Frequently Asked Questions Concerning Community Foundations
1. What is a community foundation?
2. Who runs a community foundation?
3. How does the foundation get its funds?
4. Who receives grants from a community foundation?
5. To whom is the community foundation accountable?
6. How would I use The Ashland Community Foundation?
7. Must all gifts be cash?
What is a community foundation?
A community foundation is a tax-exempt, independent, publicly supported, philanthropic organization established and operated as a permanent collection of endowed funds for the long-term benefit of a defined geographic area.
Who runs The Ashland Community Foundation?
The community foundation has an independent governing body representing the broad interests of the community with members of the board serving limited terms. The board is responsible for asset development, management oversight and grant making.
How does the foundation get its funds?
The community foundation actively seeks new contributions from a wide range of donors who are generally residents of the service area and provides assistance to those donors in fulfilling their philanthropic interests.
Who receives grants from the community foundation?
The unrestricted funds of the foundation are awarded in a process to non-profit organizations in the community. We also accept some funds with restrictions placed by the donors that designate the nature of the grants to be made.
To whom is The Ashland Community Foundation accountable?
The community foundation files an annual return with the IRS, which is a publicly available document.
How would I use The Ashland Community Foundation?
A family may choose to establish a named fund that bears their family name and continues their community giving in perpetuity. A community group may decide to establish a fund in honor of, or memory of, a friend or community leader.
A business may choose the community foundation to help with its grant making, thus saving time and personnel for the business, yet assuring support for their selected charitable interests. Some donors choose to make their community philanthropy anonymous and the foundation is a perfect partner to help them.
Must all gifts be cash?
No. The foundation is able to accept gifts of appreciated securities (which are particularly advantageous to the donor), real property, or in some cases personal property. The community foundation offers the maximum charitable deduction available for estate and gift planning opportunities. The foundation is generally able to provide information on giving techniques and assist donors in evaluating the most effective ways to accomplish their charitable goals.