Frequently Asked Questions
What is the legal structure of the Lakewood Community Foundation Fund?
The Foundation was originally formed in 1993 as a Qualified IRS 501(c)(3) Public Charity, a tax exempt organization. This structure served the foundation well for many years but with the growth of the endowment the Board, after considerable study, decided to place the funds with Greater Tacoma Community Foundation for fund management and tax compliance. On June 30, 2011 the original corporation was dissolved and the funds were transferred to Greater Tacoma Community Foundation. The Lakewood Community Foundation Fund is a “Donor Advised Fund” of Greater Tacoma Community Foundation. Fund management and tax compliance for the Lakewood Community Foundation funds is now the responsibility of Greater Tacoma Community Foundation. Fund raising and grant making responsibility remain with the Lakewood Community Foundation Board of Directors.
What is an endowment fund?
The objective of the Lakewood Community Foundation Fund is to create a permanent endowment fund for Lakewood. An endowment fund is restricted in grant making to distributions from current income. The principal amount of funds of an endowment is held in perpetuity to benefit the community forever.
How are the funds of the Foundation invested?
The Lakewood Community Foundation funds are professionally managed for long term growth and security by Greater Tacoma Community Foundation.
Are donations to the Lakewood Community Foundation tax deductible?
Lakewood Community Foundation Fund is a fund of Greater Tacoma Community Foundation (GTCF), a 501(c)(3) public charity. Tax ID #91-1007459. Gifts to funds of GTCF are tax deductible. GTCF has exclusive legal control over the assets contributed to the funds of the Foundation.
How are grants distributed?
Only income after fund expenses qualify for distribution. The Board of Directors accepts applications for grants annually. The applications are evaluated under the criteria set by the Board. In general, the funds granted must benefit the citizens of Lakewood for a social, civic or educational benefit, make an important impact on the recipient organization and provide funding not otherwise be available to the recipients.
May donations to the Foundation be restricted?
Yes, the Foundation will manage specific endowments as directed by the donor to the extent the directions are consistent with the Foundation criteria for grants.
Is assistance available for estate planning?
Yes, professional advice is available at no cost from Foundation volunteers. Donors however, are advised to seek independent consult for their tax, legal and accounting decisions.
How do I apply for a grant?
Grants applications are available by clicking here.