Unrestricted Funds of the Foundation

Unrestricted funds are created by visionary philanthropists who care about the community’s future. The Parkersburg Area Community Foundation has been established in such a way to guarantee donors a permanent center for philanthropic giving that will enable future generations to address community needs. The Foundation depends on its unrestricted funds to meet these needs and to support innovative responses to community problems. Donors who create Unrestricted funds make an impact on the community that transcends the barriers of time and change.

The Role of the Donor

• Open an Unrestricted fund with a contribution valued at $5,000 or more.
• Name the fund.
• Work with the Foundation’s staff to publicize the fund as desired.
• Take a tax deduction at the time the gift is made.
• Add to the fund at any time.

The Role of the Foundation

• Provide the services of the Foundation’s professional grantmaking staff to the fund.
• Assure that the name of the fund is associated with all grants made from it in perpetuity.
• Manage the fund, oversee its investment, and maintain fund records.
• File federal and state tax returns and provide an annual independent audit.
• Report the fund in its annual report.
• Issue financial reports on the fund to the donor.

Are there any other considerations?

An individual or organization which places a fund in the Parkersburg Area Community Foundation gives up control of these funds. They are no longer assets of the individual or the organization; but instead, fall under the ultimate authority of the Foundation’s Board of Governors. Although the funds will be permanently committed to the purposes outlined at the time of the fund’s establishment, the individual or organization can not be directly involved in management of the asset or its investment.