The Mission of the Community Foundation of Carroll County is to maintain and enhance the quality of life in the community of Carroll County through philanthropic means. The Foundation will receive, invest and distribute funds for charitable, cultural and educational purposes for the benefit of the citizens of Carroll County.
To further this goal the Community Foundation of Carroll County has established hundreds of different funds with varying charitable objectives and purposes. These funds function as component parts of the foundation instead of stand-alone entities, in order to achieve economies of scale and efficiency by utilizing a single administrative office and staff. In addition, the Foundation undergoes a single audit and prepares a single non-profit tax return.
The Funds fall into five major categories:
These funds often have their own identity in the community, operate their own fundraising events, and identify the beneficiaries of their work. The foundation collects, disperses and reports the income and expenses according to appropriate accounting and tax requirements.
The Community Foundation of Carroll County also administers funds for certain stand-alone charitable organizations (Agency funds) serving Carroll County as well as incubating and advising emerging local charitable organizations. All of the funds receive substantial support from contributions and grants provided by individuals, foundations, government agencies, and the business community in the Carroll County, Maryland area.
The Operating and Endowment Funds of the Community Foundation of Carroll County are used to pay the overhead of the organization. These funds are dependent on financial support provided by fees charged to the component funds for management, accounting and administrative services. The fees alone are not sufficient to cover all expenses; the Foundation also relies on contributions and annual fundraising events to meet operating needs.
For income tax reporting purposes, the Community Foundation of Carroll County is exempt from Federal and state income taxation pursuant to IRS Section 501(c)(3).