P.O. Box 172
507 N. Main
Russell, Kansas 67665-0172
Information for Donors
Frequently Asked Questions
Who can give? Anyone. Donors to the Foundation are from a variety of backgrounds with a common commitment to the community's well being.
How are the funds managed? A local board of directors guides the foundation, chosen because of their knowledge of and contributions to the community as well as their diverse representation of the community. The board is responsible for all grant distributions from the Foundation.
As an affiliate of the Greater Salina Community Foundation, funds are managed by a Greater Salina Community Foundation board committee that follows solid and responsible investment strategies to assure donors of the security of funds.
Is there someone available to answer questions? The Foundation Executive Director and Board of Directors are available to assist donors in creating funds, speak to community groups and answer questions from donors or charitable organizations. Additional staff in the Greater Salina Community Foundation office includes an Executive Director, Finance Officer, Affiliate/Scholarship Coordinator, Administrative Assistant and a Youth Coordinator.
What's the minimum donation? No gift is too small. Gifts of $25, $10, or even $1 can be made to an existing fund such as an organization, field of interest or scholarship fund, or to our unrestricted grant fund as memorials or charitable contributions. That is what makes this truly a community foundation. Minimums do exist for those who wish to establish a fund.
Are gifts to the Foundation tax deductible? Our status as a public charity ensures that contributions to the Foundation are tax deductible to the highest extent allowed by the Internal Revenue Service. The donor receives tax benefits in the year a gift is made. Grants made from a donor’s established advised fund are not tax deductible.
Who manages the Foundation’s funds? The Foundation manages a pooled investment fund under the guidance of the Greater Salina Community Foundation Investment Committee. By pooling funds, the Foundation is able to provide donors the advantage of diversified investments and economies of scale in investments and fees.
Donors who establish funds of $25,000 or more may request an outside fund manager, as long as that manager is approved by the Foundation.
What costs are involved? There is no cost to set up a fund. The Foundation board determines administrative contributions annually. These contributions are never more than 1% of the annualized fair market value of a fund.
Is the Foundation going to be here forever? The Russell County Area Community Foundation is an affiliate of the Greater Salina Community Foundation which has grown to more than $43 million in assets in just over seven years. The Russell County Area Community Foundation is quietly establishing itself as a vital organization in the community. Please read the list of our generous Founding Donors.
Who monitors the Foundation? A 12-member volunteer board of directors governs the Foundation. The Foundation also receives assistance from the Greater Salina Community Foundation. The Foundation is publicly accountable. An annual independent audit, tax returns and public disclosure of grants provide confidence as to the proper use of Foundation funds. A copy of the full audited financial statement and the most recently filed Form 990 are available for review. The Greater Salina Community Foundation has recently received accreditation for National Standards for U.S. Community Foundations from the U.S. Council on Foundations.
2. Contribute to the Fund for a Better Russell County Area, allowing the Community Foundation to respond to current, unmet needs in the community.
3. Contribute to the Foundation’s Administrative Fund and support the future needs of the Foundation.
4. Become a sustainer. Donate a minimum of $12,500 over five years, of which $10,000 will go to the Foundation’s Administrative Fund and $2,500 will go to any established fund or funds of your choice.
5. Contribute to any existing fund.
6. Encourage your favorite charity to establish an organization fund to provide ongoing support for their work.
7. Tell your friends about the Community Foundation and the services we provide.
Creating A Fund
2. Decide what to give. Almost any kind of asset can be used to start a fund, such as cash, publicly traded securities, closely held stock, real estate, life insurance, tangible personal property and private foundation assets.
3. Choose a fund name. Most funds are named for the donor or the donor's family or as a memorial to someone special. Every grant from the fund will carry this name. Donors who prefer anonymity may choose a name that reflects the donor's charitable interests.
4. Choose a type of fund. We offer a variety of funds that are flexible in order to meet our donors' different charitable interests.
Once your decisions have been made, contact the Russell County Area Community Foundation to proceed in the creation of your desired fund.
In creating a Donor Advised Fund, donors retain the right during their lifetimes or during the lifetimes of other advisors they name, to recommend grants to specific organizations or program fields. Donors may consult with the Foundation’s staff about community needs, programs and agencies. Grant distributions are handled by the Foundation.
By establishing Donor Advised Funds, donors have the satisfaction of shaping philanthropic programs that reflect their special interests and concerns. Their giving patterns will guide the Foundation in managing their endowment funds through the years.
The following policies and guidelines have been established to govern the handling of Donor Advised Funds in a manner consistent with the purposes of the Foundation and in keeping with applicable tax regulations.
1. Minimum Amount
2. Investment of Funds
3. Outside Investment Managers
4. Grant Recommendations
Grant recommendations made by donors will be evaluated to determine that they are consistent with the broad purpose of the Foundation and that recommended agencies are eligible to receive charitable distributions. Donor recommendations are then acted upon by the Foundation’s Grant Committee. Grants are ordinarily processed within a week. Each grant recommended from a Donor Advised Fund must be for a minimum of $250. Grants from a Donor Advised Fund may invade principal of the fund provided the fund balance remains at $10,000.
5. Special Projects
6. Satisfaction of Pledges
7. Permissible Recipients
9. Successor Advisors
10. Restricted vs. Unrestricted Funds
11. Subject to Governing Instruments
12. Administrative Contributions and Special Fees
(b) Each specific component fund will be charged a fee for any extraordinary expenses incurred on behalf of that fund, such as commissions for the sale of contributed securities. Additional fees may be charged for extraordinary services, such as special grant processing, large numbers of transactions, or other non-standard services.
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