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Rotary Club of McHenry Charitable Foundation, Inc.
P.O. Box 28, McHenry, IL 60051
 
The following are frequently asked questions regarding the Rotary Club of McHenry Charitable Foundation, Inc. (the “Foundation”):
 
The Rotary Club of McHenry Charitable Foundation, Inc. was incorporated on December 13, 2007 as an Illinois not-for-profit corporation.  It is a publicly supported organization which commenced formal operation in 2008 in cooperation with the Rotary Club of McHenry (the “Club”).  The Foundation is operated exclusively for charitable purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding revisions of any future United States Internal Revenue Law). For Federal tax purposes the Foundation is considered a publicly funded charity. 
 
Both the Club and the Foundation are located in McHenry, Illinois, and their members, officers, and directors are from the greater McHenry, Illinois area.
The Rotary Club of McHenry Charitable Foundation, Inc. is an Illinois not-for-profit corporation organized to receive gifts and make grants for charitable purposes that benefit our community. Use of Foundation funds and other resources focus on youth, education, and seniors with an emphasis on the community of the McHenry area first, and then the greater McHenry County area.  Some of the available annual charitable/service projects budget can be used for International projects, which is consistent with Rotary International objectives. 
The Foundation Board governs the Rotary Club of McHenry Charitable Foundation Inc. The Foundation Board is elected by the members of the Club (who are simultaneously members of the Foundation).  The Foundation Board consists of the current Club President, current Club Treasurer, and five (5) members at large (which generally include the Club’s current President-Elect).
The objectives of the Foundation are:
  1. To accept any gifts of money, fund raising proceeds, and the investment income therefrom (in each case on such terms and conditions as the Foundation deems advisable) to be used to fulfill the general objectives of the Foundation and, as applicable, such uses as many be established by the donor of specific funds (so long as such restricted uses conform to the general objectives of the Foundation).
  2. To receive from the Club funds designated by the Club’s Board of Directors, by resolution, for use by the Foundation.
  3. To hold, manage, invest and reinvest, as well as administer all assets of the Foundation as provided in the Foundation By-Laws or as provided by the terms of a particular gift or bequest.
The Foundation grants and scholarships are for charitable, philanthropic, public good, community, youth and educational purposes with particular emphasis on (i) the McHenry Area and/or McHenry County based institutions or organizations that promote the welfare of the McHenry Area community or (ii) programs sponsored or endorsed by Rotary International or the Rotary International Foundation Inc.
While contributions in any amount are welcomed, the Rotary Club of McHenry Charitable Foundation Inc. particularly encourages larger gifts that are ordinarily made by way of estate planning strategies. These include, but are not limited to:
  1. Cash donations.
  2. Securities which have appreciated in value such that donation to the Rotary Club of McHenry Charitable Foundation Inc. will give rise to tax advantages for the donor.
  3. Life insurance policies which name the Rotary Club of McHenry Charitable Foundation Inc. as a beneficiary.
  4. Naming the Rotary Club of McHenry Charitable Foundation Inc. as beneficiary of the donor's retirement account(s).
Any and all such gifts may be named to give honor or recognition to a special person, donor, organization, or business entity in perpetuity.
The income from gifts will be used in keeping with desires as indicated at the time of the gift, subject to the purpose, governance, and objectives of the Rotary Club of McHenry Charitable Foundation Inc.
In the case of Memorial Donations, both donor and family of the person memorialized will be acknowledged. In the case of all other donations, the donor will be acknowledged.
 
The designation and address of record should be: Rotary Club of McHenry Charitable Foundation Inc., McHenry, Illinois 60050.
 
 
Yes.  The Rotary Club of McHenry Charitable Foundation Inc. has applied for and received tax exempt status at the Federal and Illinois state levels.  It is an Illinois not for profit corporation which is also a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.  Its favorable ruling letters from the Internal Revenue Service (the “IRS”) and Illinois’ Franchise Tax Board are available.
 
 
The Rotary Club of McHenry Charitable Foundation Inc. is based locally in the greater McHenry, Illinois area.  Through its Foundation Board and Members (who are simultaneously members of the Rotary Club of McHenry), it is operated for the benefit of the greater McHenry area, in keeping with the objectives of Rotary Club of McHenry Charitable Foundation Inc.
 
The Rotary Foundation is directed and guided by the Secretariat of Rotary International and such organization's headquarters are in Evanston, Illinois. Their funds are expended primarily for projects focused on worldwide or International purposes. 
 
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