By Rose S. Prinzi
We are the Chautauqua Region Community Foundation— an independent philanthropic organization that serves the Chautauqua Region. As a Foundation, we apply a variety of creative approaches to support local students, development efforts, and sustain community nonprofit organizations. Our mission? “…to enrich the quality of life in the Chautauqua Region.”
This mission is carried out by providing grants to area non-profit organizations, scholarships to area students, and by financially supporting special projects in order to nourish the economic health of our community. CRCF administers over 500 separate endowment funds established by individual donors, families, charitable organizations and businesses.
1. How does the Chautauqua Region Community Foundation work?
CRCF accepts donations to endowment funds from the public and invests these monies. A portion of the investment returns are awarded back to the community each year through grants and scholarships.
2. What is an endowment fund?
An endowment fund is a permanent fund established by a donor for a charitable purpose.
3. Who can and how do you establish an endowment fund with CRCF?
Anyone can establish an endowment fund. With the assistance of CRCF staff, a donor can take the steps necessary to initiate a fund on behalf of a charitable cause or purpose. An endowment fund can be established with any amount of money. However, $5,000 is required to activate the fund. The donor will have five years from its inception to reach that amount. When the fund becomes active, the designated recipient(s) or cause will receive an annual grant generated from the fund.
4. Can gifts be added to an established fund?
Yes, once a fund is established, any amount may be added to that particular fund, or any other fund at CRCF, at any time. Some donors add yearly, some for special occasions and some will designate funds in their wills. As a note, you do not have to have a fund established to make donations to funds at CRCF.
5. Are there tax advantages of donating to CRCF?
CRCF is an IRS-qualified, 501(c)(3) organization, so all contributions are eligible for tax deductions, whether made by an individual or business. Additionally, CRCF can handle other forms of gifts, including gifts of stock, bonds, mutual funds, and real estate, and can work with donors in setting up planned gifts, such as the Charitable Gift Annuity.
6. How are my donations/funds invested?
CRCF assets are overseen by fourteen money managers who are required to meet performance benchmarks. CRCF also works with an investment consultant on effective strategies and follows an Investment Policy with strict guidelines. CRCF’s Investment Committee monitors all investment activity and strives for the best possible performance for all funds entrusted to the Foundation.
7. What are the overall goals of CRCF?
The broad purpose of the CRCF is to become an ever-growing community partner; so that, together, we can all build a better community for the future. As part of that, CRCF will always strive to create partnerships with individuals, corporations, private foundations, and area non-profits, so that local expertise and resources can address local problems.
The Foundation exists to serve the community. Our work will endure for generations to come. Take advantage of all the Foundation offers by calling 661-3390 or go to our website at www.crcfonline.org. Let the Chautauqua Region Community Foundation be your foundation!