public charity or government unit or if the fund meets certain requirements applicable to scholarship funds.
A fund held by a community foundation where the donor has specified that the fund's income or assets be used for the benefit of one or more specific public charities. These funds are sometimes established by a transfer of assets by a public charity to a fund designated for its own benefit, in which case they may be known as grantee endowments.
The community foundation's governing body must have the power to redirect resources in the fund if it determines that the donor's restriction is unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served. The principal amount of gifts and bequests that are accepted subject to a requirement that the principal be maintained intact and invested to create a source of income for a foundation.
Donors may require that the principal remain intact in perpetuity, or for a defined period of time or until sufficient assets have been accumulated to achieve a designated purpose. The annual tax of 1 or 2 percent of net investment income that must be paid to the IRS by private foundations.
When a private foundation makes a grant to an organization that is not classified by the IRS as tax-exempt under Section c 3 and as a public charity according to Section a , it is required by law to ensure that the funds are spent for charitable purposes and not for private gain or political activities. Such grants require a pre-grant inquiry and a detailed, written agreement.
Yet, approximately two-thirds of the estimated 44, private foundations in this country are believed to be family managed.
encompassing charity – Cedar Fort Publishing & Media
The Council on Foundations defines a family foundation as a foundation whose funds are derived from members of a single family. Most family foundations are run by family members who serve as trustees or directors on a voluntary basis-receiving no compensation; in many cases, second- and third-generation descendants of the original donors manage the foundation. Most family foundations concentrate their giving locally, in their communities. A fund held by a community foundation that is used for a specific charitable purpose such as education or health research. An accounting statement detailing financial data, including income from all sources, expenses, assets and liabilities.
A financial report may also be an itemized accounting that shows how grant funds were used by a donee organization. Most foundations require a financial report from grantees. The IRS forms filed annually by public charities and private foundations respectively. The letters PF stand for private foundation. Both forms list organization assets, receipts, expenditures and compensation of officers. Form PF includes a list of grants made during the year by private foundations. A chronological pattern of proposal review, decision making and applicant notification.
Some donor organizations make grants at set intervals quarterly, semi-annually, etc. The overall picture of the types of projects and programs that a donor has supported historically. The past record may include areas of interest, geographic locations, dollar amount of funding, or kinds of organizations supported.
- Member Charities;
- Soldier Of Humor!
- ARC Charity Indices (ACI).
- Encountering Affect: Capacities, Apparatuses, Conditions;
The ongoing assessment of the progress of the activities funded by a donor, with the objective of determining if the terms and conditions of the grant are being met and if the goal of the grant is likely to be achieved. The individual or organization that receives a grant.
Efforts to raise money from individuals or groups from the local community on a broad basis. Usually an organization does grassroots fundraising within its own constituency—people who live in the neighborhood served or clients of the agency's services. Grassroots fundraising activities include membership drives, raffles, bake sales, auctions, dances, and a range of other activities. Foundation managers often feel that successful grassroots fundraising indicates that an organization has substantial community support. A statement of a foundation's goals, priorities, criteria, and procedures for applying for a grant.
These private foundations are usually founded by one individual, often by bequest. They are occasionally termed "nonoperating" because they do not run their own programs. Sometimes individuals or groups of people, such as family members, form a foundation while the donors are still living. Many large independent foundations, such as the Ford Foundation, are no longer governed by members of the original donor's family but are run by boards made up of community, business, and academic leaders.
Private foundations make grants to other tax-exempt organizations to carry out their charitable purposes.
Private foundations must make charitable expenditures of approximately 5 percent of the market value of their assets each year. Although exempt from federal income tax, private foundations must pay a yearly excise tax of 1 or 2 percent of their net investment income. The Rockefeller Foundation and the John D. MacArthur Foundation are two examples of well-known "independent" private foundations.
Penalty taxes applied to disqualified persons of public charities see Disqualified Person that receive an excessive benefit from financial transactions with the charity.