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What is the Montana Community Foundation?
What is the Montana Community Foundation? The Montana Community Foundation is a nonprofit community foundation that manages and invests charitable funds for individuals, families, businesses and other nonprofit organizations. Our mission is to cultivate a culture of giving so Montana communities can flourish. Founded in 1988, the community foundation has more than $58 million in assets under management and administers more than 500 philanthropic funds that make grants to charitable organizations and causes across the state. We are a center for philanthropy in Montana, working with donors, charitable organizations and communities to provide simple and effective ways to give back to Montana
What is a community foundation? A community foundation is a flexible, yet permanent collection of funds supported by a wide range of donors. Community foundations make grants to community groups from funds established by individuals, families, businesses, and others that want to support the work of nonprofits, schools, and other groups that address community concerns. There are more than 700 community foundations across the United States. In Montana, there are more than forty five local community foundations affiliated with the Montana Community Foundation. Find the local community foundation in your area.
How are you different from commercial gift funds? The Montana Community Foundation offers more charitable products at the same, or lesser, service charges than the commercial gift funds. The Foundation also offers the local, professional expertise of its staff to help connect your clients to the community causes they care about. In addition, the small fee we charge to manage your fund supports our programmatic efforts to create permanent wealth for Montana, instead of profiting commercial gift funds.
Are your endowments “qualified” so my clients can claim the Montana Endowment Tax Credit? Yes. We qualify under Montana law (MCA 15-30-165 (2)(a)) and as well meet the qualifications of the Montana State Auditor’s office to accept charitable gift annuities. (MCA 33-20-701). Read more about planned giving at the Montana Community Foundation.
What kind of assets can be used to establish a fund? Funds can be created with cash, stock, real estate, retirement plan assets, and life insurance. For additional information, and to discuss other types of assets your client is considering contributing, please contact us.
What is the minimum balance to open a fund? Donor advised and donor designated funds require a minimum of $25,000 to open. (Once the fund is open, gifts of any size are accepted. Planned gifts must be a minimum of $5,000.) Scholarships require a minimum balance of $100,000. Read more about the types of funds we offer.
What kind of funds can my client establish? Most funds at the Foundation fall into three categories: Donor Advised, Donor Designated, and Scholarship. Read more about the different kinds of funds.
My client would like to terminate a private foundation, can you help? Section 507 of the Internal Revenue Code permits termination of a private foundation in either trust or corporate form and the distribution of its assets to a public charity. A private foundation can simply transfer its assets to a donor advised fund at the Montana Community Foundation and file the final 990-PF to the IRS afterwards. The Montana Community Foundation is a public charity into which a private foundation may distribute all or part of its assets. For more information, please contact us.
The endowments are actively managed in compliance with our investment policy, which reflects compliance with Montana law, our view of the financial market place, and our responsibility to protect and grow principal and to provide for annual distributions. In the simplest terms, our investment goals are:
The balance of all endowment funds is invested in a pool, which is managed by institutional funds managers selected by the Foundation in a competitive proposal process. Our oversight of managers is rigorous. We monitor performance against the requirements and goals of our investment policy. Read more about our most recent investment performance.
What fee do you charge for services? The Montana Community Foundation pays fees for professional investment management and portfolio oversight. We also charge a fee for the administrative services we provide. The combined fees are charged to the endowment funds each month as a percentage of the average daily monthly balance. Fees vary according to the fund type, size of the endowment, and services provided. Please ask us for a current fee schedule. We do not charge for consultations or presentations to you and your client. Our work with professional advisors is part of our mission to promote philanthropy in Montana.
How does my client know how their fund is performing? We send quarterly fund statements. Investment performance information is posted on our website each quarter.
What other services can my client expect from you? A donor creating an endowment at the Montana Community Foundation can expect us to carry out their charitable wishes in perpetuity. The Gift Agreement establishing the endowment clearly states the purpose of the fund. But, beyond that, we try to learn as much as possible about the donor’s charitable goals, motivations for creating the endowment, favorite organizations or types of services. This information is recorded in our permanent records, so that we can be sure of honoring the donor’s wishes long after s/he may be around to execute them in the event of changing circumstances. We process all requests for distributions in accordance with the donors’ instructions. In some cases, we solicit proposals for the donors’ consideration and make awards on their behalf. We maintain the anonymity of donors if they wish. Donors can trust us to safeguard their charitable intentions in perpetuity, and make sure their generosity is remembered forever.
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The Montana Community Foundation | 1 N.
Last Chance Gulch, Suite 1 | Helena, MT 59601 Phone: (406) 443-8313 | Email Us |
