Q and A

Unlike other charitable organizations, a foundation specializes in grantmaking and fund management. Therefore, it provides critical support to projects that are more capital-intensive.

For the financial planning of the Center, a foundation is critical in at least three aspects :

1. Protecting physical assets by legally separating the Center from the organizations that offer programming at the Center.
2. Providing professional services for donors to cultivate enduring trust to support a project that requires many years to complete.
3. Growing the funds by following sensible long-term strategies to support the future development of the Center.

The administration team of the foundation shall be community members who have backgrounds in financial management, accounting, law, IT, or nonprofits. As a young organization we depend on volunteers. Many of our initial volunteers are already recognized in the community for their contributions. Due to the nature of the foundation’s responsibility, our team is committed to high professional and ethical standards, as well as learning and empathizing. The team is expected to continue growing; however, its growth will be at a reasonable rate determined by the organization and without rushing. It is about serving the community, not about competition.

In the beginning, the funds are held in one place called the Investment Pool. The management of the Investment Pool relies on a long-term investment plan. This investment plan uses diversification across a wide range of asset classes, to manage risk and achieve the best possible returns.

To execute the investment plan, the investment committee of the Community Foundation Board selects external managers with the assistance of an independent advisor.

As we grow larger, we may offer more options to our donors to meet their timing and grantmaking objectives.

Since we are a public charity organization, receive large donations and grants, and then make grants, we are subject to public scrutiny. We must use the highest standard in terms of transparency and accountability. Specifically, we will

• Keep communication open with our stakeholders,
• Maintain a healthy board structure, for example, having an annually renewed Conflict-of-Interest policy,
• List board members and key staff on our website,
• Publish annual reports such as annual Form 990 on our website,
• Conducting independent audits,
• Keeping our data updated.

The indirect cost is 1%-2%, which covers the investment service, the accounting and reporting costs, communication costs, as well as other maintenance costs.

The rights of donors will be specified in our gift agreement, in line with the Donor Bill of Rights, as created by the Association of Fundraising Professionals (AFP), the Association for Healthcare Philanthropy (AHP), the Council for Advancement and Support of Education (CASE), and the Giving Institute: Leading Consultants to Non-Profits.

In general, our donors who meet the minimum size of $5000 requirement will receive an annual or quarterly report about the financial and operational status of the Foundation and the funds.

The naming rights are also included in the gift agreement. The donors' voice will be documented and considered by the Board at each stage of the decision-making progress.

Donations are generally irrevocable and non-refundable, unless the laws suggest otherwise. Our budget and ongoing financial health rely on accurate accounting for the donations in such a manner. In the situation when the organization needs to dissolve, by the New York State Laws, the remaining assets of the organization must be transferred to another tax-exempt organization or to the government for a public purpose.

As of the year 2024, the total budget of the project is $2.5 million. The portion that private donations will cover is estimated to be 30%-40% (or $0.75 million to $1 million).

The other 60% - 70% of the budget will be covered by government grants (~ 30%), corporate sponsorship (~ 20%), and local foundations (~10%).

In the beginning, the Foundation will be responsible for facilitating the funding of the project and managing the building. At this stage, the building will be a property asset of the Foundation. In the future, depending on the situation, the Center will become an independent nonprofit organization. At that time, the Foundation will continue to support it by making grants to it and assisting in its fund management as needed.

The administration team of the Center, in the beginning, will be formed and supervised by the Board of the Foundation. It will consist of volunteers who have real estate, and/or general management background.

Based on our 2020 community survey results, the ideal location of the Center is in the Town of Amherst or the Town of Clarence, preferably in the Williamsville Central School District.

Educational services, social services (such as senior daycare, mental health counseling), cultural events, holidays celebration, professional networking events, nonpartisan political candidate education, private parties, and so on.

The building will be open to the general public, while certain programs by their nature are accessible to certain demographic groups, such as seniors' services.

The community spirit for the Center is to cultivate a stronger sense of belonging for everyone in the community, to assist the people in need among us and our neighbors, to demonstrate and educate about our culture, history, and heritage.

As long as these organizations provide programming that is valuable to our donors, we will support them.

In the US, humanitarian needs are usually provided by nonprofit organizations. However, if no such organizations exist, we can allocate the resources directly to individuals as long as it is legal. A good example is scholarship funds.