The Bartlesville Community Foundation believes in the “Power of Together.” It is a simple vision that enables us to accomplish far more in Bartlesville than any individual could alone. Through the generosity of our donors, that vision translated to more than $1.5 million granted out last year to support the organizations and people that need it most.
Together, we can ensure those who spent their lives shaping this community and those who are shaping it today have the ability to leave a lasting impression. The Bartlesville Community Foundation offers many solutions for people of any means to reach their philanthropic goals.
Donor Advised Fund: Allows donors to make a charitable contribution, receive an immediate tax benefit, and then, over time, recommend grants from the fund to benefit the charitable causes important to the donors.
This is also a terrific alternative to starting a private family foundation. In addition to tax benefits, starting a fund through the Bartlesville Community Foundation has an extremely short turn-around time. Furthermore, our staff has the knowledge and expertise to advise on and screen grant requests while performing auditing and financial reporting requirements on donor’s behalf.
Another advantage of working with the BCF to establish a Donor Advised Fund in lieu of a Private Family Foundation, relates to annual spending requirements. Private family foundations must follow minimum spending rules outlined by the IRS. While the BCF must also follow specific IRS guidelines, as a public foundation, we are not held to strict spending rules. Because of the BCF’s focus as a public charity, donors with a Donor Advised Fund are able to claim tax benefits while also accommodating their philanthropic goals.
Designated Fund: Allows donors to create a named fund and designate specific nonprofits they would like to support every year, forever. By offering this fund type, donors gain piece of mind in that they can set up their giving in such a way that their passions are funded in perpetuity.
Field of Interest Fund: Allows donors to create a fund that gives the BCF discretion to fund grant requests from nonprofits based on specific causes (e.g. education, youth, seniors, etc.).
Fiscal Sponsorship: Allows start-up nonprofits or those seeking to alleviate administrative burdens to create a charitable program under the BCF’s 501 (c)(3) umbrella.
Agency Fund: A fund established by a nonprofit for its own benefit. Funds are invested with the Foundation’s pooled fund which grow over time and income is used to provide a sustainable source of revenue for the benefiting nonprofit.
In our ongoing series of articles about the Bartlesville Community Foundation we will further explore the many ways that you too can invest in the organizations and causes important to you. But if you are ready to explore those opportunities now, contact the BCF at 918-337-2287.
Laura Jensen is the Director of Operations for the Bartlesville Community Foundation. She can be reached at 918-337-2287or by e-mail at email@example.com.