What is a Community Foundation ?

By definition, a community foundation, like GMCT, is a tax-exempt, non-profit, autonomous, publicly- supported, non-sectarian philanthropic composed primarily of permanent, named, component funds established by many separate donors for the long-term benefit of the residents of a defined geographic area, typically no larger than a state.

GMCT is such a public charity created by and for the people of the Greater Morgantown area.  We enable local people with philanthropic interests to easily and effectively support the issues they care about --- immediately, or through their will.  Our donors can establish a charitable fund at GMCT by contributing a variety of assets, and may also recommend grants --- in their name, if they choose --- to nonprofit groups they want to support.

A community foundation like GMCT:

• Is officially recognized by the Internal Revenue Service as tax-exempt under Section 501(c)(3) and passes the public support test as a public charity under sections 509(a)(1) and 170(b)(1)(A)(6).

• Has or is developing a history of broad support in the form of contributions from the community it serves.

• Has an independent, nonsectarian, governing body broadly representative of the public interest and that is not appointed by a single outside entity.

• Has an annual independent audit that is open to inspection by members of the public.

• Has the power to modify any restriction or condition on the distribution of assets, if circumstances warrant (variance power).

• Operates primarily as a grant-making institution and may also provide direct charitable services.

• Focuses its primary grant-making and charitable services within a defined local geographic area that constitutes, in some meaningful sense, a “community”.

• Maintains a broad grants program to multiple grantees that is neither limited by field of interest nor limited to serving only parts of the population.

• Is structured primarily as a collection of named funds that carry out the diverse charitable purposes specified by the governing body and donors, and has a long-term goal to increase the assets held as unrestricted endowment.

Adopted by the Council of Foundations, Community Foundations Leadership Team (3/4/08)

GMCT adheres to the above definition.  For more information please contact our office by email, or by phone at 304.296.3433.