The Friends of Claytor Lake has established an endowment fund with the Community Foundation of the New River Valley to provide a vehicle for our donors to make permanent gifts to FOCL. The Community Foundation of the New River Valley is a local not for profit that specializes in managing and administering permanent endowment funds that benefit charitable organizations in the New River Valley. The Foundation currently has fifty-five endowed funds. The total endowed fund pool now exceeds one million dollars.
The FOCL endowment fund has one purpose: to support the ongoing work of the Friends of Claytor Lake. Every year, the Community Foundation will distribute a percentage of earnings and growth to FOCL. FOCL will use these funds to meet expenses and needs deemed necessary by the FOCL Board of Directors. An equal percentage of earnings and growth will be reinvested in the FOCL Endowed Fund to help it grow. The Community Foundation receives a small, 1% fee to manage and administer the fund.
Contributions to the FOCL Endowed Fund are gifts that keep on giving. Since the principal is never used, the fund is perpetual and growth-oriented. As the fund grows, the amounts distributed to FOCL every year also grow. A contribution to the FOCL Endowed Fund is truly a lasting investment in the Friends of Claytor Lake. The complete amount of all contributions to the Community Foundation for FOCL are tax deductible as allowed by law.
Because the Community Foundation is flexible, you the donor can contribute to FOCL’s Endowment Fund in a variety of ways: CASH – a simple, convenient way to give and receive tax advantages. SECURITIES – Gifts of appreciated securities are particularly attractive as a way to avoid taxes on capital gains. Because the Community Foundation is a public charity, it qualifies for the best available treatment under current tax laws. PROPERTY – Many donors contribute real or personal property. Property that has appreciated may offer you significant tax advantages. BEQUESTS – Consider designating a specific dollar amount or a percentage of your estate or leave the residue of your estate to the Community Foundation for the Friends of Claytor Lake. Bequests are fully deductible for federal and state tax purposes.
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