The primary purpose of a Community Foundation is to build endowment funds to secure the future of charitable giving. The trustees of the Community Foundation are aware, however, that there is sometimes a short term need for funding to carry out a program or project which will be of long term benefit to Monroe County. In such cases, the Community Foundation has the ability to establish Special Project Funds as a service to the community.
The Board of Trustees of the Community Foundation must first agree that the project serves a charitable purpose and meets the criteria of the Community Foundation. Special Project Funds offer many advantages:
- Donations to the fund are tax deductible, since the Community Foundation is classified 501[c] by the Internal Revenue Service.
- The fund is administered by the Community Foundation staff.
- Accounting, permits and licenses, etc. are provided by the Community Foundation.
A Special Project Fund leaves the sponsoring group free to concentrate on fund raising, while we take care of the details of administration.