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FAQs
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What is the Eastern Shore of
Virginia Community Foundation?
The Eastern Shore of Virginia Community Foundation (ESVCF) is a
permanent charitable endowment established in 2004 to benefit residents of
Virginia’s Eastern Shore. The Foundation’s primary goal is to aid nonprofits
by providing grant funding. It is affiliated with The Norfolk Foundation,
one of the country’s largest and most experienced community foundations.
Grant proposals should address one or more of the Foundation’s key
grantmaking areas: Family, Child, and Social Welfare; Public and Civic Life;
Arts and Culture; Education; Health; and the Environment. The highest
priority for grant funding is for requests from 501(c)(3) organizations
serving the counties of Accomack and Northampton.
Through its affiliation with The Norfolk Foundation, ESVCF ensures that your
gift is administered efficiently and strives to apply it prudently.
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What is the focus of the Eastern
Shore of Virginia Community Foundation?
As a community foundation the Foundation strives to strengthen the fabric of
the Eastern Shore and to reflect the diverse interests of donors. The
Foundation focuses its resources on projects and programs likely to continue
beyond the period of funding. Therefore highest priority is given to
requests for specific capital projects, such as buildings, renovations and
equipment needs that meet the Foundation’s goals.
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How do Foundation “component funds”
work?
All foundations share certain common elements. The group of
individual funds comprising the foundation (the component funds) must be
used exclusively for charitable purposes such as grants to nonprofits or
scholarships for students. Unless a donor specifies otherwise, component
fund assets are combined for efficient investment. The component funds share
on a pro rata basis modest administrative expenses, thereby avoiding
substantial costs.
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Who governs the Foundation?
A nine-member Board of Directors governs the Foundation and approves
all grants to nonprofit organizations. Scholarships are administered by The
Norfolk Foundation in keeping with the donor’s objectives and The Norfolk
Foundation’s applicant screening policies. The ESVCF board also makes
recommendations to The Norfolk Foundation on grants to be made from funds
held and managed by The Norfolk Foundation which are within the ESVCF
“Family of Funds” at The Norfolk Foundation. The members of the Board are
chosen for their leadership, experience and knowledge of the community and
its charitable needs. Current members are E. Polk Kellam, Jr., chairman;
Henry P. Custis, Jr., vice chairman; A. Thomas Young, vice chairman; Gary S.
Ginsberg, secretary/treasurer; Catherine G. Johnson, Crosby H. Johnson,
George N. McMath, Suzanne VK. Tankard, and Donald J. Trufant. David M.
Parker serves as executive director of the Foundation.
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How are Foundation assets invested?
The assets of the Foundation are held and invested by The Norfolk
Foundation using its financial institutions or investment firms. The Norfolk
Foundation Board of Directors sets overall investment policy and monitors
the performance of these funds. Accounts are audited annually by an
independent accounting firm and published in the annual reports of The
Norfolk Foundation and ESVCF.
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How do donors use the Eastern Shore
of Virginia Community Foundation?
The Foundation offers two ways to provide lasting help to Accomack and
Northampton counties. Some donors contribute to our unrestricted fund. Their
gifts help build a permanent endowment that provides lasting support in the
two county area – helping those in need, caring for children, developing
youth, promoting education, preserving the environment and enriching the
community culturally and economically.
Other donors choose to establish named funds tailored to fit a donor’s
specific interest. Through donor advised funds donors can recommend grants
to nonprofit organizations they choose. Donor designated funds are
permanently dedicated to agencies or to a favorite field of interest, such
as the arts or scholarships.
Gifts to the Eastern Shore of Virginia Community Foundation, a 501(c)(3)
applicant, can provide substantial savings on income, capital gains and
estate taxes. You should consult with your financial advisor on the best way
to give.
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How are gifts made to the
Foundation?
Gifts or bequests to the Foundation may be made outright or
through a variety of methods, including charitable remainder trusts and
charitable lead trust. The primary intention is to continue adding permanent
funds to the Foundation through these means. Funds of sufficient size may
carry the name of the donor or memorialize another person, if desired.
Smaller gifts are added to the Eastern Shore of Virginia Community
Foundation Fund, an unrestricted grantmaking fund, or to another fund within
the ESVCF “Family of Funds” at The Norfolk Foundation, as identified by the
donor. In either case gifts are permanent and will grow with time unless the
donor directs otherwise.
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What types of funds can be
established at the Foundation?
The ESVCF offers a variety of simple, flexible and effective
options for those who wish to help their community through philanthropy.
Donors may establish any of four basic types of funds.
- Unrestricted Fund – This type of fund gives the Board discretion as to use
and provides maximum flexibility for the Foundation to meet changing needs
on the Eastern Shore.
- Field of Interest Fund – A Field of Interest fund allows donors to address
specific areas of concern, such as the arts or family and child welfare,
while allowing the Foundation to choose specific nonprofits to receive
grants.
- Restricted Fund – This type of fund is established by donors who give
specific instructions on how funds are to be used. Restricted funds include
designated funds that permit donors to target one or more nonprofit
organizations, scholarship funds that provide resources for college
scholarships or other educational opportunities, and organizational funds
that are established by nonprofit organizations to generate funds for their
own uses.
- Donor Advised Fund – A Donor Advised fund offers donors the opportunity to
remain involved with grantmaking. Donor advisors advise The Norfolk
Foundation Board of Directors (who manage donor advised funds for ESVCF)
annually regarding the donors’ preferences as to grant amounts and recipient
organizations.
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How does the Foundation benefit the Eastern Shore community?
The Foundation provides grants for specific capital needs and projects for
tax-exempt, nonprofit organizations in Accomack and Northampton counties.
The Foundation also will have the ability to award scholarships from funds
designated for scholarships. Individuals, businesses and families benefit
from the Foundation because of its ability to provide lasting help to their
favorite causes. Similarly, attorneys, accountants and financial planners
benefit because the Foundation helps them to assist clients with their
charitable and tax goals. Finally, charitable organizations benefit because
they can turn to ESVCF for help with projects that meet community needs.
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What is the vision of ESVCF?
The Foundation’s vision is to enrich the lives of the people of Virginia’s
Eastern Shore.
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Why should I support ESVCF?
When life’s been good to you, it’s good to give something back. For most of
us that means contributing to local causes. But for those who are especially
grateful or for whom life has been especially generous – it can mean making
a lasting gift.
That’s where the Eastern Shore of Virginia Community Foundation fits in.
We provide an easy, effective way for donors from all walks of life to
provide permanent support for the charitable purposes they specify. As a
community foundation we accept charitable gifts, invest them carefully and
make grants to nonprofit organizations benefiting the citizens of Accomack
and Northampton counties.
For donors the community foundation provides a simple way to make a gift
that lasts forever. For the Eastern Shore it ensures that help is here when
it’s needed.
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