An IRS designation indicating that the organization qualifies as a public charity because it meets a public support test.
The Internal Revenue Service code section for an organization that is a charitable and tax-exempt organization. This includes both private foundations and public charities.
The Internal Revenue Service code section for a Section 501(c)(3) public charity. Section 509(a)(1) organizations include, but are not limited to, religious organizations, schools, hospitals and publicly supported organizations.
Advance ruling letter
The IRS ruling provided to new organizations seeking public charity status as a publicly supported organization indicating that the IRS has agreed to treat the organization as a public charity for an initial five year period while giving the organization a chance to raise enough public support to show that it is, in fact, publicly supported. The IRS stopped issuing advance letter rulings in 2008. Temporary regulations, which are currently in effect, state that any IRS determination letter that contains an expiration date of June 9, 2008, or later should be treated as a permanent ruling.
A geographic affiliate is a fund (or collection of funds) established within a "lead" community foundation that is specified to serve a defined geographic area - and is advised or governed by people from the specified area it serves. In other words, a geographic affiliate is simply our universal term for a common phenomenon that goes by many names. Some call them affiliates or area funds. Others call them regions or divisions. And some call them geographic component funds.
Agency endowed fund
This term can be used interchangeably with organizational endowment fund and connotes a fund established to benefit a particular agency.
A list of all planned expenses and revenues.
A report published by a foundation describing its mission, leadership, program, services, activities, and accomplishments. In the case of community foundations, it also describes its grantmaking and donor services, and includes a listing of contributors, selected policies and guidelines, and an audited financial statement.
Articles of incorporation
A document filed with the Secretary of State or other appropriate state office by persons establishing a corporation. This is the first legal step in forming a nonprofit corporation.
The distribution of a pool of assets among various asset classes including, but not limited to, domestic and foreign equities, mutual funds, or bonds, cash, real estate, venture capital, etc.
Asset management firm
Professional manager of securities (shares, bonds, etc.) and assets (e.g., real estate), to meet specified investment goals.
Cash, stocks, bonds, real estate, or other holdings of the organization. Generally, assets are invested to provide spendable dollars to be used for grantmaking.
An independent examination of the accounting records and other evidence relating to the organization to support the expression of an impartial expert opinion about the reliability of its financial statements.
Not subject to control from outside; independent.
An individual designated to receive benefits under an agreement including, but not limited to, a will, trust, or fund.
A group of persons elected or appointed to perform some service or function, as to investigate, report on, or act upon a particular matter.
A member of a governing board.
Rules governing the operation of a community foundation in corporate form, developed according to state law requirements. Bylaws often provide the methods for selecting trustees, creating committees, and conducting meetings.
Deed (declaration) of trust
The organizing document of a community foundation in trust form.
A long term plan of action to raise funds for the foundation.
Grant funds distributed at the discretion of the community foundation and not subject to donor restrictions.
As applied to public charities, the term disqualified person includes (1) organization managers, (2) any other person who, within the past five years, was in a position to exercise substantial influence over the affairs of the organization, (3) donors and donor advisers with regard to transactions with a particular donor advised fund, (4) investment advisers to assets of donor advised funds, (5) family members of the above, and (6) businesses they control. In the case of a supported organization, disqualified persons of the supporting organization are also disqualified persons of the supported organization. Paying excessive benefits to a disqualified person will result in the imposition of penalty excise taxes on that person, and, under some circumstances, on the charity's board of directors. In the case of donors and donor advisers and disqualified persons of supporting organizations, stricter rules sometimes apply.
A written document that describes what you want to accomplish with your communications (your objectives), ways in which those objectives can be accomplished (your goals or program of work), to whom your communications will be addressed (your audiences), how you will accomplish your objectives (the tools and timetable), and how you will measure the results of your program (evaluation).
Storing documentation for a set period of time usually in accordance with a policy which takes into account requirements under state and federal law.
An individual or organization who establishes a fund.