Financial Management

The Community Foundation for the Twin Tiers (CFTT) is a collection of donations from private citizens and organizations that, in aggregate, form a fund. The fund supports grant making to selected charities with the communities served by the Foundation and the operating expenses of the Foundation.

The Foundation is a publicly supported charitable organization under Section 501(c)(3) of the Internal Revenue Code. Its purpose is to be a vehicle to receive and accept gifts to be administered for charitable purposes primarily in the four counties served by the Foundation.

Donors are the source of funds for community foundations which are skilled at receiving and managing these gifts. Because different rules can apply to each, it can be complicated from a tax and legal perspective. Community foundations must be familiar with the rules and regulations regarding these different kinds of gifts and funds. They must report to the public yearly by publishing who contributed to the Foundation and each of the different funds.

Foundations must have and abide by investment and spending policies that control the handling of their endowment funds. In addition, they must have policies to govern their short, intermediate and long-term capital. They are required to report to the public on the financial condition of the Foundation and must have an audit or financial report done by a certified CPA that they are required to make available to the public. They must also make available the IRS 990 Tax Filings they are required to file yearly.

In this section you will find CFTT's financial information since its inception as well as information governing the establishment of funds, the acceptance of gifts, and recognition of our donors.