Finance & Legal
The IRS determination letter provides evidence that the community foundation is recognized by the IRS as tax-exempt under IRS Code section 501(c)(3) and is organized and operated exclusively for charitable purposes. In addition, the determination letter will show that the community foundation is recognized by the IRS as a publicly supported charity under sections 509(a)(1) and 170(b)(1)(A)(vi).
Tab 7: IRS Form 990 for Most Recent Two Years
The community foundation submits signed copies of the most recent two years’ IRS Form 990, including all schedules, attachments, and exhibits.
Tab 8: Public Availability of IRS Form 990 and 990-T
The IRS Forms 990 and 990-T must be readily available to the public.
Tab 9: Annual Audit (or Independent Financial Review)
The community foundation submits a copy of the annual audit as conducted by an independent certified public accountant. If total assets are $5 million or less, the foundation may submit a financial review conducted by an independent certified public accountant. Evidence of the public availability of the most recent audit or financial review is also submitted.
Tab 10: Annual Budget
The community foundation submits the budget for the most recent two years. The budget includes both revenue and expenditures for both years.
Tab 11: Investment and Spending Policy
The investment policy describes asset allocation parameters, measures used to evaluate investment performance, the spending policy, and guidelines for diversification. The investment policy includes guidelines to prevent violation of excess business holdings rules for assets held in funds legally defined as donor advised funds.
Tab 12: Evidence of Investment Performance Review
The community foundation submits evidence of reviews of investment performance and of managers and indicates the frequency of those reviews.
Tab 13: Required Annual Legal Filings and Disclosure
of Current Investigations
The community foundation submits all the required annual legal filings for its individual state. Because the specific legal filings vary from state to state, different evidence is required for each state.
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About National Standards
They guide sound policies and accountable
practices. They build capacity to carry
out our missions. They make
community foundations distinctive.
