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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) Community foundations are kind of like distant relatives….you know they’re out there but you don’t really know much about them. Just as getting to know distant relatives sometimes reveals wonderful surprises, getting to know more about your community foundation can be equally rewarding. Surprisingly many people do not really understand what community foundations are and what purpose they serve. Recently The Union County Foundation hosted a meeting in the Plain City area to continue to inform the public regarding the form and function of community foundations. This article shares some of the information presented at that gathering. In very simple terms community foundations exist to promote and facilitate charitable giving within a given geographic area. In our case we exist to promote philanthropy in Union County. Specifically we promote and facilitate charitable giving by assisting the community, individuals, and organizations with the accumulation, investment, and distribution of charitable dollars. It can be said that community foundations are a vehicle for personal and corporate philanthropy as well as an endowment for supporting community needs both now and in the future. (An endowment is a means of ongoing financial support for a given purpose). Community foundations are tax exempt, nonprofit, autonomous, and publicly supported. Community foundations are one of the fastest growing segments of charitable giving in the United States. There are over 540 community foundations in the United States and over 70 in the state of Ohio. Currently community foundations hold more than $23 billion in assets and can be found located in, or close to virtually any community in America. Foundations range in size from the largest, The New York Community Trust with $1.8 billion in assets to some foundations with less than $100,000. Regardless of size all community foundations share the common goals of serving donors and improving the quality of life where we live, work, and raise our families. Community foundations work closely with individuals, families, estate planners, organizations, and professional advisors to assist donors in fulfilling their charitable goals. Many forms of charitable gifts can be accepted including real estate, stock, art, collectables, and insurance. Charitable giving can occur during a donor’s lifetime or through a "planned gift" that perpetuates a donor’s charitable intent even after his or her death. It can be said that community foundations serve a unique role…they provide a vital link between the financial resources in a community and the community’s charitable needs. Community foundations and distant relatives are a lot a like…..once you get to know them they can become trusted lifelong friends! The Union County Foundation encourages you to consider your present and future charitable goals. Perhaps those goals may include the establishment of your own Scholarship Fund or donor advised fund. The Foundation is equipped to help you achieve these goals by providing: planned giving and estate planning resource information, charitable gift annuities/life income plans, and a broad array of charitable choices. Please call us at 937-642-9618, email commfounduc@imetweb.net, reference our website at www.emarysville.com/unioncountyfoundation, or stop by our Marysville office at 126 N. Main St. We are committed to helping you.... “preserve your footprint in time.” |
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