Frequently Asked Questions
What is a community
foundation?
A community foundation is a tax-exempt, independent, publicly
supported, philanthropic organization established and operated as
a permanent collection of funds (endowed and passthrough) for the
long-term benefit of a defined geographic area.
Who administers the Wichita
Community Foundation?
The Foundation is guided by an administrative board of 15 area
citizens, chosen for three-year rotating terms. They are actively
involved and interested in community affairs.
Where does the Wichita Community
Foundation get its funds?
The Foundation receives funds from individuals, families, groups,
estates, other foundations and organizations.
Is the Wichita Community
Foundation for me?
Yes. The Foundation was designed to meet the varied needs and
desires of all our donors. The ways you can use the Foundation for
your charitable goals are limited only by your imagination.
May I name a fund in the Wichita
Community Foundation?
Yes. Most funds bear the name of the donor or a person to be
memorialized; others are named for the fund’s purpose. You also
may choose a name that maintains anonymity. Charitable gifts from
a fund always carry the name of that fund.
When should I set up a fund?
You may set up a fund whenever you wish. And, after it’s
established, you may add to it at any time. With a fund with the
Wichita Community Foundation there is no requirement for annual
distributions. Of course, you may also establish a fund through
your will.
Is there a minimum amount to establish
a fund?
Yes. Contributions in any amount to our unrestricted fund are
accepted. In order to establish any fund, except a scholarship
fund, a minimum amount of
$10,000 is required. A scholarship fund requires a minimum
contribution of $25,000. The fund minimum may be contributed
over a period of two years.
What fees do you charge?
Minimal annual fees ranging from 1/4% to 2% are assessed to your
named fund, depending on the assets held in the fund.
How are the Foundations assets
administered?
The Foundation’s assets are invested and monitored by professional
portfolio managers. The Investments Committee of the Board of
Directors sets the overall financial policy and monitors the
performance of the investments. You may elect to have your fund
invested in one of several types of investments to reflect your
individual wishes.
How much does the Foundation spend
on administrative costs?
The Foundation operates with a low overhead. In 2005, our
administrative costs as a percentage of total assets were .97
percent.
Who does the legal/tax paperwork?
All federal and state reporting is handled by the Foundation.
When I set up a fund, will it be kept
separate from other funds?
Yes. Funds are administered and reported separately. But for
investment purposes, Foundation funds are co-mingled for maximum
return.
Must all gifts to the Wichita
Community Foundation be cash?
No. The Foundation is able to accept gifts of appreciated
securities (which are particularly advantageous to the donor),
real property, or in some cases, personal property. The Wichita
Community Foundation offers the maximum charitable deduction
available for estate and gift planning opportunities. The
Foundation is able to provide information on giving techniques and
assist donors to evaluate the most effective ways to accomplish
their charitable goals.
Wichita
Community Foundation
200 W. Douglas, Suite 250
Wichita, Kansas 67202
Phone: (316) 264-4880
Fax: (316) 264-7592
e-mail: wcf@wichitacf.org
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Board of Directors