The Allegany County Area Foundation, Inc. is a non-profit organization which seeks to encourage educational, social, cultural and civic projects benefiting the residents of Allegany County, New York, by maintaining an endowment fund to provide financial support for such projects.

The Foundation’s assets may be held in four categories of separate funds:

 

Allegany Fund- income is awarded on a discretionary basis to meet changing community needs.

 

Scholarship Funds- income is awarded to deserving local students to assist in meeting educational costs.

 

Field of Interest Funds – income is awarded to support the particular interests of the donor.

 

Designated Funds- income is paid regularly to charitable organizations specified by donor.

This concept was developed to provide individuals and groups with a method for making gifts or bequests to endowed funds with favorable personal tax treatment- the proceeds of the endowment to be used for the benefit of the community.

Investments are professionally managed with the objective being a steady and growing income along with the preservation of capital.

Meeting charitable needs is the responsibility of the Foundation’s board of directors, elected to represent a cross section of the community.

The Foundation, organized in 1983 as the Allegany County Area Foundation, Inc., is a membership corporation under the New York Not-for-Profit Corporation laws.  There may be up to thirty members and a Board of Directors, who serve on a voluntary basis.

Every effort is made to have the Directors represent the diverse backgrounds and charitable interests of Allegany County.  The Directors elect officers and appoint a professional investment manager or a bank to invest the endowment for the Foundation.

The Foundation Charter states that it is exclusively charitable and must benefit residents of Allegany County.  It fulfills this mission by granting its income to community organizations and to individuals as scholarships.

No one knows what charitable needs will exist in the future.  It is the Foundation’s task to perceive and meet these needs.

Gifts are tax deductible.  IRS regulations make contributions and bequests an attractive philanthropic investment that maximizes the amount of tax saving allowed by law. 

A community foundation provides the advantage of a foundation to those whose resources do not justify establishment of their own foundation.  A donor can establish a separate, named fund within the structure of the Foundation. 

The Foundation welcomes gifts that are unrestricted as they offer the most flexibility in meeting the community’s needs.  Donors may designate gifts for specific needs.  Should the original need no longer exist, the Foundation board will ensure that the gift is used for purposes consistent with the donor’s philanthropic intent.

The Foundation is a means for everyone to invest through gifts of any amount, in worthwhile community purposes.  Grants and gifts are accepted from individuals, corporations, trusts and other foundations.

Persons may give money or securities during their lifetime, or may name the Foundation in their will as beneficiary of all or a portion of their estate.

Because of the Foundation’s permanent nature memorial gifts are especially appropriate. 

We welcome your inquiries and those of your attorney, accountant or tax advisor.