A community foundation is a pool of many gifts, current or planned contributed by people of a particular community for the benefit of that community.
The Community Foundation of Carroll County, Inc. was established in 1994 to ensure financial support for Carroll County Not for Profit Organizations. It is governed by 15 volunteers who sit on the Board of Trustees and is classified as a public charity under the provisions of the 1954 Internal Revenue Code, as amended. Click here to learn more...
The Community Foundation receives its money from individuals, families, businesses, or organizations interested in providing financial support for the charitable causes of their choice. These gifts and bequests make up the permanent endowments of the Community Foundation, from which the annual investment return used to support the charitable cause for which the fund intended. Click here to DONATE!
Yes, all gifts to the Community Foundation are tax-deductible to the furthest extent of charitable giving laws and regulations.
The Community Foundation of Carroll County charges a modest fee for service on each Fund it manages. It also receives funds from donors designated for operating expenses. The Board of Trustees also solicits gifts to be placed in a special endowment fund called The Community Foundation of Carroll County Operating Endowment Fund. This particular endowment fund supports operations. Other endowment funds, which have gifts that are earmarked for charitable purposes, are never used for operational expenses.
A donor may make a gift or bequest of any size to the Community Foundation for the community's benefit and the gift will be used according to the donor's instructions. Some donors designate specific organizations to receive their money. Others limit their gifts to specific areas of concern. Many donors provide undirected gifts to be used by the Community foundation in responding to various community needs as they arise.
A professional investment manager safeguards and invests the Community Foundation's funds. An investment committee comprised of members of the Community Foundation's Board of Trustees sets the overall investment policy and monitors the performance of the investment manager.
The Community Foundation's accounts are audited annually by an independent auditor and are available for public review.
The Board of Trustees makes distributions from the fund. The amount of the distribution is based on the annual income of the Fund. Grants are made to the charitable cause for which the fund is intended. It is important to note that each gift placed into an endowment fund will never be spent.
No, your gift will never be spent. It will be invested along with the other gifts to the fund and the annual investment return will be distributed to the charitable cause for which the fund is intended.
Allocations from the Community Foundation's funds are made by the Board of Trustees, according to the agreement made between the donor and the Community Foundation. The Foundation's Grants Making Committee first reviews all requests for grants from unrestricted endowment funds. Recommendations are then presented to the full board for consideration and approval.
Grants are made to tax-exempt, not-for-profit charitable organizations serving Carroll County in the areas of education, the arts, health, social services and the conservation and preservation of historical and cultural resources. Distributions from restricted funds are sent annually to the charitable cause for which the fund was intended. Grant amounts from unrestricted funds vary depending upon the nature and needs of the organizations and the fund's investment return. Scholarships are awarded annually through an application and review process with consideration of specific scholarship fund guidelines. Since its inception, the Community Foundation has distributed more than three quarters of a million dollars back to the community.