By definition, a community foundation, like YCF, is a tax-exempt, non-profit, autonomous, publicly-supported, non-sectarian philanthropic composed primarily of permanent, named, component funds established by many separate donors for the long-term benefit of the residents of a defined geographic area, typically no larger than a state.
YCF is such a public charity created by and for the people of North-Central West Virginia. We enable local people with philanthropic interests to easily and effectively support the issues they care about — immediately, or through their will. Our donors can establish a charitable fund at YCF by contributing a variety of assets, and may also recommend grants — in their name, if they choose — to nonprofit groups they want to support.
A community foundation like YCF:
- Is officially recognized by the Internal Revenue Service as tax-exempt under Section 501(c)(3) and passes the public support test as a public charity under sections 509(a)(1) and 170(b)(1)(A)(6).
- Has or is developing a history of broad support in the form of contributions from the community it serves.
- Has an independent, nonsectarian, governing body broadly representative of the public interest and that is not appointed by a single outside entity.
- Has an annual independent audit that is open to inspection by members of the public.
- Has the power to modify any restriction or condition on the distribution of assets, if circumstances warrant (variance power).
- Operates primarily as a grant-making institution and may also provide direct charitable services.
- Focuses its primary grant-making and charitable services within a defined local geographic area that constitutes, in some meaningful sense, a “community.”
- Maintains a broad grants program to multiple grantees that is neither limited by field of interest nor limited to serving only parts of the population.
- Is structured primarily as a collection of named funds that carry out the diverse charitable purposes specified by the governing body and donors, and has a long-term goal to increase the assets held as an unrestricted endowment.
For more information please contact our office by email or by phone at (304) 296-3433.