The Fort Scott Area Community Foundation provides a 501c3 vehicle for a benefactor to donate to any charitable cause. It is not in competition with any other foundation, but instead creates a variety of ways to make charitable contributions. Community foundations are a rapidly growing and influential part of today's nonprofit sector. Community foundations are one of the most rapidly growing segments of the nonprofit sector. Ultimately, community foundations are designed to have a far-ranging
focus - the greater good of the entire community. Therefore, there is potential to honor the past as well as to impact the future. Community foundations are in the unique position of raising and distributing charitable contributions. Community foundations offer an array of giving options. The Fort Scott Area Community Foundation (FSACF) is affiliated with the Community Foundation of Southeast Kansas (CFSEK) and also the Greater Kansas City Community Foundation (GKCCF). The GKCCF invests all FSACF funds upon the recommendation of the FSACF Board. The GKCCF also prepares financial reports for the FSACF.
Why Philanthropy?
Philanthropic investments can be more than cash financial transactions. Philanthropic gifts can involve stocks, bonds, or real estate as planned gifts. Philanthropy creates a relationship with the community that goes above and beyond what is required to sustain the community. It ensures the future of the community.
The miracle of philanthropy is built on generosity. The Fort Scott Area Community Foundation pledges to work with each benefactor to create an individual plan to honor the past and impact the future.
Ways to Give
As a benefactor, your gifts to the Fort Scott Area Community Foundation can be endowed or non-permanent. Endowed funds act as a permanent pool of resources of which only a fixed percentage of the assets in the fund are used in granting. The goal of endowed funds is to exist in perpetuity so that the needs of the community are met both now and in the future. Non-permanent funds are treated as a pass-through in that the entire fund is accessible at any time for immediate granting purposes. The Community Foundation is able to accept many forms of gifts including checks, stocks, life insurance, and outright bequests. Additionally, we have the ability to work with more complicated gifts such as gifts of real estate and estate-planned gifts beyond outright bequests. All gifts are tax-deductible to the extent permitted by law.
In addition to supporting the Fort Scott Area Community Foundation General Endowment Fund, benefactors are able to establish their own named funds through the Community Foundation. Fund options available are as follows:
1. Unrestricted funds give the Foundation the discretion to make grants that address the most urgent needs of the community as they change over time. The Fort Scott Area Community Foundation granting committee will work to ensure that the Foundation strives to make meaningful grants to benefit the community.
2. Donor Advised funds allow the benefactor the opportunity to suggest grants to the charitable causes they personally want to support.
3. Field of Interest funds allow the benefactor to choose an area of interest to be supported as the need arises. Chosen topics could include, but are not limited to, education, children and family, arts and culture, animals, environment.
4. Designated/Agency funds allow the benefactor to decide at the time of their gift which name, charity, agency or specific project will benefit from the gift.
5. Scholarship funds allow benefactors ability to provide support to students who wish to further their education, but for various reasons may be unable to afford to do so.
Frequently Asked Questions
What is the Fort Scott Area Community Foundation?
The Fort Scott Area Community Foundation (FSACF) is a tax-exempt, independent, publicly supported philanthropic organization established for the long-term benefit of the greater Bourbon County, Kansas area. It is not in competition with any other foundation, but instead encourages and distributes philanthropic funds to charitable entities according to benefactors’ wishes.
Who runs the Fort Scott Area Community Foundation?
An independent governing body that represents the broad interests of the community runs FSACF. Members of this Board serve limited terms.
How does Fort Scott Area Community Foundation get its funds?
FSACF actively seeks new contributions from a wide range of benefactors. The Board provides assistance to those benefactors in fulfilling their philanthropic interests.
Who can receive grants?
Grants are awarded in a competitive process to non-profit agencies in the community. These agencies must be qualified 501 c 3 organizations or governmental agencies.
How can Fort Scott Area Community Foundation help the community beyond making grants?
FSACF provides a pass-through opportunity for a benefactor who wants to make one tax-deductible gift to a charitable organization. As FSACF grows, it will also provide leadership on community issues in significant community discussions.
Who invests Fort Scott Area Community Foundation’s money?
FSACF is affiliated with the Community Foundation of Southeast Kansas (CFSEK) and also the Greater Kansas City Community Foundation (GKCCF). While FSACF establishes the philosophy and policies for investments, the GKCCF invests all FSACF funds and prepares financial reports for the FSACF.
Will the Fort Scott Area Community Foundation ever change a benefactor’s instructions?
A fund agreement covers all gifts and funds in FSACF. This agreement includes a “variance power” to modify the use of restricted funds if such restrictions became unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served. Those are the only conditions under which FSACF modifies the terms of a gift.
To whom is Fort Scott Area Community Foundation accountable?
FSACF files an annual return with the IRS, which is a publicly available document. FSACF is primarily accountable to the people of the area it serves and publishes an annual report that is available to all.
Do I need a lawyer to talk to Fort Scott Area Community Foundation?
The fund agreements that establish benefactor-named funds in FSACF are made available to each benefactor during preliminary conversations with the FSACF Board. It is always recommended that the benefactor’s individual counselors review charitable gift plans.
How would I use Fort Scott Area Community Foundation?
A family may choose to establish a named fund that bears their family name and continues their community giving in perpetuity. A community group may decide to establish a fund in honor of, or memory of, a friend or community leader. A business may choose a FSACF to help with its grant making, thus saving time and personnel for the business, yet assuring support for their selected charitable interests. Some benefactors choose to make their community philanthropy anonymous and the foundation is a perfect partner to help them. Nonprofit agencies could establish their endowments within a FSACF to guarantee their endowment benefactors that the principal of the gift is never disturbed and the earning will forever come to the agency.
What is the difference between the United Way and Fort Scott Area Community Foundation?
The United Way typically serves only its member agencies, which are a small percentage of the community health and human service organizations. It makes annual distribution for general operating support to these agencies based on its annual fund drive proceeds. FSACF supports all areas of the community - arts and culture, education, health and human services, recreation, and civic affairs – and has no members who are guaranteed annual gifts. It distributes earning in a competitive grant making process, generally on a one-year only basis. FSACF distributes only the earning from its endowment not all of the money that it holds. The community is well served to have both a United Way and FSACF.
How long does it take to establish a fund?
It is a simple process to establish a fund. It involves a meeting with a representative of the FSACF Board and the benefactor to review the fund agreement form and determine the benefactor’s desires and the most suitable way to accomplish them. Once the benefactor and other appropriate counselors of the benefactor approve the form, the initial contribution is made and the fund is established. Generally, the fund then needs to be approved and accepted by the FSACF Board at its next meeting.
How much does it take to establish a fund?
There is no minimum contribution that may be made to FSACF. To establish a named fund, however, the minimum is $10,000. This may begin with a contribution of $2,500 and the benefactor has three years until the fund totals $10,000. For funds that are less than the required amount to establish a named fund, any amount may be added to FSACF existing funds. A contribution may also be made to the endowed unrestricted fund from which the Board’s grant making committee will award yearly grants to charitable organizations.
Must all gifts to the Fort Scott Area Community Foundation be checks?
No, all gifts do not have to be in the form of checks. FSACF is able to accept gifts of appreciated securities (which are particularly advantageous to the benefactor), real property, or in some cases, personal property. FSACF offers the maximum charitable deduction for estate and gift planning to the extent permitted by law. FSACF provides information on giving techniques and assists benefactors in evaluating the most effective ways to accomplish their charitable goals.
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