Frequently Asked Questions:
Q: What is the Byron Community Foundation?
A: The BCF is a non-profit organization designed to not only meet the needs of the residents of Byron & it's surrounding communities, but also provide funding & support to enhance & strengthen the community for years to come.
Q: Why does Byron need a Community foundation?
A: Byron needs a way for its residents to not only make philanthropic gifts that will benefit the entire community; but it also needs a partner with the financial strength to enhance what Byron already has as well as the vision to proactively participate in creating & strengthening the efforts of its residents so that Byron maintains the characteristics and values that make it home to so many.
Q: Is the BCF limited to just Byron?
A: No, the BCF is for Byron as well as our surrounding communities such as Salem, Rock Dell & Kalmer townships.
Q: What will the BCF do?
A: The BCF will provide grants to local partners as well as act as a catalyst for future initiatives that strengthen Byron for years to come.
Q: How do I know the BCF will still be around in a year?
A: Your Gift makes our existence possible. Encouraging friends & family members to become a part of the BCF will help to ensure our continued presence in the community.
Q: Who is on your Board of Directors? What are their qualifications?
Q: How will my donation be managed?
A: Management of the Byron Community Foundation assets is handled by the Southern Minnesota Initiative Foundation (SMIF). SMIF administers the Foundation's donor fund, safeguarding designated fund assets through responsible investment, management & accounting. SMIF also provides additional professional services & benefits.
By participating in the SMIF fiscal management service program, the Byron Community Foundation is able to pool its donations in a larger fund to leverage the maximum return on its investment.
Q: What is SMIF?
A: SMIF is a 501(c)3 organization founded by former Congressman Tim Penney in 1986. SMIF not only provides advice to a variety of community foundations; but it also has the capacity to provide matching grant funds to the BCF. By acting in a co-operative manner with SMIF & its partner organizations; our donations are managed by professionals who share the long term goal of having a stable & sustaining endowment which will be a source of grants for years to come.
Q: Why is SMIF needed?
A: SMIF is needed for a variety of reasons. Through SMIF, The BCF enjoys a 501(c)3 status; which means your gifts may be tax deductible. Additionally, SMIF provides the financial strength & staff to professionally and expertly manage The BCF assets so that The BCF can remain financially strong year after year.
Q: Does my donation go towards SMIF?
A: No. Your donation goes towards The BCF & your gift will be used locally.
Q: Is this tax deductible?
A: Our partnership with SMIF makes your gift eligible as a tax deduction. Please be sure to consult with your Accountant or Tax Preparer to verify your eligibility under IRS and State Laws.
Q: I'd like to donate to the BCF, is there a payment plan that I can enroll in?
Q: What if I can't afford $XX per month?
A: Let's take a look at what you can afford. Any gift of any size is sincerely appreciated. By donating to the Endowment, your gift will grow & will give year after year!
Q: Can I provide an in-kind donation to the BCF?
A: In kind gifts are accepted by the BCF. Please tell us what you had in mind.
Q: Are monetary & in-kind donations the only ways that I can contribute to the BCF?
A: No, our partnership with SMIF provides us with the ability to accept non-traditional donations such as Land and Grain or to give to the BCF as a part of your estate. If you have other ideas in mind, let's find a time so that you & the Chair/President can discuss your contribution further.
Q: Can I leave money to the BCF as a part of my estate?
A: Yes, our partnership with SMIF provides us with access to professionals who can expertly advise you in designating the BCF as a beneficiary of your estate.
Q: Can my donation go towards something specific?
A: It can! Our current focus is to grow the Endowment which will be a sustainable source of grants for years to come. We also have 3 additional focus areas which may align with your gift. However, we will not turn down your generosity and are happy to explore additional avenues so that your gift can do what you want it to do.
The 3 Additional Focus Areas are: Citizen Development, Healthy Living, and Arts & Culture.
Q: Can my donation be designated for a project or initiative right away?
A: It can! If one of our 3 Focus Areas isn't what you had in mind, let's find a time for you to talk with our Chair/President to explore additional avenues.