Governance
Governance
The Grace Commons Foundation (dba of the Presbyterian Foundation of Boulder) is an independent corporation, organized under the Colorado Non-Profit statutes:
As such, the Foundation is not under the authority of any denomination. All funds will be held in perpetuity by the Foundation, free from all entanglements that may be caused by doctrinal disagreement.
Gift Acceptance Policy
The Board of Directors reserves the right to accept or reject any gift, in accordance with the Foundation’s gift acceptance policy.
The Foundation’s sample Donor Advised Fund Agreement is attached. The Foundation also adopted the attached policy regarding donor advised gifts, per tax code regulations.
Trust/Investment Company Selection
Pursuant to the adopted standards, the Board will perform due diligence to hire one or more outside investment/trust companies to assist in managing the funds that will be held by the church. The firms chosen to participate would have no affiliation with any member of the Foundation, any church using the Foundation’s services, or any other organization for which funds may be held by the Foundation.
An Investment Committee was formed to assist the Board with selection of an investment and trust company. The Investment Committee will continue to assist the Board with monitoring all investments.
Non-Profit Status
The Internal Revenue Service has determined that the Grace Commons Foundation is exempt from Federal income tax as a public charity under section 501(c)(3) of the Internal Revenue Code. Contributions to the Foundation are deductible under section 170 of the Code. The Foundation is also qualified to receive tax deductible bequests, devises, transfers and gifts under sections 2055, 2106 and 2522 of the Code. IRS Determination Letter. The Foundation has adopted the Standards and Best Practices of the Evangelical Center for Financial Accountability. The Foundation has also adopted the attached conflict of interest policy.
Financial Oversight
The Foundation uses an outside bookkeeper for its accounting needs. The Foundation uses an outside auditor to conduct a yearly audit, and publishes an annual report, with the intent of clearly disclosing monies held, donations, endowment and fund holdings and grants of funds.
The Grace Commons Foundation is proud to be a member of the Evangelical Council for Financial Accountability. The ECFA’s Standards of Responsible Stewardship focus on board governance, financial transparency, integrity in fund-raising, and proper use of charity resources.