Frequently Asked Questions

Q

What kind of foundation is the Portage Foundation?

A

The Portage Foundation is an Ohio corporation for non-profit operating as a community foundation.

Q

What is the purpose of the Portage Foundation?

A

The principal purpose of the Portage Foundation is to work to, among other things, create endowments, raise funds, collaborate on projects and issues, and make grants and allocations to persons and organizations in and around the Portage County area.

Q

Are all contributions to The Portage Foundation tax deductible?

A

Yes. The maximum tax advantage allowable by law for donations may be taken.

Q

What type of contributions will you accept?

A

The Portage Foundation accepts gifts of cash, checks, securities, paid life insurance policies, and property (that will be promptly sold). We will consider accepting in-kind gifts with prior consultation.

Q

Can I include the Portage Foundation in my/our estate plans?

A

Yes. In considering your estate plans, we can provide a worksheet or 1808 Society – Declaration of Intent document to assist you as you determine your final plans.

Q

If I currently have a private foundation, can I establish a donor-advised fund to avoid the challenges and expenses of managing my own private foundation?

A

Yes.

Q

Can I establish a donor-advised fund, even though I do not currently have a private foundation?

A

Yes. The current minimum to establish a fund is $5,000.

Q

Can the Portage Foundation advise me on current or future needs in the County to help me establish and focus of my fund?

A

Yes. The Foundation maintains relationships with other agencies in the County to understand current priorities.

Q

How are the assets of the Portage Foundation managed/invested?

A

All finances of the Foundation are overseen by the Board of Trustees, specifically the Investment and Finance Committee. The Foundation developed and utilizes and investment policy statement. This policy statement is reviewed regularly. The Foundation also utilizes the services of PNC Institutional Asset Management to manage our portfolio.

Q

Will the Portage Foundation work with my professional advisors (attorneys, accountants, financial consultants etc.) to assist in determining the best way to fulfill my philanthropy?

A

Yes, we value the opportunity to work with you and your professional advisors to meet your needs.

Q

What is the IRS provided Tax Identification Number for the Portage Foundation?

A

34-1176817