| Question: | What does the BACF do? |
| Answer: | This foundation helps donors help their community. We assist donors in maximizing their tax advantages while giving back to their community. We seek to be flexible and responsive to unique donor requests. BACF is independent, politically neutral and not affiliated with any charity. |
| Updated: | 06/30/04 |
| Question: | What is this Foundation? |
| Answer: | It is organized to serve the greater Bozeman community by encouraging and accepting endowment gifts from Donors and distributing annual earnings to charities and non-profit organizations. |
| Updated: | 03/10/03 |
| Question: | Why haven't I heard much about it? |
| Answer: | To keep costs low, it does not advertise nor engage in active fund raising. It is also new. |
| Updated: | 03/10/03 |
| Question: | How much of the donated funds go to the intended purposes? |
| Answer: | About 99%. A goal of the foundation is to keep administrative costs below 1 %. |
| Updated: | 03/10/03 |
| Question: | How many paid directors and employees does the Foundation have? |
| Answer: | Zero in 1998. Directors serve without compensation. Steve Hample (who is a Certified Financial Planner and registered representative of KMS Financial Services, Inc.) essentially started the Foundation in response to questions from his clients. He has donated the $500 IRS review fee, other direct expenses, and part time secretarial support. The Directors feel this will become an unrealistic burden and therefore adopted a 1% asset management fee to cover administrative expenses, but there are no plans to have a paid staff. |
| Updated: | 03/10/03 |
| Question: | Is there a conflict of interest because the Foundation operates through Steve's office? |
| Answer: | You decide. Steve had the original idea, subsidized the expenses, and donates much time and office support to the Foundation's further development. When the Foundation's board of directors seeks to invest assets, it may consider Steve's office just like any other office. If a donor prefers XYZ firm and the XYZ firm charges normal fees, then the Foundation will likely invest through XYZ rather than through Steve's office. Though Steve was the founder and first director of the Foundation, he abstained on investment votes and, now that the organization is functioning, has resigned from the Board - specifically to allay conflict of interest concerns. |
| Updated: | 03/10/03 |
| Question: | Why was the Bozeman Area Community Foundation originally called the Planned Giving Foundation of Montana? |
| Answer: | We focused on the purpose, namely assisting donors and charities with complicated 'planned giving' situations, we avoided a geographical name such as Bozeman or Bridger, and for IRS approval we had to add "of Montana" to distinguish it from one on the East Coast. Eventually we decided that the term community foundation explained things better and so we changed the name in early 2003. |
| Updated: | 03/18/03 |
| Question: | Are the financial records and policies of the Foundation open for public review? |
| Answer: | Certainly. (However, the names of anonymous donors are kept confidential.) |
| Updated: | 06/30/04 |
| Question: | How should I contact the Foundation? |
| Answer: | Because we have no staff or office, feel free to contact any board member. In addition, Steve Hample's office maintains copies of IRS approvals, Foundation brochures and policies. We hope to post updated policies and other notices on our Web site: http://www.bozemanfoundation.org and invite letters to be sent to: The Bozeman Area Community Foundation, c/o Stephen R. Hample CFP, 300 North Willson, Suite 202B, Bozeman, MT 59715, or phone (406) 587-4300. |
| Updated: | 06/30/04 |
