What is Philanthropy?
Philanthropy, from the Greek, simply means "love of human kind". We think of philanthropy as people giving of their money and time to make the world a better place to live for all of us.

What is a Community Foundation?
A community foundation is incorporated as a not-for-profit public charity to promote and assist philanthropy, especially within a specific geographic locale. It is the collection of hundreds of contributions from a wide variety of individual, family and business donors. It is also often a collection of many separate funds established by these donors. Many funds are established as permanent endowments providing a base for charitable grants for many years. The first community foundation began in Cleveland in 1914. Today, there are more than 500 community foundations nationwide with combined total assets of more than $20 billion. They are the fastest growing form of philanthropy in America today.

What is The Summit Foundation?
Established in 1984, The Summit Foundation is a community foundation dedicated to improving the quality of life for residents and guests of Summit County and Neighboring Communities. Our purpose is to build a lasting legacy of generosity by creating a community of donors who, through their wealth, wisdom and work, support organizations in art and culture, health and human service, education, scholarships, environment and sports. The Summit Foundation is a fully tax exempt public charity under Section (501)(c)(3) and 170 (b)(1)(A)(vi) of the Internal Revenue Code.

2006-2007 Annual Report

What does 501(c)(3) mean?
In practical terms, it means that donors can enjoy the greatest possible tax advantages, in recognition of the agency's public charitable purpose.

Why should I give to The Summit Foundation?
Today's tax laws give you the unique opportunity to save more for yourself and your children, while at the same time giving money to the community causes you believe in.

You can:

• Avoid income and estate taxes on your IRA or employee benefit account without giving up the income flow.
• Decrease estate taxes by postponing when your children receive a portion of your estate.
• Provide tax-deductible funds for your children's use without incurring gift or estate taxes.
• Reduce capital gains taxes on asset sales without having to determine the final disposition of the proceeds.

How does The Summit Foundation operate?
A full-time professional staff of four administers The Summit Foundation. Operating expenses are paid through the various fundraising sources available to the foundation.

Who oversees the Foundation?
The Summit Foundation is governed by a 30-member Board of Trustees. These volunteers are community members from throughout Summit County and neighboring communities.

Does The Summit Foundation both give and receive gifts?
Yes. In addition to receiving gifts, the Foundation awards grants to nonprofit organizations in Summit County and our neighboring communities (Leadville, Alma, Fairplay, Kremmling and Buena Vista). Additionally, a graduating senior scholarship program and scholarships for students traveling on school-sponsored foreign study trips are also available through the Foundation.

In what ways can donations be made to the Foundation?
The list is extensive, but they can include:

• cash
• checks
• securities
• charitable bequests
• life insurance
• other assets such as S-corporation stock as of 1998, closely-held stock, real estate (including land), interests in limited partnerships, literature partnerships, motion picture and television rights, boats and other kinds of property, art, or any combination of these.

Is there a standard format for submitting grant proposals?
Yes. It is available online and from the Foundation office. However, online grant submissions are not accepted at this time.

How many requests may we submit?
Organizations are eligible for funding once in a calendar year.

What is your average grant size?
The Summit Foundation's grant amounts vary so widely that an average amount is not a good indicator of an applicant's potential funding level. Applicants are encouraged to ask for a reasonable amount of the project's total budget, understanding that The Summit Foundation is not able to fund all requests at 100 percent. Also, the Foundation should not be considered the sole funder of a project, program or organization.

If we have received grants in the past, are there limitations to how many years we can receive grants?
No. However keep in mind that the Foundation is unable to fund all requests every year.

Does my organization or project have to be located in Summit County and neighboring communities?
Yes. Grants are limited to nonprofit organizations and projects in Summit County, Leadville, Alma, Fairplay, Kremmling and Buena Vista. Additionally there is a limit to the amount of the grant request from neighboring community organizations.

May we call The Summit Foundation staff to discuss grant proposal ideas?
Yes, we encourage grant seekers to call the Executive Director if you are unsure whether a grant request falls within the guidelines of the Foundation. First time grant seekers are highly encouraged to phone the Foundation office.

If we know The Summit Foundation board members, does it increase the likelihood that our proposal would be funded if we contact them?
No. In fact, The Summit Foundation board members are asked to refer all calls regarding grant requests to the Executive Director.

What happens after my organization's proposal is funded?
The Foundation will contact you by telephone after a decision is made. An award letter and grant conditions will be presented to your organization in June or December. A grant reception recognizing all awards is typically held in June.

Will we need to submit reports?
Yes. A preliminary report and final report is required for each grant made by the Foundation. Due dates for reports are determined by the nonprofit organization as they specifically relate to each grant funded. A standard report format is not provided by the Foundation. Instead, the Foundation requests that each organization submit the necessary information in a report format that is most suitable for the organization and the project funded.

Does the Foundation ever initiate special projects?
Occasionally, The Summit Foundation may identify specific community needs and determine a course of action to address them. In such instances, the Foundation may issue Requests for Proposals to invite organizations to apply for specified funds.

How can I learn more about The Summit Foundation?
The Summit Foundation has various printed materials that provide information to both prospective donors and prospective grantees. Write, call or visit the Foundation for these materials or to meet with a staff member. Or submit a request form online in the "Contact Us" section.