The Community Foundation of Hazard and Perry County is one of hundreds of community foundations across the country and around the world. They are set up by people, corporations and families that are dedicated to improving the quality of life in a specific community or region.
It is a tax exempt public charity that allows people to establish permanent endowment funds and gift funds within the confines of one large foundation, and offers an inexpensive, value-added way to establish a named family foundation. The income from these funds is available to respond to emerging problems and opportunities in the community.
The Community Foundation of Hazard and Perry County was established in 2007 to improve the quality of life in Perry County and to build a culture of giving. Our primary work is to make grants to community groups working in education, civic engagement, youth programs, the environment, housing and health initiatives. We've granted $75,000 to qualified nonprofit organizations since we made our first grants in 2007. The foundation also provides non-financial support to community groups, by offering technical assistance and information on capacity building. Finally, the Community Foundation provides philanthropic leadership in the community.
The Community Foundation generally serves Perry County. Some programs are housed in Perry County and primarily serve Perry County but may serve some people in nearby counties as well.
Donors to community foundations range from people of relatively modest means to those with large financial resources. By establishing a fund or donating to an existing fund within a community foundation, donors can contribute their gifts of cash and appreciated property toward a permanently named endowment or an advised gift fund, in which the principal of the fund is available for grants. Many donors are interested in planned giving and have the Community Foundation in their estate plans or other planned gifts.
The Community Foundation donors are people with a strong sense of community and personal commitment to making a contribution to the community they love. Some donors want to support worthwhile causes in their community and the Community Foundation, which offers considerable expertise and familiarity with the community, can help them find the best way to commit their funds. Other donors appreciate the speed, flexibility, and ease of using the Community Foundation. Because the legal apparatus is already in place, existing forms are available so that a fund can be established, including obtaining all applicable tax advantages, in a very short time.
A governing board of directors comprised of individuals who are representative of Hazard and Perry County.
The Community Foundation was able to make grants in 2007 and 2008 to nonprofit organizations working in the arts, civic engagement, education, the environment, health, housing and youth development. For a complete list of grant recipients, go to Who We Fund.
Applicants use the grant application available on the website or through the mail. The Community Foundation works hard to reach out across the entire county for quality initiatives that have a strong impact on our community. The Foundation has a Grantmaking Committee, comprised of Community Foundation directors which consider the proposals.
Both are important resources to the community and each complements the other. Some have described the differences by suggesting the United Way is more like the community's check book, raising and distributing money annually, while a community foundation is more like a savings account, making grants from long-term funds in perpetuity.
The Community Foundation's approach offers a number of important financial benefits to donors. The Community Foundation manages a large number of unrestricted and discretionary funds; and therefore, administrative costs and service fees for any one fund are minimized - meaning less overhead cost to a donor's fund. Another important advantage is that the Federal tax code provides significant incentives for contributions to a community foundation.
The Community Foundation has a number of different types of funds to accommodate donors who prefer the long-term strategy of endowments, as well as those who want to give more actively each year. Donors can choose to establish one of these funds, which allow donors to recommend grants, or can choose to contribute to an existing fund that is flexible in response to emerging needs in the community.
Everyone can give, and no gift is too small. Community foundations offer a variety of options for making donations. By combining your resources with those of others who share your interests, you can maximize the impact of modest contributions with minimal administrative costs.
An Investment Committee of respected individuals from the county’s financial sector serve pro bono to wisely guide the board of directors in maximizing short and long term investments of the funds.
The Community Foundation provides all IRS reporting, accounting and accountability. The Grant Committee of the Community Foundation does extensive grant review and site visit work, and their recommendations and evaluations are always available to donors. The Foundation assures that all grant and scholarship recipients meet the tests to assure tax-deductible status. Donors are kept apprised of special community needs on a regular basis. We can also help donors publicize their funds or, conversely, act as a community liaison to provide anonymity for donors.
Cash donations designated to the community endowment fund can be made online or by mail. To request information about other ways to give, including estate planning, contact us via email or phone.
606.439.1357
Community Foundation of Hazard & Perry County
P.O. Box 310 • Chavies, KY 41727 • info@commfoundation.org
