Financial Information
The most up-to-date financial information for the Leelanau Township Community Foundation is available for your review in our 2022 Annual Report, and complete audited financial statements are available upon request.
To receive a copy in the mail, please visit the Contact Us page and send your request.
Driftwood sign by Julie Glidden.
Privacy Statement
The Leelanau Township Community Foundation (LTCF) is committed to protecting the privacy of its donors. The Foundation collects and uses personal information such as name, address, phone number and email addresses (when a donor voluntarily provides it to us). This information is gathered in order to maintain complete and accurate records for Foundation activities, and for IRS purposes.
The Foundation's Board of Trustees and staff are bound by the Foundation's Confidentiality Policy. LTCF trade or share donor information with any other organization.
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. This includes: Minutes of the Board of Trustees and Committees, Articles and Bylaws, IRS determination letters, Form 990s (including all schedules and attachments), annual reports, audit statement, brochures, publications, and news releases.
A volunteer Board of Trustees, composed of community members, oversees our operations. An independent audit is completed each year, currently by the CPA firm Dennis, Gartland & Niergarth. 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.
Our most recent tax return is available to view below:
LTCF Form 990 - 2022
investment manager
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 organization if in the sole judgement 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
The National Standards for Community Foundations recognizes LTCF as meeting its standards criteria.
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 standard 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.