Annual Report

Spring 2020 Newsletter
Guiding the Giving (Off  68)


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Frequently Asked Questions

Why should I give through the Community Foundation for Monterey County?

Giving through the Community Foundation for Monterey County (CFMC) can help you focus your philanthropy for maximum impact. As a fund holder, you qualify for tax savings and management and investment services. You will also have access to resources to help you identify nonprofit organizations that best match your interests. And because we regularly monitor the progress of nonprofit agencies, we can provide accountability that the charities are using your gift as intended.

What are the tax benefits of giving to the Community Foundation?

Because we are a community foundation we are a fully tax-exempt foundation, which means donors receive the highest possible tax deductions for their contributions. We are not subject to excise taxes and other management and reporting requirements that apply to private foundations.

How do I know that the Foundation is financially accountable?

An independent audit of our financial statements is performed annually. All financial information is available to the public. As an advisor to your fund, you receive a detailed financial report quarterly and access to a highly qualified finance team is just a phone call away.

How do I decide what kind of fund to establish?

This depends on whether you wish to have ongoing involvement in distributing grants from your fund of if you prefer to have us make distribution decisions based on community needs. Other factors include whether you want succeeding generations to give through your fund or if you want the fund to exist for your lifetime only. Other considerations include how specific your interests are; if you have set up a life-income plan to provide income to designated individuals with the remainder going to charity; or if you prefer administrative help with a large fund. For more details, please see our fund descriptions in the Types of Funds section.

What is the difference between an endowed fund and a non-endowed fund?

Principal and earnings in non-endowed funds can be distributed to charities at the timing you choose. On the other hand, endowed funds are intended to leave a permanent legacy. With endowed funds, the original contribution or principal remains in the account to generate earnings; the interest is then available to be distributed to the nonprofit organizations of your choice year after year. You can opt to convert your fund from non-endowed to endowed.

What fees are funds charged?

Fees vary depending on the nature of the fund. Visit the Donor Resources section for a complete fee schedule.  

Who administers the assets?

An investment committee composed of experienced professionals from our community oversees the management of the Community Foundation assets. The committee operates with the guidance of our independent investment consultant: Wurts & Associates.

What information do fund holders receive?

Fund holders receive our annual report, newsletter as well as quarterly statements detailing the activity in their funds. They are also invited to meet with staff to develop strategic giving plans and review staff-prepared research on local organizations and causes specific to their interests. In addition, the Community Foundation provides opportunities for our fund holders to tour local agencies and learn about pressing community needs.  A complimentary subcription to our weekly electronic newsletter is available through this site.

In what ways are funds distributed from individual funds to the community?

The Community Foundation distributes funds based on the request and recommendation of the donor as approved by our Board of Directors. The Community Foundation reviews donor recommendations using criteria established by our Board of Directors in accordance with IRS guidelines. We verify that the proposed grantee is recognized by the IRS as a charitable organization in good standing. In addition to donor requests, distributions can also be made through competitive grant processes, projects and scholarships.

More questions?

Please contact President/CEO, Dan Baldwin or call 831.375.9712 x115.

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