WHAT IS THE COMMUNITY FOUNDATION OF KANKAKEE RIVER VALLEY?
The Community Foundation is a public, charitable organization designed to attract philanthropic gifts and allow those resources to benefit the non-profit community throughout Kankakee and Iroquois Counties. It provides a way for people who want to give back to the communities in which they lived, worked and raised their families.
HOW DOES THE COMMUNITY FOUNDATION WORK?
Through one centralized organization, donors are able to achieve their charitable goals. The Community Foundation, under the stewardship of a geographically-diverse Board of Directors, manages funds to maximize the impact not only for those donors, but for non-profit organizations throughout Greater Kankakee and Iroquois Counties. The Community Foundation belongs to all of us … it is like a “community savings account” where funds accumulate to help dreams come true.
WHY USE THE COMMUNITY FOUNDATION?
The greatest advantage of the Community Foundation is flexibility. The Community Foundation can accept assets from individuals, businesses, and other organizations. Donors can be very specific as to where their gift is to be used, or can choose to have the Foundation use it for general charitable purposes. The Community Foundation has a broad focus on which it awards grants throughout Greater Kankakee and Iroquois Counties.
WHAT EXACTLY IS ENDOWMENT?
Simply put, it’s a charitable fund that distributes only a small percentage of its value each year. It can be very specific, or quite general. It allows a donor to be active in its distribution, or gives that responsibility to the Community Foundation. The bottom line: an Endowment Fund is designed to exist in perpetuity.
WHEN A GIFT IS GIVEN, WHAT HAPPENS THEN?
It will begin to grow, and you will have the opportunity to stipulate its use. It can honor a friend, perpetuate a family name, or memorialize someone you love. A donor’s gift can support an agency, institution, or a charitable area that has made a difference to you and your family. The Community Foundation also offers other foundations in the area an opportunity to promote and combine their funds with ours – for a more efficient and effective impact in Greater Kankakee and Iroquois Counties. Establishing an Endowment Fund is probably the best way to assure that a gift will “go on forever.”
ARE CONTRIBUTIONS TAX-DEDUCTIBLE?
Yes, to the full extent of current tax laws. The Community Foundation has federal tax exempt status under Section 501(c)(3) of the Internal Revenue Service code. We encourage you to consult with your financial advisor or attorney.
I’D LIKE TO INVOLVE MY ATTORNEY AND MY BANK IN ESTABLISHING A FUND. CAN I DO THAT?
Absolutely. As a matter of fact, the Community Foundation encourages participation with numerous financial advisors – your attorney, banker, financial planner, accountant or insurance representative, for example. We have an excellent relationship with professional advisors throughout Kankakee and Iroquois Counties…and these “gatekeepers” are very important as we grow philanthropy in our own backyard.
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