The Peninsula Community Foundation of Virginia

About Us - FAQ's

1. What is The Peninsula Community Foundation of Virginia (PCFVA)?

   
   The Peninsula Community Foundation of Virginia is a 501(c)(3) organization that solicits tax-deductible gifts from people in the community, invests these funds and then uses the earnings to provide scholarships to students as well as grants to nonprofit organizations on the Peninsula. The Community Foundation also serves as a fiduciary agent for donors who wish to establish a charitable fund without forming their own foundation. PCFVA handles all the administrative functions on behalf of the donor, streamlining the giving process. Click on the "Become a Donor" menu option above for more information about fund options and services.



2. What is the vision of the Foundation?

   
   The Foundation's vision is to charter a brighter future for all residents of the Virginia Peninsula by offering:
   
   
   • Charitable gift planning and grant making consultation to donors
   • Financial and technical resources to nonprofit organizations
   • Leadership in problem solving to the communities we serve



3. How do Foundation funds work?

   
   All the Foundation's funds share certain common elements. The funds must be used exclusively for charitable purposes such as grants to nonprofits or scholarships for students. Unless a donor specifies otherwise, funds are combined for efficient investment. The funds are components of the Foundation, and provide maximum public charity tax advantages to donors. The funds share modest administrative expenses on a pro rata basis, which avoids the substantial costs of establishing and maintaining separate foundations.



4. Who governs the Foundation?

   
   The Peninsula Community Foundation of Virginia is governed by a 16-member Board Of Directors that approves all grant and scholarship distributions from funds. Each member is chosen to serve because of their leadership, experience and knowledge of our community and its charitable needs. Click on the "About Us | Board Of Directors" menu options above to see a complete list of our Board.



5. How are gifts made to the Foundation?

   
   Gifts or bequests to the Foundation may be made outright or through a variety of methods, including charitable remainder trusts and charitable lead trusts. The primary intention is to continue adding permanent funds to the Foundation through these means. Funds of sufficient size may carry the name of the donor or memorialize another person, if desired. Smaller gifts are added to our unrestricted fund, a general grant making fund, or to another Foundation fund. In either case, gifts are permanent and will grow with time unless the donor directs otherwise.



6. What types of funds can be established at the Foundation?

   
   For those who wish to help their community through philanthropy, the Peninsula Community Foundation of Virginia offers a variety of simple, flexible and effective options. Donors may establish any of four basic types of funds:
   
   
   • Unrestricted funds give the Grants/Gifts Committee discretion as to use, and provide maximum flexibility for the Foundation to meet changing needs in the community. The Committee consults closely with community leaders and organizations in making its grant decisions. Grants are made to local agencies and projects where they can ensure maximum benefit.
   
   
   • Field of Interest funds allow donors to address specific areas of concern, such as the arts or family and child welfare, while allowing the Foundation to make grants to the most appropriate programs or organizations within the particular field of interest specified by the original donor.
   
   
   • Donor Advised funds are permanently endowed and unrestricted. The fund advisors recommend grant distributions that fulfill the intent of the specific fund. Gifts continue to grow over time unless the donor directs otherwise.
   
   
   • Designated funds are established by donors who give specific instructions on how funds are to be used. Designated funds permit donors to target one or more nonprofit organizations to receive grants. They may also be scholarship funds that provide resources for college scholarships or other educational opportunities, or agency endowment funds that are established by nonprofit organizations to help provide a permanent source of revenue for their own uses as needed.
   
   For additional information on funds at The Peninsula Community Foundation of Virginia, Inc., please see our most recent Annual Report.



7. How does the Foundation benefit the community?

   
   Grants from the Peninsula Community Foundation of Virginia help our community's tax-exempt, nonprofit organizations with funds for specific capital needs and projects. The Foundation also awards scholarships from funds designated for that purpose.