In celebration of the organization's 25th year, 2009, The Summit Foundation Board of Trustees established a goal to raise more than $500,000 in contributions designated to the unrestricted endowment fund.  The Foundation Board of Trustees are pleased to announce we have surpassed our goal, leveraging more than $550,000 in pledges towards this campaign.

We are honored to recognize over 70 donors for your support to this campaign:

Listing of 25th Anniversary Donors

An Endowment Fund is a permanent fund of The Summit Foundation. Gifts to the endowment fund remain in perpetuity. A portion of the earnings is used to carry out the charitable purposes of The Summit Foundation and the principal remains intact for future generations. The assets of the endowment fund are invested and monitored by professional portfolio managers. The Board of Trustees sets the investment and spending policies of the endowment fund. The Investment Committee reviews the performance of the fund on a quarterly basis and the performance of the managers annually and reports their findings to the Board of Trustees.

The Summit Foundation did not start with a permanent endowment fund. In 1994, board members and staff began the process to establish an endowment fund. The campaign was quietly initiated in 1996 to raise $1 million by the end of the year 2000. In 1998, after achieving $500,000 in gifts, a public announcement about the endowment fund was made. The board continued to work in earnest to raise the remaining $500,000 by the December 31, 2000 deadline.

In 1999, the Foundation was approached by a local family to establish a Donor Advised Fund. This fund actively involves the donors in the grantmaking decisions. The corpus of the fund was established with a $1 million gift and uses the income to make grants to community nonprofit organizations. Since the establishment of this first donor advised fund, the Foundation has set up 13 additional donor advised funds within the endowment fund.

Having achieved its million-dollar endowment fund goal a year early, The Foundation continues its efforts to increase the assets of the fund. As of July 2009, the endowment and donor advised fund asset total is $3.5 million.

Giving a gift to The Foundation is easy and convenient, plus there are significant tax benefits. Here are a variety of ways to give that will make a lasting difference.

Unrestricted Funds
These funds allow the Foundation to direct grants to the most pressing demands in the community at any given time.

Donor Advised Fund
You make a contribution and we open a special fund named for you, your family or any group or individual you choose to honor. You stay involved, working with our professional staff each year to recommend agencies and programs you would like to support. Imagine involving your family in making these decisions and then seeing first hand what a difference your gift has made. It's an invaluable gift to give to your family and to our community. (A minimum contribution of $25,000 is required and can be made over an extended period of time.)

Lasting Gifts
Do you dream of doing more for your loved ones AND for the causes you care most about? By adding The Summit Foundation to your estate plan, you can leave a legacy. The Peaks Society of The Summit Foundation has been established to recognize the generosity and foresight of individuals who have provided a planned gift to The Summit Foundation. We encourage individuals who have recognized The Foundation in a will or estate plan to inform The Summit Foundation so we may recognize you as a member of The Peaks Society.

Memorial Fund
When a loved one dies, you may find solace by doing something positive that will benefit others and carry on the good name of the deceased. By establishing a Memorial Fund, your loved one's name will become a permanent living memorial that will have great meaning.

Scholarship Fund
You can establish a Scholarship Fund to support programs currently funded by the Foundation, including high school seniors, foreign travel or perhaps within an organization we support. Your fund is administered by the Foundation and you receive tax benefits from your gift. You avoid the hassles and expense of establishing a private scholarship fund.

Charitable Lead Trust
You donate part of your estate to the trust now and the income goes into your fund at the Foundation for a designated period of years. Your estate taxes are reduced and the property is not taxed to your children. When your children or grandchildren reach maturity, the trust terminates and they receive the assets. The community benefits during all of those years and your loved ones receive much more than they would otherwise.

Charitable Gift Annuity
You can create a charitable gift annuity by making a gift of cash, real estate or appreciated stock. In return, we pay you a guaranteed annual income for life. You receive significant tax advantages, including an immediate tax deduction for your gift. In addition, a portion of each income payment you receive is tax-free. After your death, the remainder of your annuity is used to create a charitable endowment fund in your name.

Charitable Remainder Trust
Similar to a gift annuity, a charitable remainder trust (CRT) will pay you a guaranteed annual income for life. In addition to gifts of cash or stock, you may establish a CRT with gifts of real estate or other property. You also have the option of choosing to receive the income in a fixed or variable amount. The CRT is established by you and is held by you until death at which time the remainder is donated to the Foundation.

Bequest
Naming the Foundation as a beneficiary in your will or trust can be the simplest gift. You may choose to make your gift from your IRAs or other qualified retirement plan. Because these assets often carry a heavy income tax obligation to your heirs, they can be a particularly attractive source for funding your charitable gifts. The Summit Foundation's fact sheet provides details on naming The Foundation as a beneficiary in your will.

Charitable Life Insurance
Designate the Foundation as the owner and beneficiary of a new or existing policy.

Field of Interest Fund
Establishing a Field of Interest Fund allows you to direct your giving as narrowly or as broadly as you choose - to pick the cause closest to your heart. Whether it's fostering the arts, children's literacy or music, empowering youth in our community or preserving our precious environment, you can depend on the Foundation to carry out your wishes.

What The Summit Foundation Provides

• Research to identify charities in your field of interest
• Arrangements for site visits to charities you would like to learn more about
• Established grant guidelines
• Tracking of grant activity and evaluation of grant results
• 25 years of presence and experience in Summit County

Through a gift to The Summit Foundation you can provide a lasting legacy. Your principal is protected in perpetuity and is carefully invested to generate earnings that are so necessary to fund hundreds of community programs and services that are vital to this place we call home. Let The Summit Foundation be your partner in philanthropy because together we can make the greatest impact in our community. Thank you for considering The Summit Foundation in your legacy planning.