The Lincoln County Foundation serves the entire county, from Yachats to the south, Rose Lodge to the north and Eddyville to the east.
The Lincoln County Foundation, like every other non-profit corporation, is regulated by general statute of the state and federal tax laws of IRS Code, Section 501 (c)(3) and held accountable for faithful execution of every trust imposed upon it according to the terms of the trust. A deviation from the terms of the will or other instrument relating to the handling of trust property is not permitted.
These provisions of the law are special interest to donors contemplating the making of a gift for charitable purposes, particularly when the gift is not to take effect until after the donor's death. By law, you have the comforting assurance that your gift will always be administered according to your desires, even after you are gone.
While under the law the directors are given power to enact by-laws for the governance of its affairs, such by-laws must not be inconsistent with existing laws.
The Directors of the Lincoln County Foundation, pursuant to the laws referred to, have adopted by-laws. In doing so they have provided in considerable detail for the orderly conduct of Foundation affairs paying particular attention to safeguarding the interests of those who have entrusted their donations to the administration of the Foundation.
While the Lincoln County Foundation's emphasis is on the welfare of Lincoln County youth, provisions do not restrict contributions to youth activities alone. These provisions are broad and extend to many fields. All gifts are as welcome and receive the same painstaking care in administration.
Donations may be cash or other property, either by gift or by will. Donations may be directed for the proposes of the Lincoln County Foundation or for special purposes.
Donations are either:
• Unrestricted: being left entirely to the discretion of the Board of Directors
• Restricted: Contributor specifies his/her charitable or benevolent objectives either broadly or in detail
The Lincoln County Foundation community trust plan of giving governs how charitable and benevolent funds can be used according to the needs and best judgement of each generation.
Under the Lincoln County Foundation organizations, all gifts are received by the Board of Directors and are the property of the Foundation. The Directors will exercise control over the use and disbursement of funds for the stated purpose of the Foundation and, in the case of restricted funds, for the stated purpose of those funds.
The principal of continuing gifts and endowment funds are currently being invested with Edward Jones Investment Securities. This portfolio includes below average risk mutual funds (rated by Morning Star Inc.), investment grade bonds and short term U.S. Government Securities. Additions are made to principle to compensate for inflation.
When conditions are attached to gifts, control will always be exercised in accordance with such conditions.
The assets of donor's contributions to the needs of Lincoln County are invested, protected from inflation, as much as possible, and managed under sound, unified, continuing control. The income from a donor's gift (and part of the principle if so desired) is employed in a manner constant with the donor's wishes, within the laws governing non-profit corporations and with enough flexibility to meet changing future needs.
Copyright © 2021 Lincoln County Foundation - All Rights Reserved.