Frequently Asked Questions
Community foundations are grantmaking public charities that are dedicated to improving the lives of people in a defined local geographic area. They bring together the financial resources of individuals, families, and businesses to support effective nonprofits in their communities.
We are a 501(c)3 and our EIN is #36-4299824.
Endowments are permanent funds where the principle is not spent. Instead, a portion of the income is granted and a portion is left in the fund for growth.
Our current Endowment Distribution Policy is 4% of the fund balance as of July 1st and is an average of the past 12 quarters to balance the highs and lows of the market.
Start by completing our "New Fund Questions." Spend some time thinking about. We even encourage you to get your kids and grandchildren involved!
We then prepare a Fund Establishing Document for your review and signature. Transfer the assets you're using to set up the fund and we're done!
Non-endowed funds start with $10,000.
Endowed funds can be start with as little as $1...but the grantmaking won't be impactful until you grow the fund.
Funds can be started now, you take the tax deduction now, and let us grow it to a grantmaking size for you. You can also add to funds over time.
Talk with your tax advisor regarding timing. There might be tax benefits to donating to your fund at different times and in different years.
The most common assets donated include cash and appreciated securities.
Tangible property is accepted upon board review and the donated property must be easily liquidated with a marketable value. This might include art, jewelry, and real estate.
Please contact us to discuss the donation of tangible property.
Please print this form, complete it, and give a copy to us and a copy to your brokerage.
Once the stock has been liquidated and the cash deposited into the fund of your choice, we will send you a receipt for your taxes.
PLEASE NOTE: if you are donating stock before year-end, please begin the donation process well before December 31st as it takes at least a week to finalize the transaction and holiday closings can really slow down the process.
No. In exchange for tax benefits, your charitable donation becomes a permanent asset of the Community Foundation of Grundy County.
Depending on the fund you have designed, you as the donor (or your successors) retain advising rights when it comes to making grants from your fund.
All grant recommendations require board approval, but it is rare for donor grants to be denied.
However, our Board of Trustees can and will deny donor grant recommendations if that grant recommendation jeopardizes our 501(c)3 status, is illegal, or impossible to complete.
Grant checks are sent to the charity within two (2) weeks (sometimes sooner) but delays can happen, so please plan accordingly if you would like to present a grant check at a special event.
We can also make ledger-size paper "checks" for you to present in addition to the real check. This makes for a great photo and marketing opportunity!
Yes! Your main home may be in Grundy County but you may have a winter home in a warm state. Or your grandchildren in another state may want you to support their favorite charity.
You can recommend a grant from your fund to any U.S.-based charity. We will confirm that organization's charitable status through the IRS website, Guidestart, state Attorney Generals, or Secretaries of State.
You can give to programs in other countries provided that there is a legal U.S.-based charity accepting and using those donations overseas. Example: Doctors Without Borders and the American and International Red Cross.
Since we advocate for "forever" endowments, we recognize that some charities may not be around after your lifetime.
When you design your fund, we ask you about the purpose of the fund and the work being done by your favorite charity.
We add language to the Fund Establishing Document outlining the long-term goals of the fund. If the charity you support now ever goes away, we'll search for a similar charity doing similar work.
If your grants are currently going to a food pantry, we'll make sure that future grants will help tackle hunger in Grundy County, even if today's food pantry ceases to exist.
Considering we have our own endowment for operations and rely very little on donations to keep the doors open programs hopping, we hope and doubt that will ever happen!
But we do have language in our Bylaws stating that should CFGC ever dissolve, our assets would be transferred to a similar charity doing similar work.
Probably probably probably it means transferring the assets to a larger or neighboring community foundation who will continue to allow donor funds and grants to operate as usual.