Strengthening our Communities in the Intermountain West

 

Q & A

 

Questions & Answers

Hellenic Community Foundation (HCF)

 

1. What is a community foundation?

A community foundation is a fund established to support charitable organizations in a specified geographic area or community and is classified as a public charity. A typical community foundation is a vehicle for attracting contributions from many donors.

 

 2. What the Hellenic Community foundation (HCF) is NOT?

The Foundation was NOT formed to become an owner of Church property or to act as a land developer, nor was the Foundation created to siphon stewardship monies away from the Church or to create policies in conflict with our community and  its’ Parish Council.  The Foundation was created to enhance community facilities and institute programs utilizing fundraising methods otherwise outside the scope of the Church’s time commitments and resources. 

 

3. How are community foundations being used in the Hellenic communities in the US or western US?

Community foundations are an exceptional way for communities to raise funds and manage endowments for a common good.

 

4. Can I go to other community foundation websites?

Yes. Our website is www.hcfslc.org.

www.hellenicsociety.org/

www.hellenicfoundation.com

 

5.Under what IRS regulations is the HCF formed and approved?

HCF has received an exemption from federal income tax under section 501c3 of the Internal Revenue Code and is a charitable corporation registered the state of Utah.

 

6. Are my contributions tax deductible?

Yes, the HCF has received its determination letter from the IRS and donors can make tax deductible donations.

 

7. When was the HCF formed?

At the direction of the Utah Hellenic community, the HCF was formed in 2009.

 

8. Who founded and incorporated the HCF?

Board of Incorporators

Kaliope K. Sargetakis

Stan M. Kouris

Nick P. Sefakis

Constantine Skedros

Georgia Katsanevas

 

9. Where was it formed? Can I get a copy of the by-laws?

Formed in the State of Utah, the HCF by-laws are open and available to the public.

 

10. Why was it formed?

HCF was formed at the direction of the Hellenic community with the support of the Greek Orthodox parish leaders in Utah for the purpose of capital and endowment fundraising. The HCF was formed as the mechanism through which private, corporate, and foundation support is raised and managed for capital projects and programs that benefit the Hellenic community and other nonprofit charities in the mountain states.

 

11. What will the HCF do?

 Its goals are to:

· Raise a $25million endowment which preserves the principle for HCF perpetual growth

· Support and fund Hellenic-based community programs, and projects for charities within the

                    Communities HCF serves

· Raise funds for operational and capital purposes for museums, cultural and educational

          facilities, youth programs and facilities, and community organizations

· Prudently manage, invest, and steward the assets entrusted by contributors to HCF

· Restrict gifts as directed by the donor to individual projects, programs or endowment

· Strengthen our communities by providing leadership, fostering collaboration on local needs and issues,

                   and encouraging a legacy of giving

 

12. What is the relationship between HCF and the Greek Orthodox Church or any other churches or organizations?

The Foundation is an independently organized and managed nonprofit corporation for the benefit of

 its members, causes and communities it serves.

 

13. Will the HCF fundraising compete with stewardship fundraising?

No. Capital donations are generally multi-year in nature as opposed to annual stewardship gifts.

They are typically made from appreciated assets whereas stewardship gifts are made from annual salary. Stewardship giving is critical and necessary as a first priority to maintain within each Parish. Giving to the HCF will not have a negative impact on stewardship. In fact, the HCF encourages everyone in the community to give generously to stewardship.

By educating our community about charitable giving and how it can be accomplished in different ways, we will also help the community understand ways they can support church stewardship.

 

14. Who are its members?

Members are those who express Hellenic values and ideals, and who give their talent and treasure to the common good.

 

15. Is there a membership fee?

No.

 

16. What are the membership qualifications?

Members must express a sincere interest in Hellenic values, history and/or culture.

 

17. Are there annual meetings?

Yes, an annual meeting is convened each year, beginning 2010.

 

18. How do I get involved?

Contact any member of the board of directors.

 

19. Can I contribute stock, real estate, or appreciated property?

Yes, consult your tax advisor. Donations may provide donor tax advantages

 

20. Who can I contact for more information?

Any member of the board of directors.

 

21. Does the HCF have a website address and phone number?

Yes,  www.hcfslc.org   Phone: 801-931-5999

 

22. What investment policies are in place to insure my gifts are well managed?

The Board of Directors adopted a very strict and well thought out investment policy guidelines and requirements in order to protect donor’s gifts and restricted donations for the purposes intended. See the HCF investment policies (pages 1-4) located on the HCF website. An independent investment committee review is conducted on a semi-annual basis.

 

23. Who sits on the current Board of Directors?

See our web page for Board of Directors and their contact information.

 

24. What is the term of service for each board member?

Three years with 1/3 of the board being elected each year.

 

25. Where do I submit my application and get more information about serving on the Board of

Directors?

Contact any member of the board of directors

 

26. Do the board members receive any financial compensation?

No, their time is strictly donated.

 

27. Are there full time employees?

Not at this time.

 

28. What are the current HCF fundraising activities?

The Board is working with the Salt Lake Greek Orthodox community and Parish Council to aid the

Parish in its capital campaign initiatives and its priorities as well as larger community needs.

 

29. What specific current projects are being considered by the HCF board?

The Greek Orthodox Parish in SLC has expressed a strong desire to replace a traditional Byzantine dome structure on Prophet Elias campus and expressed a strong desire to raise capital funds for the replacement and addition of a new multipurpose center including gymnasium and classrooms on Holy Trinity campus. The HCA (Hellenic Cultural Association) has expressed a desire to build a new Hellenic museum.

 

30. How are funds appropriated to each project?

We strictly honor the wishes of each donor, any unrestricted funds will be appropriated by the Board of Directors.

 

31. What gifts can the HCF accept?

The HCF can accept cash, stocks, bonds, appreciated property, life insurance policies, grants from corporations, foundations, cities, and other endowments, and can also accept gifts from organizations that cannot give to religious organizations. The HCF also accepts in-kind donations of services, products, and materials.

 

Updated 07.19.2010

501(C)3 Non Profit Organization.