|
The Community Foundation of Monroe County is a nonprofit organization established to meet the current and future needs of our local community. We offer you all the tax advantages of charitable giving, the long-term benefits of endowment funding, and the ability to establish a legacy fund in the name of your family or a loved one.
Frequently
Asked Questions About the Community Foundation of Monroe County.
WHY DO
PEOPLE ESTABLISH FUNDS AT THE COMMUNITY FOUNDATION? There are as many
reasons as there are people. Most people, however, want to leave a legacy
to their community. You can select the charity or charities you want to
support, and your fund will go on giving to those charities ... forever!
IS THERE A
MINIMUM OR MAXIMUM SIZE FOR A FUND? The minimum dollar amount for a
named fund is $5000. There is no maximum. Contributions can be made
to existing funds in any amount. We have received contributions ranging
from 25 cents to $1 million.
WHAT KIND OF
ASSETS CAN I CONTRIBUTE? Almost any asset can be used to start a
fund. We have set up funds with cash, securities traded on major
exchanges, mutual fund shares and closely held stock. You can also name
the Community Foundation of Monroe County in your will.
IF I SET UP
A FUND TO SUPPORT CHARITIES, WHAT TYPES OF CHARITIES CAN I CONTRIBUTE TO? In
most cases, charities must be classified by the Internal Revenue Service as 501
(c) (3).
WHAT ARE THE
COSTS INVOLVED? There is a $100 origination fee to establish a fund. A modest
annual administration fee is charged to each endowed fund, presently ranging
between 1 and 2%, depending on the amount of administration required.
Scholarship funds are 2%.
IS THE FUND
I ESTABLISH PERMANENT? Yes, unless the governing instrument (fund
agreement) allows for invasion of principle. The purpose of the Community
Foundation is to build permanent endowments for Monroe County.
CAN I
PARTICIPATE IN THE GIVING OF GRANTS. Yes, if you establish a
donor-advised fund.
ARE THERE
RESTRICTIONS ON THE GRANT SUGGESTIONS I CAN MAKE? Grant suggestions
must conform to the broad charitable guidelines of the Community
Foundation. We can accommodate most grant suggestions. By law, you
cannot suggest a grant to fulfill a charitable pledge, pay for a membership, buy
a ticket to a charitable event or anything for which you receive a personal
benefit.
CAN YOU SEND
ME THE GRANT CHECK TO GIVE TO THE CHARITY? No, but if you want to make
the presentation personally, we can prepare a certificate for you to give to the
charity.
IF I
ESTABLISH A DONOR-ADVISED FUND, WHAT HAPPENS AFTER MY DEATH? After a
donor's death, the fund can continue to be advised by individuals named by the
fund's founder (the person who signed the fund agreement). If no
succeeding advisor is named, after the donor's death the Board of Trustees will
distribute grants according to the terms established in the fund agreement.
CAN OTHER
PEOPLE CONTRIBUTE TO A FUND I ESTABLISH? Yes, but we are not set up to
help donors with fundraising, including charity events and mail solicitations.
CAN I
SUGGEST GRANTS TO ORGANIZATIONS OUTSIDE OF MONROE COUNTY? Yes, but the
mission of the Community Foundation of Monroe County is primarily within
Monroe County.
CAN I PAY
FOR A NEEDY PERSON'S COLLEGE TUITION? No. You cannot support a
particular needy person with a charitable contribution. You may, however,
set up a scholarship fund for a group of people (the senior class, for example)
with certain criteria (grade point average or financial need). Scholarship
grants are almost always paid to the educational institution for tuition, fees
or books.
CAN I CHOOSE
HOW THE FUNDS I CONTRIBUTE ARE INVESTED? No. When you give us
money, in tax language you make a completed gift over which you can no longer
exert control. That way you receive the maximum tax deduction
allowable. If you establish a donor-advised fund, we are very interested
in what your grant program will be so that we can tailor our investment to best
suit that program.
CAN I HAVE
MY MONEY MANAGER HANDLE THE FUND I ESTABLISH? No. For the same
reason that you cannot tell us where to invest the funds you contribute to us.
CAN I BE
INFORMED OF THE INVESTMENTS? Yes. Upon request, names of
investment managers, fees charged, members of the Finance Committee who is responsible
for investment and oversight will be made available.
| 
