Bentonville, AR – For the Northwest Arkansas Community Foundation, Christmas and the spirit of giving has been an on-going project all year as the organization's Chair, Gene Groseclos, announced that a total of $991,025.00 has been given to 37 Northwest Arkansas non-profit agencies. These grants were made possible by five donor-advised funds established in the Community Foundation this past year.
"What makes this dollar amount so remarkable is that the Community Foundation is not even a year old. The Foundation is grateful to those two donor funds who recognized the potential of a community foundation and how it could make our region one of the best places to live in this country," explained Groseclos.
Two of these funds, Bates Charitable Trust and the Northwest Medical Auxiliary Funds, were created after Bates and Northwest Medical Center of Washington County's parent organization, Northwest Health Systems, was transferred to Quorum Health Resources and became a for-profit organization. Both organizations decided to place their remaining funds in NWACF to benefit nonprofit agencies in Northwest Arkansas.
NWACF helps organizations in four counties in Northwest Arkansas including Benton, Washington, Madison and Carroll Counties. A community foundation is a public, grant-making charity structured as a group of endowed funds.
"What sets a community foundation apart from other public charities is our flexibility to meet any individual donor's needs. For example, if a donor wishes to support a specific organization, but prefers the foundation's professional management of his/her gift, the Foundation can set up a designated agency account," said Groseclos.
Groseclos went on to explain that a community foundation offers additional benefits to individuals or corporations considering end of the year gifts.
"The Community Foundation also makes available all the various estate planning tools as well. A donor-advised fund is also an attractive alternative to setting up a family or private foundation. The tax benefits are greater and there is less paperwork to handle in regards to the IRS," emphasized Groseclos.
The Bates Charitable Trust recommended five grants for a total of $494,920 while the Northwest Medical Auxiliary Fund recommended 26 grants for a total of $285,000 later approved by the NWACF Board of Directors.
For those interested in establishing a fund at NWACF or making end of the year gifts, both the Bentonville and Springdale offices will be open through 5 p.m. on Friday, December 29, the last day the stock market is open in 2000.
"If you require further information on how a community foundation can assist you in your charitable giving plans, call our donor relations office at 254-3340," said Groseclos.
