Chester County

             COMMUNITY FOUNDATION

 




FACT SHEET: MANAGING YOUR FUND

The Chester County Community Foundation provides Endowment, Quasi-Endowment, and Provisional Fund management services as follows:

 1. Accounting: Contribution checks are posted to an Endowed, Quasi-Endowed or Provisional account designated specifically for your Fund. The Fund Advisor is sent quarterly reports which include deposits, disbursements, changes in the investments, and any fees charged. Upon request, reports can be generated for a fund advisor anytime throughout the year.

 2. Investments: The Community Foundation’s Endowed Fund investments are currently invested with four firms: Hirtle Callaghan, First National Bank of Chester County, Weathervane Wealth Management, and Domini. The Endowed Funds are pooled assets and receive a monthly posting of the investment returns allocated on a pro rata basis based on an average daily balance.  Please note that Provisional Funds under $1 million do not accrue earnings, as they are meant to be short-term in nature.

 Investment managers meet with the Investment Committee at least quarterly to review the investment portfolio and assess investment performance, and must adhere to the Community Foundation’s formal Investment Policies.

 3. Financial, Donor & Compliance Reporting: The Community Foundation provides:

a)      Contribution acknowledgement to donors;

b)      Contribution receipts for IRS tax compliance purposes (fund sponsored events, ticket sales, sponsors and corporate underwriters, and in-kind contributions);

c)      Accounting for pledges and pledge reminders;

d)      Annual audit and tax compliance.

 The Community Foundation processes contribution acknowledgement letters and receipts for each donation. The Community Foundation uses a standard contribution receipt for all of our Funds.  Arrangements can be made to allow for a special insert or letter from the Fund to its donors.

 4. Fund Distribution: Upon receipt of written notification from the Fund Advisor/s, the Community Foundation processes grant checks. Grants can be made to IRS-qualified 501(c) (3) nonprofit organizations throughout the United States. By law, the Community Foundation must be sure that these funds will be used for a charitable intent, and not private inurement. The Community Foundation reserves the right to request evidence for any questionable requests, in order to assure that the funds are used for charitable purposes and as the donors intended. Endowment funds can make an annual distribution of 5% based on the fiscal year end (6/30) balance; Quasi-endowed funds can make an annual distribution of up to 20%; Provisional funds can distribute up to 100%.

FACT SHEET: FOCUSING YOUR PHILANTHROPY

 More people are looking for ways to participate in charitable giving that has impact and accountability.

 The Chester County Community Foundation can work with you to help focus your philanthropy.

 The Community Foundation can assist donors and with the following services, through meetings held at your convenience:

  • Develop your  Philanthropic Legacy Statement and Foundation/Fund Mission Statement

  • Understand the role of nonprofit charities in society, the range of needs, and various strategies to deal with community issues

  • Review community issues and needs in a broad field of interest

  • Review nonprofit grant and scholarship prospects, including proposals and background research in specific areas of interest.

  • Site visits to nonprofits of interest

  • Educational seminars on community issues and philanthropy

  • Educational discussions on community investment, short-term gifts, and long-term charitable investments

  • Feedback on grant and scholarship awards and discussion of community impact

  • Philanthropy lessons learned and impact on next grant and scholarship decisions

  • Understand the importance of donating volunteer time as well as money; selecting causes appropriate for each individual.

 The Community Foundation helps each person develop their sense of community issues and make a significant impact through their philanthropy. The Community Foundation’s overall goal is to help multiple generations realize the importance and joy of charitable giving.

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in Chester County

 

 

 

 

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