AMY GREIL
We at the Kenosha Community Foundation are pleased to provide a series of articles in the coming days to celebrate National Community Foundation Week, Nov. 12-18.
We will use this series to help KCF break free from the moniker “Kenosha’s best kept secret” and come out-front as a recognizable and sought-after resource to connect one’s passion for supporting the local community through the establishment of endowment funds that provide benefits in perpetuity.
KCF works to facilitate a conversation with prospective donors and assist them as constructive pathways with which to achieve their philanthropic goals and put their donations to work for the betterment of Kenosha County.
How a Community Foundation works
Step 1: The Foundation accepts donations and creates charitable funds, including scholarship funds. Individuals, families, businesses, and organizations donate to the Foundation with cash, securities, real estate, bequests, trusts; to name just a few.
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Step 2: With the donation, the Foundation and the donor(s) sign an agreement and create a permanent charitable fund. The agreement specifies how the income of the fund will be used. This agreement specifies a particular organization(s) or field of interest (fund focus) to which the annual income is directed, either through direct donation or through a grant application process. Alternatively, a donor agreement can direct that the annual income allow the Foundation’s distribution policy to guide the use of these funds.
Step 3: The Foundation then manages and invests the funds—to earn income and grow the fund. In addition, the Foundation manages all administrative activities, alleviating the donor from tedious recordkeeping.
Step 4: Annually, a percentage of the income of the Fund is distributed to scholarship recipients or grantees.
Where can an aspiring philanthropist start?
By establishing a Starter Fund with KCF, donors can build a charitable endowment that supports annual grants to the community that will have an extraordinary long-term impact. The Starter Fund Program helps to harness the power of the financial markets to multiply the value of your contributions over time. All you do is make an initial donation of $600, and subsequent $600 annual contributions. Investing even small amounts regularly will build an endowment that can grow through time.
You, as the fund donor, with guidance from the Foundation, select whether to establish an endowment fund that is either restricted – will make on-going gifts to a designated organization(s) or promote a specific cause OR unrestricted – allows the Foundation to select the organizations that receive grants. Or, should you desire more flexibility to direct the fund’s receiving organization(s) each year, you can establish a donor- advised fund. NOTE: Donor-advised funds cannot be funded with a direct transfer from an Individual Retirement Account (IRA).
While the Starter Funds account grows, no fees are charged for its administration – all accumulated income is added to the fund to further its growth. No administrative fee is accessed until the fund balance reaches $10,000.
The large outdoor courtyard at Lincoln Middle School now has five 4- by 8-foot garden beds, installed in November 2021 with sponsorship from Jockey International’s philanthropic arm, Jockey Being Family Foundation. The foundation has “adopted” the school.
The Foundation collaborated with the Garden of Eatin’ Kenosha and Carthage College volunteers to help build the beds that will be used by students to plant cool-weather crops, while offering a number of learning opportunities including STEM-based activities and community-service projects .
Terry Flores
When the fund attains a $10,000 (through gifts and investment growth) balance, the Starter Fund matures to a permanent endowment fund. From this point, the Foundation will begin grant-making or distributing donations to entities/organizations; actions specified in the agreement.
Each year, a percentage of the fund income is directed to entities or available to fund grantees, as directed by the donor(s) in the fund agreement. Because an endowment fund’s principal remains intact, annual income payments can continue in perpetuity.
We’d love to help you simplify all this while charting your own path to fulfilling your passion for philanthropy. It is a special opportunity to participate in philanthropic giving and the returns are forever. As Winston Churchill stated: “We make a living by what we get, we make a life by what we give.” We welcome the opportunity to help make your personal philanthropic wishes a reality.
To facilitate accomplishing that goal, reach out to the Foundation at [email protected] or by calling 262-654-2412.
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Amy Greil is executive director of the Kenosha Community Foundation.
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