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FAQ
What is a Community Foundation
Why should we on Whidbey have a
Community Foundation?
Who are the
Board members?
Who do Community Foundations
Serve?
Why give to CFWI?
What does the CFWI do with
the gifts?
Are my Gifts Tax
Deductible?
What are the tax advantages for giving to
a Community Foundation?
What kind of gifts does CFWI
accept?
How do I give?
Can I designate my gift?
What non-profit
organizations exist on Whidbey Island?
How does a community
foundation compare with United Way?
Is the United Way a
Separate Agency
How do agencies/organizations apply for grants and/or
funding?
What is a
Community Foundation?
A community foundation is a nonprofit grant making
organization structured as an amalgamation of separate grant making funds and accounts. It
is governed by a board of private citizens chosen to be representative of the public
interest and for their knowledge of the community. It administers individual funds
contributed or bequeathed to it by individuals, other agencies, corporations and other
sources.
Why should we
on Whidbey have a Community Foundation?
Whidbey Island has many small foundations, few if
any of which have the administrative infrastructure or the mission/oversight to cogently
weave the islands many philanthropic assets into a unified whole that gains the respect
and confidence of donors wishing to participate in a giving program that only a community
foundation can offer. Whidbey Island really needs a community foundation to
maximize the benefits of coordinated long-term giving.
Who
Are the Board members?
Providing a wide range of expertise, the CFWI Board
of Directors is composed of nine community and civic leaders who have genuine concern and
knowledge of the community’s charitable needs. The Board members are volunteers who
serve three year terms.
(Board members have not yet been selected, since
the foundation is only in the formative stage at this time)
Who do Community Foundations serve?
Community foundations serve donors, the nonprofit
sector, and the community as a whole.
Why give to the Community
Foundation of Whidbey Island?
Understanding Whidbey Island’s vast charitable
opportunities, Board members of the Community Foundation of Whidbey Island consider
numerous causes, but give priority to projects most deserving and beneficial to the
community at the time. This process saves the donor time while ensuring the funds are put
to good use. Even donors of modest gifts can be proud knowing their contributions are
joined with others to make an even larger positive impact. Perhaps the greatest advantage
for the donor is the assurance that the gift placed in the CFWI continues to work forever
for the good of his/her community.
What does the Community Foundation of
Whidbey Island do with gifts?
The
Board members
distribute the net income from gifts, and from some gift's appreciated value, twice a
year. With its unrestricted funds, the Community
Foundation of Whidbey Island encompasses four primary giving categories or fields of
interest: family & community services, education
& youth programs, civic & cultural
organizations, and health & rehabilitation needs. Since its beginning, the CFWI has supported many area nonprofit organizations in
need, with a total of more than xxxxxxxxx dollars in grants having been made to date.
Yes. The Internal Revenue Service has classified the
CFWI as a publicly supported organization under IRC 170(b)(I)(A)(vi) and Sec. 501(c)3, and
the donor receives maximum tax deductibility. (more info)
What kinds of
gifts does the CFWI accept?
The CFWI gratefully accepts any type of gift, whether it is cash, Securities, Life Insurance, Charitable Trusts, private foundation transfers, IRAs, real property, services or in-kind gifts, personal property or
your time and skills as a volunteer.
How do I give?
You may make current gifts and memorials with
cash or other assets, deferred gifts using Charitable Remainder Trusts or Charitable
Lead Trusts, or you may designate the Community Foundation of Whidbey Island as a recipient of a bequest in your will. Your gift may
be made to:
Community Foundation of Whidbey Island.
P.O. Box ####
Oak Harbor, WA 98277
For additional assistance and information you may want to consult your attorney, tax
advisor, and/or financial advisor.
Many of our existing Funds accept donations. For example, a donation may be made to the
Child Abuse Prevention Foundation as
a memorial or in the name of a person you wish to honor.
Yes. However, if the specified purpose becomes
non-existent, the
Board members will, within the spirit of the donor’s original
intentions, select the gift’s best possible use. Several different fund types exist.
A donation may be set up as an Unrestricted Fund, a Field
of Interest Fund, a Donor Advised Fund, or a Designated Fund, all of which are Component Funds within the CFWI.
What Non-Profit Organizations Exist on Whidbey Island?
- List of non-profit organizations
on Whidbey Island has not
yet been
generated for this presentation
How does a community foundation compare with the United Way?
Community foundations have been described as the
"savings account" for communities and the United Way as the "check book".
Is the United Way a separate agency?
Yes. The Island County United Way holds an annual
fund drive in the fall and gives the money raised back to nonprofit organizations and
community activities. In earlier times, the United Way concept used to be known as the
"community chest". The Community Foundation of Whidbey Island and the United Way
are both vehicles that donors can use to help their community. As presently structured,
the local United Way is an immediate way to give; the Community Foundation of Whidbey
Island is a long-term way to give.
How do agencies &
organizations apply for grants or funding from Community Foundation of Whidbey Island?
Application for funds may be submitted
at any time by completing the CFWI Application Form and submitting it to the Foundation
for consideration. The granting process and policies may be found at
this site. You may also request an application by writing to the Foundation at this
address:
(The Community Foundation of Whidbey Island has not yet formed, nor have an address.)
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Attention!! This
is a conceptual presentation only... Community Foundation of Whidbey Island does not exist as yet. We are only in the initial stages of
launching this project. Want to joins us?
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