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 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 fifteen (15) voting directors of the Foundation’s board.
Why does Gaston College need the Foundation to help with fundraising?
The Foundation provides a vehicle for raising and managing money separate from those allocated by public sources. As an independent foundation, we serve the College by maintaining private fund accounts from one fiscal year to the next, accepting and selling gifts of real estate, and managing donated funds and their distributions in a more flexible manner than federal or state allocations may allow. We do these things for the sole benefit of Gaston College and within the guidelines authorized by the Foundation’s board of directors.
Is my gift to the Foundation fully tax-deductible?
Because the Gaston College Foundation, Inc. is a registered 501-c-3 organization, all gifts to the Foundation are tax-deductible to the fullest extent as allowed by law.
If goods are services are received by the donor from the Foundation or another College entity in exchange for a charitable gift, the deductible value of the charitable gift may be affected. If you have made a gift of $250 or more to the Foundation, we are required by law to issue a tax-receipt to you. Your receipt will state the deductible value of your gift.
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 May 31, 2018, the Foundation’s permanently endowed funds were valued at just over $5.3 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 firstname.lastname@example.org 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 by Blackbaud. Information is never provided or sold to outside parties unless there is an explicit need to know (such as auditors).