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BGCF's mission is to connect people who give to causes they care about and to the needs of our community by providing philanthropic leadership and support. We advance charitable giving. We seek to enhance the quality of life in our region, for today and tomorrow.
The Blue Grass Community Foundation is a non-profit, community corporation created by and for the people of Central, South Eastern and much of Eastern Kentucky. In addition, we house a network of affiliate community foundations under our management. We are here to help our donors make a positive impact on their community.
What is a community foundation?
A community foundation exists to allow people to make a lasting difference in their community. The main purpose of a community foundation is to serve the needs and philanthropic aims of donors who wish to better their community, now and in the future. Community foundations do this by providing donors with flexible, efficient, and tax-effective ways to ensure their charitable giving achieves the greatest possible impact.
It can also serve as a neutral convener, bringing diverse opinions and players together for the good of the whole community. In this sense, the community foundation can also serve as a catalyst for addressing issues facing a community.
Donors may set up individual funds, in their own name or the name of a loved one, and have essentially as little or as much involvement as they wish in determining which charities benefit from their fund.
Or, donors may choose to contribute to a variety of existing funds, set up to serve particular purposes. Each community foundation also has a general endowment fund, the income from which is distributed by the community foundation's board of directors to address needs and opportunities in your community as they change over time.
A community foundation is governed by a local board of directors chosen for their knowledge of the community and designed to be representative of a broad cross-section of the community. The directors further possess expertise in the many areas of management necessary to carry out the stewardship functions of the foundation.
A community foundation is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. All contributions are tax deductible to the maximum amount allowable for gifts to a public charity. Indeed, because community foundations are classified as public charities under the tax code, some donors are able to claim larger tax deductions on gifts to community foundations than they are on gifts to their own private foundation.
A community foundation represents a wide variety of ideas and interests of individual donors who have united in a common purpose; the bettering of their community both now and in the future.
- Anne E. Nash
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