Posted by Jim Blackerby & Pam Ancheta
Update and Review from the Wakefield Rotary Club Foundation (WRCF)- Lori Horton, Chair; Steve White, (outgoing) Treasurer; Mary Roda, member; Ed McLaughlin, member; Chris Van Hemelrijck, (incoming) Treasurer
Lori Horton started the presentation by talking about the make up of the WRCF committee:  5 Rotarians appointed by the club president who are independent from other club activities and therefore can't serve on any committees.  Identified the tax status of the Rotary Club as separate and different from the WRCF.  The Club is a 501(c) (4) -  not income tax-deductible to individuals donations, and the club is not eligible for state sales tax- exemptions.  On the other hand, the WRCF is a 501(c) (3) organization which is tax-deductible for donations and exempt from state sales tax.  Lori mentioned that the WRCF has been asked to make purchases for computer software and audio equipment for the club because of its non-profit tax exempt status.   For further relevant info about the WRCF since its founding in 1997, click here for the pamphlet distributed during the presentation.
Steve White, the outgoing Treasurer, presented the components of the WRCF assets and updated the club on the  current account balances.  Click here for Steve White's report on current balance of accounts.  Please note, this info isn't available to the public; only members who log-in to the club website with a password will be able to access the documents.  Steve briefly talked about the cash flow agreements between the Wakefield Club and the WRCF which is the fundamental process which pays for all the charitable grants and donations made each year.  Click here for the cash flow agreement & policies document which is available only to members who log-in to the website.
Finally, Mary Roda with Ed Mclaughlin talked about the WRCF investment opportunities for Rotarians and others through The Balloon Society:  recognition of donations totalling $1,000 or more through one-time or sustained giving or though estate planned bequests.  Also giving to WRCF can earns points for a  Paul Harris Award--just like donations to Rotary Foundation.  All donations to WRCF no matter the amount should be given to the WRCF treasurer (currently, Steve White).  Donation information is detailed in the pamphlet mentioned in the first paragraph.