WHAT IS A COMMUNITY FOUNDATION?
A community foundation is a tax-exempt public charity that is created by and for people in a particular geographic region. It helps people define their philanthropic interests and connects them with the issues that they care more about. Donors can decide whether they accomplish this during their lifetime or through their estates.
The first community foundation was established in 1914 and now more than 700 across the country, and nearly 75 in Ohio alone, are helping to make positive changes in their communities. Founded in 1924, The Troy Foundation is among the top 10 community foundations in Ohio.
IN ADDITION TO MAKING QUARTERLY GRANTS TO AREA NONPROFIT ORGANIZATIONS, WHAT ELSE DOES THE TROY FOUNDATION DO?
The Troy Foundation has established permanent endowments that benefit particular areas. The Troy Foundation provides potential donors the opportunity to invest in the community in ways that align with their specific area of interest. The Troy Foundation remains a vital organization by responding to changing community needs. The Troy Foundation is an important resource and acts as a catalyst for community improvement and enhancement.
WHO GOVERNS THE TROY FOUNDATION’S FINANCIAL ASSETS?
The Foundation’s financial assets are controlled by a Governing Board made up of the presidents of the trustee banks who hold the funds for the Foundation. They are responsible for overseeing the day-to-day financial activities of the Foundation.
IS THERE A FEE FOR A DONOR TO ESTABLISH A FUND?
There is no cost to establish a fund with The Troy Foundation.
HOW ARE THE TROY FOUNDATION’S OPERATING COSTS FUNDED?
The Troy Foundation assesses an administrative fee to the permanent funds to cover operating costs.
WHO DECIDES WHICH ORGANIZATIONS RECEIVE GRANTS?
The Distribution Committee makes the decisions regarding grant allocations on a quarterly basis.
The five members of the committee are appointed based on their expertise and their knowledge of the local community. Two members are appointed by the Trustees Committee and three by the Governing Board.
WHERE DO THE RESOURCES TO FUND GRANTS COME FROM?
The resources for grants come from individuals and businesses that make gifts to the Foundation which are designated for specific purposes, organizations or fields of interest, and also “unrestricted” gifts, which means that the donations can be used at the Foundation’s discretion. The Foundation has the ability to address areas of greatest need in the community, and to be flexible as those needs change.
CAN I GIVE ANONYMOUSLY?
Yes, the choice is the donor’s, whether to be recognized for a gift or to remain anonymous.
TO WHICH ORGANIZATIONS CAN A DONOR RECOMMEND A DISTRIBUTION?
Donors can recommend a distribution of his/her gift to any qualified nonprofit organization.
CAN I CONTRIBUTE TO AN ALREADY EXISTING FUND?
Yes. If there is a fund already existing within the framework of the Foundation that benefits an activity or area of particular interest to you, you can make a contribution to that fund and know that you are enhancing something particularly meaningful to you.