How is the Foundation affiliated with Gaston College?
The Gaston College Foundation, Inc. is an independently incorporated 501-c-3 not-for-profit organization. Its sole mission is to raise, invest, administer and disburse funds exclusively for charitable, scientific, or educational purposes for the benefit of Gaston College. Any gifts received by the Foundation are used for the direct needs of the college including designated programs, scholarships, operating, and capital expenses.
The Chairman of the Board of Trustees of Gaston College, the President of the College, and the Chief Financial Officer of the College are non-voting ex officio members of the Board of Directors and serve in addition to the voting directors of the Foundation’s board.
Why does Gaston College need the Foundation to help with fundraising?
The Foundation provides a public/private partnership vehicle for raising and managing money above that appropriated from state funds. As a charity existing solely for the benefit of Gaston College, the Foundation operates in a politically neutral, less restrictive environment. It can accept and sell assets more expeditiously than the state. Additionally, an independent organization can more effectively maintain the confidentiality of donor information when anonymity is vital to benefactors. The Foundation manages donated funds and distributes their earnings according to guidelines monitored and authorized by the Board of Directors.
Is my gift to the Foundation fully tax-deductible?
The Gaston College Foundation is a registered 501 (c)(3) charitable organization. Gifts to the Foundation may qualify as a charitable tax deduction with the Internal Revenue Service.
Who manages the Foundation's assets?
In 2011 the Foundation’s board of directors, through a bid process, selected The Granzow Consulting Group of Wells Fargo Advisors as its investment advisor. The firm’s managing director, John C. Granzow, or a member of his team meets with both the Foundation’s finance & investment committee and the full board quarterly to review earnings statements and to recommend changes necessary to the Foundation’s portfolio so as to to comply with board approved investment policies.
Why does the Foundation need an endowment?
An endowment is any asset donated to and for the perpetual benefit of a non-profit institution. The donation is usually made with the requirement that the principal remain intact and money earned from investing the principal be used for a specific purpose.
The Gaston College Foundation’s endowment is a permanent fund that provides annual income for scholarships and unmet institutional needs. It helps Gaston College remain financially secure and grow, despite fluctuations in public funding streams.
Also, an endowment fund offers donors the opportunity to make gifts whose impact lasts in perpetuity, creating a legacy that can positively impact generations of future students.
As of June 30, 2021, the Foundation’s permanently endowed funds were valued at around$5.8 million.
If I make a gift to the Foundation, will I continue to receive solicitations?
When a gift is made to the Foundation, a donor’s record is stored securely for gift-tracking and acknowledgment purposes. At times, additional communications or solicitations may be sent to those who are in our database. If you do not wish to receive additional communication from the Foundation, you can certainly email us at email@example.com or give us a call at 704-922-6511 to have your name removed from all future communications.
How is my donor information stored, and is it used by outside parties?
The Gaston College Foundation securely stores all donor, gift, and alumni records in a cloud-hosted database called the Raiser’s Edge, which is owned and managed by Blackbaud. Information is never provided or sold to outside parties unless there is an explicit need to know (such as auditors).