- When and why was the Foundation created?
- How is the work of the Foundation financed?
- Who contributes to the Foundation?
- What are the advantages of making a gift?
- What forms can the gift take?
- How are the grants awarded?
- Who benefits from the grants?
When and why was the Foundation created?
In 1994, a concerned group organized the Edgar County Community Foundation to provide an opportunity for those who wish to give back to the County. A need was identified for organizing and managing funds locally without cost administrative fees. One hundred percent (100%) of contributions are applied to local initiatives, causes and projects.
How is the work of the Foundation financed?
The Foundation receives gifts of all sizes from individuals, families, foundations and corporations. These gifts are invested in a balanced, well-managed portfolio to build the endowment. Interest income is used to make grants, thus assuring donors that their gifts will continue in perpetuity, benefiting the community far into the future.
Who contributes to the Foundation?
Gifts come to the Foundation from individuals, groups, civic organizations, businesses and corporate and family foundations. Amounts, large or small, are welcome and there is no minimum requirement.
What are the advantages of making a gift?
Personal satisfaction comes from helping others and supporting causes you believe in, while strengthening the community. A gift to the Foundation may protect an estate from unnecessary taxes because of Federal Income Tax deductions and matching challenge grants. This gift becomes significant with your diverted tax dollar. The reward is knowing the principal will always be retained for use in Edgar County.
What forms can the gift take?
Contributions can take a multitude of forms, including cash and gifts-in-kind, such as securities, and real estate. Your donating can be a planned gift from a charitable lead trust, or a bequest to the Foundation made through a will, estate plan or insurance policy. Donors may establish particular funds within the Foundation to accomplish a single purpose. Memorial gifts may be made to honor an individual or group.
The funds that may be established are:
- Unrestricted: funds are distributed by the Foundation Board of Directors
- Field of Interest: funds are distributed in areas designated by the donor
- Donor Advised: funds are distributed according to donor direction
- Designated: funds are distributed for the benefit of specific charities
- Agency Accounts: other foundations collaborating
How are the grants awarded?
Applications are submitted to the Grant Committee. The Foundation Board awards grants according to the Grant Committee recommendations.
Who benefits from the grants?
Depending on the type of fund established, grants will benefit those projects or organizations selected by the donor:
- Services to assure our quality of life
- Funding for the Arts
- Education and mentoring services for children from birth to adult
- Services for the elderly
- Programs for the less fortunate
- Support for community agencies
- Scholarships for deserving college students