What is the Wyoming Community Foundation?
A non-governmental, publicly supported foundation, governed by a
self-perpetuating board of citizens, making grants from individual
funds contributed or bequeathed by individuals, families, corporations,
nonprofit organizations and other sources.
What is the difference between charity and
philanthrophy?
Charity is the act of alleviating human suffering in the short
term -- providing food, clothing, shelter. Philanthrophy is the
effort to improve the human condition and, specifically, to actively
assist communities and their inhabitants to become more self-sustaining
for the long term.
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Is the WYCF a "charity" itself?
Yes. The Wyoming Community Foundation is defined by the IRS as
a charitable tax-exempt 501(c)(3) organization, and not a private
foundation. Our primary role is to encourage philanthropic giving
to benefit charitable organizations and activities throughout
Wyoming.
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What is an endowment?
A fund created to provide a permanent source of support to be
used for charitable purposes. The principal of the fund is never
spent. The total earnings from principal are interest, dividends
and market gains/losses. Distributed earnings are that portion
of total earnings which are granted to one or more charitable
organizations. An endowment is not a reserve fund or a rainy day
account.
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What is the difference between the WYCF
and the United Way?
The United Way is the community's "checking account,"
obtaining monthly or annual contributions primarily through the
workplace to benefit human services organizations. The contributions
are then generally distributed on a current basis. The Community
Foundation is the community's "savings account," attracting
both outright and deferred gifts to benefit organizations in all
charitable fields including arts and culture, civic projects,
conservation and natural resources, education, health and human
services.
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Why establish an endowment in the WYCF instead
of giving directly to a favorite charity?
The fund is owned by the Community Foundation, designated to benefit
the charity, so fiduciary responsibility rests with the Community
Foundation and the charitable nonprofit only has to account for
the distributed earnings, and can better focus efforts on its
mission. Since endowments are invested in one portfolio, the Community
Foundation can better afford professional investment management
and greater portfolio diversification than might be available
to smaller investors. Should the favorite charity cease to exist,
the Community Foundation re-designates the fund's distributable
earnings to the next best organization, according to donors' intent,
while ensuring that the principal of the fund remains inviolate.
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What does the WYCF charge?
Our objective is to keep the maximum total investment fees and
administrative costs charged to a fund below 2% of average fair
market value. For a schedule of current fees, contact the Wyoming
Community Foundation.
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Is the WYCF set up to serve only the wealthy?
Emphatically no. Anyone can make a contribution in any amount
to an existing WYCF fund. Also, a separate named endowment fund
can be established with a minimum of $10,000. Community foundations
nationwide offer individuals of modest means a cost-efficient
vehicle for making gifts outright or by will or trust.
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What are affiliates?
Affiliates are local area advisory boards that are components of
the Wyoming Community Foundation. Affiliate boards are established
to assess community needs and opportunities, to implement their
own asset development, grantmaking and program priorities, to encourage
partnerships, and to initiate and sponsor activities and programs
to enhance the communities in their respective geographic areas.
Though many decisions are made locally, the WYCF handles administrative
functions such as fund accounting, investment management, and reporting,
and it provides affiliates with other support services.
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How does the WYCF decide which grants
to make, and when?
Depending upon the type and amount of monies available, local
affiliate distribution committees, fund advisory committees and,
occasionally, individual donor advisors, recommend grants for
funding to the WYCF Distribution Committee. Since applications
for grants are reviewed three times a year, applicants are invited
to submit an application at any time. Click here for more grant information.
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