Connecting People Who Care with Causes that Matter

Foundation FAQ's (12)

A Community Foundation is supported by a broad and ever-widening group of unrelated individuals, families, corporations, and institutions. The only thing that connects all of our donors is a desire to improve local communities.

Because of their broad base of support, Community Foundations are classified by the IRS as publicly-supported charities. This gives Community Foundations tax advantages not enjoyed by private foundations.

Community Foundations are also allowed to treat all funds within their control (known as “component funds”) as part of a single corporation. This gives them administrative advantages over private foundations as well.
Private foundations, by contrast, are generally supported by a single individual, family, or business. Rarely does it make sense to establish a private foundation if the principal endowment is not large. Today, of course, the world’s largest foundations -Gates, Ford, Kellogg- are all still private foundations.

To prevent abuse and self-dealing, private foundations have been subjected by the IRS to numerous penalty taxes and legal requirements, since the 1970s.

Because Community Foundations are controlled by large, diverse, and unrelated boards of directors, and the possibility of abuse is slim, the IRS does not impose any tax penalties or burdensome legal requirements on Community Foundations.


A community foundation is a tax exempt, non-profit, publicly supported, philanthropic institution with the long term goal of building permanent, named funds for the broad-based charitable benefit of the residents in a given area.

The common mission of every community foundation is to enhance the quality of life in the local area. Community foundations carry out this very broad mission by building a permanent endowment fund and using the annual income to support a variety of local nonprofit organizations through grants and special projects.

Most community foundation assets are held in separate funds established by local individuals, families, businesses, or charitable institutions. Each fund may have a special purpose, but the foundation board of directors, representing the community, oversees them all. The IRS recognizes community foundations as public charities in part because they receive support from the general public and their boards broadly represent the areas served.


A Community Foundation receives contributions from a wide range of local individuals, families, and businesses.  Most establish separate, named funds for specific purposes: to support local education or health, to fund a scholarship for local students, or to endow a local non-profit institution. A community foundation saves individual donors time and money by handling the administrative details of many funds jointly:

  • Through the community foundation’s finance committee it makes investment decisions for all funds
  • Through its staff it handles all tax filings, bookkeeping, and grants processing

Because of this and other built-in “safeguards” of the community foundation model, the IRS permits each fund established in a community foundation to qualify as a “component fund” of it. In effect, that means that each fund qualifies as a publicly-supported, non-profit 501(c)3 organization unto itself.  It becomes, as it were, a “foundation within a foundation.” In turn, the advantage of public-charity status gives donors maximum tax benefits for all their donations.


Most non-profit organizations have a specific mission. By contrast, a Community Foundation’s mission is very broad: to improve the quality of life in a given area. This breadth of mission reflects our ability to make grants in any field of interest with a charitable benefit to local communities.

This flexibility allows us to serve a wider group of potential donors on the one hand and, on the other, a wider group of non-profit organizations whom we consider our partners in improving local communities.

Area non-profits benefit from having a local Community Foundation because the Community Foundation helps money stay in a community. Community Foundations benefit local non-profits in other ways, too: besides having local grant money available, some non-profits ask the Community Foundation to manage an endowment on their own behalf. We call such funds “agency endowment funds.”

As it grows, a Community Foundation gradually becomes the center for all charitable giving in a community. We help make connections between the people who want to give and the people who need their support.


While cash or checks are simplest, many donors find that securities, real estate, or even life insurance policies maximize tax benefits by avoiding capital gains taxes on highly appreciated property. Direct bequests via will or beneficiary designations for tax-deferred retirement plans have become frequently used planned giving tools. The Foundation staff can provide more details on attractive estate planning, insurance and property gift options.


No. According to IRS regulations, the Community Foundation may make grants only to qualifying nonprofit public charities. The Community Foundation staff checks all organizations for documentation of nonprofit status. 

Scholarship awards are made payable to the institution the recipient is attending on his/her behalf.


The Foundation’s work involves managing, investing, and making effective charitable grants from the assets of 170+ different charitable funds to date; including unrestricted endowments, designated funds, donor advised funds, fiscal sponsorships, field of interest funds and scholarship funds. Each fund receives its share of the Foundation’s investment return as part of maximizing its grant-making potential.


We have been in existence since 1999. We are governed by a distinguished, all volunteer, Board of Directors. We are a 501 (c) (3) nonprofit organization. We are a very transparent organization and would be happy to provide you with current financial information. Our financial information is also publicly available under the About section of our website.


You can honor or commemorate a special person with a named permanent endowment fund, or with a memorial contribution in the honoree’s name for any amount to the Foundation for general operating support, or to add to an existing permanent endowment fund. The Foundation takes care of all appropriate gift acknowledgements.


When we receive a donation here at the Foundation, we will send a tax receipt to the donor and we will send you a letter saying who gave in your loved one’s memory. We will include the donor’s address so you may thank them in your own way as well.


Creating a permanent endowment fund ensures that the special people who have “left footprints on our hearts” are forever remembered in our community. It takes just $25,000 to establish a permanent endowment fund from which grants will be awarded forever in a loved one’s name, and the Foundation charges a very modest annual fee of approximately 1% annually to administer your endowment fund. You have up to five years to achieve the $25,000 minimum to endow your fund.


The Oscar B. Greenleaf Scholarship Fund is a great example. Mr. Greenleaf left a bequest of $1 million to establish a scholarship fund. The Foundation grants out approximately 4% annually in scholarships. That equates to approximately $40,000 in scholarships going out of the fund to local students each year. What a legacy Mr. Greenleaf left to his community. Forever and ever, this fund will continue to award scholarships, and the annual scholarships will grow as the $1 million bequest grows through its investment. As you can see, when you establish or support an endowment, your gift just keeps giving…and getting bigger!


Upcoming Events

May
3
Fri
2019
Kentucky Derby Cocktail Fundraiser – hosted by Illuminate Goshen @ Limoncello at the Orange Inn
May 3 @ 8:00 pm – 10:00 pm

Join us for our first ever Kentucky Derby fundraiser! Featuring passed hors d’oeuvres, drink specials, auction items and a derby hat contest! 

Tickets are $30.00 in advance and $35.00 at the door.

Jun
7
Fri
2019
June Art Walk – Hosted by Illuminate Goshen @ Webster Park
Jun 7 @ 6:00 pm – 9:00 pm

Presenting premiere artists from the area showcasing their work, that is available for sale, along with music, food, crafts and more! 

Jun
16
Sun
2019
Trotter Unveiling – Hosted by Illuminate Goshen @ Goshen Harness Racing Museum
Jun 16 @ 11:00 am – 1:00 pm

Join us for the return of the esteemed trotters’ first peek before they are dispersed throughout the village for the summer! 

Jun
24
Mon
2019
2nd Annual Dustin James Memorial Golf Outing @ West Hills Country Club
Jun 24 @ 11:00 am

2nd Annual Dustin James Memorial Golf Outing

Registration & Lunch – 11:00 AM
Shotgun Start: 12:00 PM
Cocktail Hour: 5:30 PM
Awards Dinner: 6:30 PM

For full event details and to register click here. 

Interested in becoming a sponsor? Click here for package details.

Jul
8
Mon
2019
2nd Annual Christine Thomas Memorial Foundation Golf Tournament @ West Hills Country Club
Jul 8 @ 11:00 am

Use the button below to pay for reserved golf tickets:


Ticket Level
Golfer name(s)


 

Use the button below to purchase Dinner Tickets:


Ticket Level
Guest name(s)


 

Use the button below to become a sponsor:

Sponsorship Levels



 

To pay via check, please click here to fill out a form and make checks payable to
“CFOS – Christine Thomas Memorial Foundation.”
Jul
11
Thu
2019
Summer Concert Series – Hosted by Illuminate Goshen @ Church Park
Jul 11 @ 6:30 pm – Aug 28 @ 8:30 pm

Join us for a concert on the green every Wednesday evening from 6:30 – 8:30. Bring a lawn chair and enjoy the beauty of the village. 

Aug
2
Fri
2019
August Art Walk – Hosted by Illuminate Goshen @ Webster Park
Aug 2 @ 6:00 pm – 9:00 pm

Area creatives join together to exhibit their works for sale in open air. This is a fun filled evening featuring music, dancing and activities! 

Aug
5
Mon
2019
We Have Your 6 Golf Outing @ West Point Golf Course
Aug 5 @ 8:30 am

Sep
20
Fri
2019
Trotter Auction – Hosted by Illuminate Goshen @ Limoncello at the Orange Inn
Sep 20 @ 6:00 pm – 8:00 pm

Come bid on your favorite horses to benefit both our local artists and our local programs. 

Sep
28
Sat
2019
Fall Ball – Hosted by Illuminate Goshen @ Stagecoach Inn
Sep 28 @ 7:00 pm – 11:00 pm

Join us for our cocktail party fundraiser in the newly renovated space at the Stagecoach Inn. The restaurant will be closed to the public during this event to allow for dancing, drinks and hors d’oeuvres. 

Early bird ticket pricing:
$110 Single Ticket
$200 Couple

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30 Scott’s Corners Drive, Suite 203
Montgomery, NY 12549
Ph: (845) 769-9393
Fax: (845) 769-9391
e-mail us

Text CFOSNY to 22828 to sign up for our mailing list - Message and data rates may apply
Text CFOSNY to 22828 to sign up for our mailing list – Message and data rates may apply

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