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Benefits of Affiliation
Following are the benefits of affiliating with an established Qualified Community Foundation:
- The affiliate operates under the 501(c)3 status and tax ID of the Qualified Foundation – therefore the affiliate does not have to file to get its own separate nonprofit incorporation or 501(c)3 tax exemption;
- As an affiliate fund, the affiliate shares the recognition of a qualified community foundation meeting national standards (the board of the Qualified Foundation is legally responsible for oversight of the affiliate fund);
- An annual independent audit of the affiliate is part of the Qualified Foundation’s audit. Audit costs for a Foundation can run into several thousand dollars annually;
- An annual IRS report is prepared as part of the IRS Form 990- 3. Quarterly reports on the funds of your Community Foundation are also prepared;
- A section of the Qualified Foundation’s annual report and website might be devoted to your Community Foundation;
- Acceptance of gifts for Charitable Gift Annuities with income for life for donor – the Qualified Foundation would calculate and pay out income;
- Acceptance of gifts and oversight for donor advised funds that allow the donor to remain involved in gifting to your local charities;
- Staff support in evaluating grant requests and in monitoring grants & scholarships funded;
- All records of your Community Foundation Funds required to be kept under the laws governing community foundations will by kept by the Qualified Foundation;
- Investment services;
- Accounting services for funds;
- Support in marketing material that meets the National and State Standards;
- Invoicing and receipting of pledges;
- You would be able to attend conference for the National Conference of Foundations as well as eligible for membership in the Iowa Council of Foundations;
- Potential to partner with the Qualified Foundation for grant opportunities made available only to 501(c)3 tax exempt organizations;
- Other services as requested by your Community Foundation Governing Body and approved by the Qualified Foundation.
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