Financials

Leelanau Township Community Foundation financial information is available for your review by downloading our Annual Report. Complete audited financial statements are available upon request.

To receive a copy, please visit the Contact Us page and send us your request. 


Accountability Statement

The Leelanau Township Community Foundation is fully accountable to the donors and citizens of this community. We invite you to contact us to obtain any information that may be useful to you. Our records, with certain exceptions are open for public inspection, including: Minutes of the Board of Trustees and Committees, Articles and Bylaws, IRS determination letters, Form 990’s (including all schedules and attachments), annual reports, audit statements, brochures, publications and news releases.

The operations of the Leelanau Township Community Foundation are governed by a volunteer board of trustees composed of community members. An independent audit is completed each year, currently by Kristine P. Berhow, CPA of Anderson, Tackman and Company PLC. In addition, the Leelanau Township Community Foundation willingly and successfully meets National Standards for Community Foundations and the Council of Michigan Foundations measure of Standards for Community Foundations.


Investment Manager

David Vaughan Investments, Inc.


Variance of Power

The Leelanau Township Community Foundation is devoted to building an endowment to meet the charitable needs of the community for this generation and for many generations to follow. As our society and circumstances change and the needs of the community evolve over time, the foundation will change and evolve. This unique quality of community foundations is referred to as the variance of power of the board. Under the variance of power, if authorized in either the fund agreement or by Michigan law, the board reserves the right to redirect distributions from a fund to another beneficiary or charitable purpose without a donor’s approval or the approval of a beneficiary organization if in the sole judgment of the board the original charitable purpose of the fund becomes, in effect, unnecessary, incapable of fulfillment or inconsistent with the charitable needs of the community.


Governance

A volunteer Board of Trustees composed of community members governs the operations of the Leelanau Township Community Foundation, including setting policy and making final decisions on all investments and grants. These committed individuals broadly represent the community and are selected for their integrity, competency and personal involvement in civic affairs. Trustees may serve for nine years (3 three-year terms.)


National Standards

We have been recognized as meeting the National Standards for Community Foundations.

This voluntary compliance program was implemented by the Council on Foundations in 2000. Donors to foundations that comply with the National Standards for Community Foundations can be assured that the foundation they’ve chosen is committed to transparency, financial responsibility, sound policies and accountable practices in their fundraising and in their philanthropic efforts. The goal of national standards is to assure that community foundations establish legal, ethical and effective operating practices that are in the public interest. To be recognized as meeting national standards criteria, foundations must address key areas of their operation including:

  • Mission, Structure and Governance
  • Resource Development
  • Stewardship and Accountability
  • Grantmaking and Community Leadership
  • Donor Relations
  • Communications

We’re proud to be recognized as meeting these important philanthropy standards to give you, our supporters, peace of mind that your contributions are going to an organization that operates according to the highest standards set for community foundations.