June 26, 2017 at 4:10 p.m.
Three Lakes Community Foundation awards first grant
Three Lakes Community Foundation awards first grant
By By Ann Blamey-
The Three Lakes Community Funds was formed in November 2014 by a board of directors to provide philanthropic avenues for gifting and granting of funds. In 2016, the Three Lakes Community Funds applied for and received a 501(c)3 status becoming the Three Lakes Community Foundation.
Two years ago, the Community Foundation established a Rising Star Scholarship of $1,000 for a local senior in the Three Lakes school who shows extraordinary voluntary service. The student chosen receives $750 of that award and gives the other $250 to a Three Lakes non-profit of his or her choice.
Cheers for Volunteers is being created to recognize an individual who has made a significant impact in our Three Lakes community. And, of course, our first grant was given to the PTO.
There are presently two separate funds: The Endowment Fund and The Current Fund. The Endowment Fund is a restricted fund, and while the principle may not be withdrawn, up to 5 percent of the fund may be transferred to the Current Fund for granting of projects. This transfer and granting process is solely at the discretion and direction of the board of directors.
The Current Fund's principle and its earnings are immediately available for grants and programs. As a community foundation, individuals and organizations can also set up designated, special projects or donor advised funds.
Donations made on behalf of the Three Lakes Community Foundation are tax deductible, and investments in the funds can grow on a tax-exempt basis.
For more information, visit 3LakesFunds.org or email [email protected].
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