A community foundation meets the public support test set forth in Internal Revenue Code Section 170(b)(1)(A)(vi) as modified by Treasury Regulation Section 170A-9(e)(10). Mission, Structure and Governance - Standard II. Part C.
Design Elements Relevant To Most Practices:
Clear and measurable outcomes.
A monitoring and evaluation component that tracks and measures outcome achievement.
Outcomes that preserve and/or improve desirable conditions.
The cost of following the practice is in alignment with the result.
The practice "fits" with the current and anticipated circumstances of the community foundation, such as size, growth rate, age, type of funds, and service area.
Ancillary or bonus outcomes derived from the practice help
meet or exceed other standards or otherwise advance the
Please note that these materials were collected prior to the passage of the Pension Protection Act of 2006 so do not necessarily reflect the recent changes in the law. As always, these documents should only be used as a reference in developing your own documents with advice from legal counsel where appropriate. For more information on the Pension Protection Act of 2006, see www.cof.org/hr4.