1. Why was the Foundation created?
The Foundation was created to give concerned
citizens an innovative way to use their charitable dollars for the good of
McHenry County. Unlike other charities, the Foundation will direct it's
unrestricted grants toward unmet needs within our communities. It will
support new ideas, new programs and deserving existing entities in need of
expansion monies.
2. What are the advantages of using the
MCCFDN?
Donors are given a low-overhead, charitable
option which is extremely flexible in it's design. The Foundation can assist
almost any donor in meeting his or her giving pattern, charitable objective
and estate or tax situation.
The Foundation is flexible but
permanent; not only will the Foundation adapt it's unrestricted giving to
meet the changing needs of the county, but should the charitable goals of an
endowed fund become obsolete, grants will be redirected to meet similar
objectives.
3. How does a donor work with the
Foundation?
The first step is to work with the donors and
their advisers to clarify what they want to accomplish. Questions such as
whether they have a specific charity, issue or community in mind, whether
this is a one-time or ongoing contribution and whether they or their
families wish to stay involved in the future of the fund, are asked, and the
answers are shaped into an expression of the donor's philanthropic
objectives.
Once the vision is clear, the
Foundation can assist in structuring the gift to best meet the donor's
financial, estate or income tax needs. Generally the goal is to identify the
best asset and the best time to give in order to minimize taxes and maximize
charitable dollars.
4. How is the Foundation
governed? Who is involved?
The Foundation is governed by an
thirteen member Board of Directors who serve 3-year terms. The bylaws
require that the directors represent a broad cross-section of the views and
interests of the McHenry County community. The Foundation also has a
professional Executive Director who oversees the Board's directives and
day-to-day activities.
5. How can I be comfortable in
the Foundation's permanence and the safety of my gift?
The McHenry County Community
Foundation is a registered charitable 501 (c)(3) organization subject to
review and accountability by the Illinois Attorney General and the Internal
Revenue Service. It is governed by uncompensated local citizens with diverse
backgrounds but common interests in the betterment of life in McHenry
County. The Foundation is built around endowed funds which are invested
conservatively and ensure the growth of the Foundation and the philanthropic
goals of it's donors. Investment decisions will be made by long-established,
professional advisers following board approved investment policies.
