What is a Community Foundation?
Community Foundations Support Local Shared Goals
A community foundation is a tax-exempt, incorporated, independent, publicly supported, philanthropic organization, organized and operated as a flexible, yet permanent collection of endowed funds for the long-term benefit of a defined geographic area.
The community foundation accepts contributions both large and small from a wide range of donors, including individuals, families, organizations, foundations, businesses and corporations. Community foundations share the common goal of serving donors, nonprofits and the community as a whole. They routinely work with families, individuals, estate planners, and attorneys to design gift plans that fit every economic situation so donors can receive the most benefit from their charitable contributions and ensure that their philanthropic dollars are used to the fullest extent.
A Community Foundation is Primarily a Grant-Making Institution
Using income from the invested assets, a community foundation functions primarily as a grant-making institution by supporting a broad range of charitable activities that creatively serve nonprofit organizations and address emerging and changing community needs.
A community foundation has an independent governing body who serve limited terms without compensation. These volunteers are knowledgeable about the community and represent the broad interest of the community as well as the foundation donors. There is an adherence to a sense of community that overrides individual interests and objectives.
UCCF maintains a commitment to assist donors in creating funds, and to distribute the assets from those funds in accordance with the donor’s intent.
Funds entrusted to the community foundation are invested to provide a steady stream of income and to preserve the value of contributions received as permanent assets of the organization. Annual audits are performed and investment managers undergo periodic performance reviews by the Foundation’s Board of Directors.