Rotary Club Of West Bay Charitable Foundation
The Board of our Charitable Foundation consists of the board of the West Bay Rotary Club plus a chair, treasurer and secretary specific to the charitable foundation. We have recently decided to have the president elect of the club serve as the chair of the foundation as a way to acclimate them to the future position of club president.
The Rotary Club of West Bay Charitable Foundation is a 501C3 and generally considered our local giving arm. Funds come into the foundation through direct donation and club board approved allocated funds from our club fund raising activities. We also can approve to receive funds for specific non local projects such as the Yucatan water project and the wheelchair project.
We accept applications twice a year (spring & fall) from local non-profits and less formal groups that are doing good works in our communities. The amount we give is based on our balances in the account which generally ranges between seven and ten thousand dollars per half year. These applications are reviewed by our community service committee which then makes recommendations to the board for final approval. We do keep a small balance in the account for possible good causes that have a more immediate need outside the usual application process. This type of need does still require board approval.
We have recently started an endowment fund with a local investment firm as part of the charitable foundation. We can except direct donations specifically to this fund and have allowed members to contribute quarterly along with our regular dues as well as the possibility of posthumous donations. We opened this fund with the intention of building a reserve fund for those years that we may have less funds raised through our activities or a larger need we would like to support.