1. What is the Roscommon County Community Foundation?
  2. How long has the Community Foundation been in existence?
  3. How does the Community Foundation differ from a private foundation?
  4. Is the Community Foundation in competition with other non-profits?
  5. What services does the Community Foundation provide to donors/funds?
  6. Who establishes funds in a community foundation?
  7. What kind of funds may be established?
  8. What is a permanent endowment?
  9. What is a Special Project fund?
  10. Where/How is the Money Invested?
  11. To whom do the fund assets belong and under whose control is the distribution of funds?
  12. How many funds does the Community Foundation currently have?
  13. Who may the Community Foundation grant money to?
  14. How much does the Community Foundation give away each year?
  15. What are the Community Foundation’s Assets?
  16. How does the Community Foundation secure operating funds?
  17. How do I obtain financial information?
  18. What is the YAC?
What is the Roscommon County Community Foundation?

The Community Foundation is a granting organization that funds other non-profits’ programs and services through an application process. The Community Foundation is a “collection” of permanent endowments designed to meet all a donor’s individualized charitable goals through one simple vehicle.

How long has the Community Foundation been in existence?

The Roscommon County Community Foundation was established in June 1998.

How does the Community Foundation differ from a private foundation?

We derive our assets from many donors rather than one; have broad charitable purposes and a demographically diverse, non-compensated Board of Trustees. Because we are a public charity, we receive more favorable tax treatment, do not pay excise taxes on income, and have more flexibility in our operating ability.

Is the Community Foundation in competition with other non-profits?

No, we are a resource for them. We hold many of their endowment funds, work to develop their assets, and make grants to their institutions.

What services does the Community Foundation provide to donors/funds?
  • Management and Investment of Dollars
  • Facilitating the Grants Program and Ensuring Accountability
  • Acknowledging and Receipting Contributions
  • Staffing of Advisory Committees
  • Fund Stewardship and Audit Services
  • Handling all Governmental Reporting Requirements
  • Providing Planned Giving Expertise
  • Public Relations and Marketing Initiatives
Who establishes funds in a community foundation?

Individuals, Non-Profit Organizations, Corporations, Municipalities, Schools, Private Foundations, Michigan Associations or Groups with a Common Purpose

What kind of funds may be established?
  • Undesignated/General Funds
  • Donor Advised Funds
  • Designated Funds
  • Agency (non-profit organization) Funds
  • Field-of-Interest Funds (with or without an advisory committee)
  • Scholarship Funds
What is a permanent endowment?

In general, contributions made to the Community Foundation are not spent — they are invested for growth. Each year, allocation percentages of a fund’s assets, averaged over 12 rolling quarters, are calculated and approved by the RCCF Board of Trustees. As the corpus grows, so too does the amount available to spend or grant.

What is a Special Project fund?

By agreement, both principal and income may be expended from a Special Project fund. A Special Project fund is held in money market and other short-term investments. Per the State of Michigan gifts to Special Project funds held at Community Foundations are not qualified for the Michigan Tax Credit.

Where/How is the Money Invested?

The Foundation’s assets are invested in a diversified portfolio which includes exposure to domestic and foreign equities and fixed income. Investments are overseen by an investment committee utilizing expertise from professional money managers and an independent consultant and are reviewed on a quarterly basis.

To whom do the fund assets belong and under whose control is the distribution of funds?

Fund contributions become assets of the Community Foundation and, as such, are under the control of the Board of Trustees. The Community Foundation is organized for charitable purposes and should not be confused with a bank or an investment service. Fund distributions receive Board approval and, except in extraordinary circumstances, the principal of a permanently endowed fund is not invaded.

How many funds does the Community Foundation currently have?

There are 48 Endowment and 6 Special Project funds, with new funds established on a regular basis.

Who may the Community Foundation grant money to?

501(c)(3) Non-Profits, Tax exempt schools, churches (for non-religious purposes, and governmental entities and municipalities.

How much does the Community Foundation give away each year?

This number grows as the value and number of endowments grows, Current annual granting is over $175,000.

What are the Community Foundation’s Assets?

The Community Foundation’s assets are worth over 5.4 million dollars as of December 31, 2010.

How does the Community Foundation secure operating funds?

Primarily from fees charged to funds. The fees range from 1.5% to 2.5% of a fund’s assets computed annually, but no less than $100 per year, per fund.

How do I obtain financial information?

An independent audit is conducted yearly. Currently, the auditing firm is Robertson & Carpenter, PC. The following documents are available upon request, and are also available on our website, under About Us, Financial Information: Form 990, Form 990-T (if applicable), application for tax-exempt status (Form 1023), IRS Determination Letter, Audited Financial Statements. Excluding specific donor and personnel information, the financial records of the Roscommon County Community Foundation are public.

What is the YAC?

In addition to the hallmark functions of grantmaking, donor services and community leadership, the Community Foundation is committed to building a stronger community through youth development. We take particular pride in our YAC (Youth Advisory Council) — a youth advisory committee to the Board of Trustees. These young people, ranging in age from 13 to 21, represent approximately two school districts and are committed to community service, philanthropy, and volunteerism. They are fast becoming the voice of area youth in community planning.