Mission Statement: The Suffolk Foundation is an organization of individuals committed to the following:
History: The Suffolk Foundation is a newly organized community foundation which was incorporated on November 9, 2006. The Foundation is a 501(c)(3) tax-exempt orginization and is a non-profit, autonomous, publicly-supported, nonsectarian philanthropic institution with a long-term goal of building permanent component funds. These funds will be established by many separate donors for the broad-based charitable benefit of the residents of Suffolk and the surrounding area. The Suffolk Foundation accepts contributions from individuals, businesses, foundations, and other non-profit organizations. These funds are held in trust and pooled together for investment purposes. The income earned on these funds is distributed annually in the form of grants to nonprofit agencies enhancing the quality of life for area citizens. The distribution of these annual grants will be managed by a Distribution Committee of the Board.
Purposes: The purposes of the Suffolk Foundation are as follows:
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Professionally manage and distribute income and portions of the principal (if that is the donor’s wish) from charitable gifts and bequests in a manner consistent with the donor’s specific and general interests.
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Maintain and enhance health, education, arts, culture, and humanities, public and societal benefits, human needs and services, environmental and animal welfare, and youth and elderly programs in the City of Suffolk and surrounding areas through the support of qualified non-profit organizations; and,
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Through the actions of the Board and staff, provide philanthropic leadership and help create and promote efforts among citizens to improve the quality of life in the City of Suffolk and the surrounding areas.
Establishing Funds: A great way to make a lasting impact and fulfill your charitable goals is to create a fund with the Suffolk Foundation. The Foundation accepts contributions from individuals, businesses, foundations, and other non-profit organizations and encourages donors to be involved in identifying and supporting community projects. It welcomes the creation of named funds to honor the donor, the donor’s family or other person/organizations whom the donor wishes to recognize. The Foundation incurs expenses involved in the management and operation of community funds. To offset these costs, an administrative fee of 1% per year (100 basis points) of the total fund balance will be assessed against the funds. Also, financial management fees will be assessed to all funds based on the cost incurred by the Foundation. Both fees will be charged annually.
Types of Funds available to donors:
- Unrestricted Funds are appropriate for donors who want their charitable giving to have the flexibility to respond to current and immediate needs. The distribution of these funds will be made by the Board of Directors. NO MINIMUM GIFT REQUIREMENT UNLESS FUND NAMED – NAMED FUND $10,000 MINIMUM GIFT
- Field of Interest Funds support programs and/or organization(s) in a field specified by the donor, such as : Arts, Culture and Humanities; Human Needs; Education; Youth; Disabled; Elderly; Human Services, Environment; Animal Welfare. MINIMUM GIFT REQUIREMENT OF $10,000 in order to establish a named fund.
- Donor-Advised Fund is appropriate for donors who would like to take advantage of a charitable fund but want to be able to make suggestions on which charities should be supported. MINIMUM GIFT REQUIREMENT OF $25,000 in order to establish a named fund.
- Designated Fund is appropriate for donors who want to designate a specific nonprofit organization to receive annual gifts. MINIMUM GIFT REQUIREMENT OF $10,000 in order to establish a named fund.
- Scholarship Fund is appropriate for donors who want to help deserving students acquire an education.MINIMUM GIFT REQUIREMENT OF $25,000 in order to establish a named fund
- Memorial Fund is appropriate for donors saddened by the death of a friend or family member and would like to establish a permanent living memorial. The fund is usually either unrestricted or dedicated to a field of interest important to the deceased. MINIMUM GIFT REQUIREMENT OF $10,000 in order to establish a named fund.
- Administrative Fund is appropriate for donors who want to support the ongoing work of the Foundation.
- Agency (Special) Fund is appropriate for organizations who desire the Foundation act as a repository of named gifts.
PLEASE ALLOW THE SUFFOLK FOUNDATION TO HELP YOU FULFILL YOUR CHARITABLE GOALS.
CALL WILLIAM HILL, EXECUTIVE DIRECTOR, AT (757) 923–9090.
