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.
The community foundation submits signed copies of the most recent two years’ IRS Form 990, including all schedules, attachments, and exhibits.
The IRS Forms 990 and 990-T must be readily available to the public.
The community foundation submits a copy of the annual audit as conducted by an independent certified public accountant.
The community foundation submits the budget for the most recent two years. The budget includes both revenue and expenditures for both years.
The investment policy describes asset allocation parameters, measures used to evaluate investment performance, the spending policy, and guidelines for diversification.
The community foundation submits evidence of reviews of investment performance and of managers and indicates the frequency of those reviews.
The community foundation submits all the required annual legal filings for its individual state.