A New Relationship, The Same Great Program & People
The Whatcom Community Foundation was established in 1996 to provide financial and technical support to the numerous nonprofit organizations working to make Whatcom County an even better place to live, work and play. The Foundation Board of Directors and staff are thrilled to welcome Bellingham Dollars for Scholars as a program of the Foundation as of October 1, 2009. As a donor, you will continue to enjoy the BDFS benefits with which you’re familiar. The same dedicated, skilled BDFS Board of Directors is now the BDFS Fund Advisory Committee. Below are the highlights of what this exciting change means for everyone involved with BDFS.
What BDFS Gains
Greater BDFS Program Visibility – The Foundation helps to match donors’ charitable giving goals with appropriate funding opportunities. BDFS will be included in the Foundation’s presentations to existing and prospective donors.
Professional Program Administration – Foundation staff will relieve the BDFS Board of the responsibilities of managing the scholarship program. Staff will provide support to the BDFS Advisory Committee during the selection process and administer the scholarship awards. With the oversight of the Foundation’s Investment & Finance Committee and direction from the Foundation Board, staff also manages the Foundation’s assets.
Tax Returns & Auditing – All funds under the Foundation’s management are reported in IRS Form 990 (the tax return for nonprofit organizations). In addition, the Foundation’s finances are audited annually (http://whatcomcf.org/foundation_financial_information.html).
What BDFS Students, Donors and Volunteers Retain
Student Applicants – Efficiency of a single scholarship application and one deadline.
Partner College & University Scholarship Benefits for Recipients
- Students will still be eligible for matching funds from more than 120 participating colleges and universities (including six in Washington).
- Students’ financial aid awards from more than 500 colleges and universities will be unaffected by their support from Bellingham Dollars for Scholars.
Donors
- Contributions to the BDFS program of the Foundation enjoy the maximum tax deductibility allowed by law (the Foundation is a 501(c)(3) tax-exempt charitable organization).
- Like all Foundation assets, BDFS scholarship funds are managed to fulfill donor wishes.
- Confidence that the same group of people committed to BDFS will advise the Foundation Board on all scholarship awards.
How will this change affect the cost of operating BDFS?
The Foundation charges fees to support the services provided. The maximum rates are 1.5% (endowed or permanent) and 2% (non-endowed). While BDFS has been an all-volunteer organization, the organization has always incurred operating costs. Those costs were historically covered by BDFS Board members and donors that elected to contribute to those costs. The Foundation approach merely ensures that all donors are supporting the benefits that they and the students receive.
BDFS’ dedicated volunteers are now able to focus more of their valuable time, talent and energy on raising funds to support Bellingham’s many deserving students.
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