Why Alaska Community Foundation?
Because……
The Alaska Community Foundation was established in 1995 and is a statewide platform for philanthropy that connects people who care about causes that matter.
In 2019 ACF manages over $90 million for over 500 accounts. ACF is in the business to manage endowment funds, pre-endowed funds, and non-endowed funds. Scholarship funds are one type of many funds that ACF manages.
• ACF is a non-profit corporation recognized by the IRS as a tax-exempt 501c(3) public charity.
• ACF files annual tax returns.
• ACF sends a tax acknowledgment letter to each donor.
• ACF completes annual audits.
• ACF complies with National Standards for US Based Community Foundations.
• ACF manages the investment of funds; Statewide funds aggregation yield better rates of return.
• ACF supplies administrative support to funds.
• ACF Board of Directors is the governing entity with fiscal and legal responsibility for funds.
• ACF will post the scholarship criteria, application form, opening and closing dates for the scholarship application, the scholarship recipients, and oversee the whole process to make sure it is legal and transparent.
For a 2% administrative fee, ACF helps oversee grant making, financial infrastructure, recordkeeping, philanthropic advising, annual audits, tax filing, donor record management, insurance, and various other operating expenses.
The LHS Alumni Scholarship Fund began as a pre-endowed fund with $6,000. Upon passing the $15,000 level in 2020, a $2,000 scholarship was awarded that spring. In March 2021 the fund passed $50,000 and qualified as an endowed fund. $50,000 was transferred into a new LHS Alumni Scholarship endowed fund and an additional $9,000 was earmarked for scholarships for the next couple years until the fund can generate enough earnings to fund scholarships. The goal is to continue to grow the endowed fund to offer more and/or larger scholarships in the future.
• ACF will protect the endowed fund balance….no one can withdraw the initial donations or FMV of the fund.
• ACF will annually designate 4% to 5% of the fund's average FMV of the last 16 quarters to be allocated for scholarships. This will inflation proof the fund and level out the highs/lows.
• ACF will: advertise the annual grant opening and oversee the selected recipient recommended by the scholarship committee.
For more information see www.alaskacf.org or www.alaskacf.org/blog/funds/lathrop-high-school-alumni/