Rotary Club of Walnut Creek – Community Foundation (Established in 1989)

BY: Webmaster
POSTED February 2, 2024 IN
Education, General, Home Page

The club’s Community Foundation was established in response to rulings by the Internal Revenue Service over charitable organizations.  The “Foundation” is legally recognized by the IRFS as a 501(C) (3) charitable organization.  It is the “funnel” of tax exempt money to community charitable causes.  All club members are encouraged to contribute to the fund annually and are encouraged to bequeath to the fund.

The bandstand in Civic Park (Downtown Walnut Creek) was partially funded by monies provided by the Rotary Club of Walnut Creek Community Foundation.

The Community “Foundation” was instituted in 1989 with a donation of $5,000 from the Rotary Club’s reserve fund.  From 1988 to 1999, the foundation’s Board of Trustees was composed of the club’s Board of Directors.  In 1999 the bylaws were amended and a separate Board of Trustees was established composed of three designated members, the current club president, the immediate past president, and the president-elect.  In addition, there are three appointed trustees appoint by each president (for a total of nine) to serve three years.

The foundation has two funds:  a general fund and an endowment fund.  Funds for club projects and philanthropic activities come from the general fund.  The endowment fund is a growth fund from contributions. Earnings are transferred to the general fund for distribution.  Legal experts have reviewed procedures periodically to ensure that 501 © (3) requirements are met.  The Foundation files annual tax returns.

 

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