Foundation announces 2 new funds

The Greater Fostoria Community Foundation, Inc. has announced the establishment of two new component funds to complement its mission: The Widman Family Donor Advised Fund and the #FRONTLINEPROUD™ Fund. With the addition of these two new funds, the Greater Fostoria Community Foundation is now made up of 27 component funds of various types, all pooled for greater investment earnings potential.The Widman Family Donor Advised Fund was established by Christopher and Joann Widman as a donor-advised endowed fund with the Greater Fostoria Community Foundation. In establishing new funds, Foundation staff seeks to understand the donor's unique charitable goals and then drafts their intentions into the fund agreements. Creating a fund builds a philanthropic partnership with the Foundation that allows the donor to suggest specific grants to be made from this fund to support charitable, educational, scientific, literary or religious purposes, according to a press release. Donors can establish a permanent endowed fund at the Greater Fostoria Community Foundation with a minimum $10,000 contribution. Distributions from an endowed fund, which are grant awards to eligible 501(c)(3) or government organizations, are made from a percentage of the earnings with the principal remaining intact. "We're pleased to welcome The Widman Family Donor Advised Fund to the Greater Fostoria Community Foundation. We appreciate donors with the foresight to establish endowed funds that create a permanent resource to improve the quality of life in our community. The Widman's initial gift will grow over time and create a lasting legacy to support charitable causes in perpetuity," said Michele Cochran, executive director of the Greater Fostoria Community Foundation."We appreciate the opportunities the Greater Fostoria Community Foundation brings to the community," Chris Widman said. "Fostoria is a fantastic place to live and work. Furthermore, when people come together to 'Pay it Forward', the possibilities are endless."The #FRONTLINEPROUD™ Fund was established with an opening gift from Ron and Evelyn Burns as a donor advised growth fund of the Greater Fostoria Community Foundation. The primary initial purpose of this fund is to promote unity and recognize frontline workers in various industries related to the COVID-19 pandemic in the United States. "The mission of #FRONTLINEPROUD is to show support for frontline workers involved in a variety of industries through a campaign that promotes unity and helps generate funds that will go toward organizations/causes that are supporting or giving back in our community's essential workforce in a variety of ways," said co-founder Ron Burns.A donor advised growth fund is the most flexible fund type as it operates much like a "charitable checkbook," giving advisors a flexible, easy way to support organizations, causes and issues that are important to them. An individual, family, business or organization may create a donor advised fund. By initiating a donor advised fund, you receive an immediate tax deduction and make a lasting impact on improving the quality of life in our community and beyond. Donor advised growth funds can be opened with a minimum $25,000 contribution. Grants may be made to qualified 501(c)(3) or government agencies at any time, provided that a $10,000 minimum balance is maintained at all times. "We're honored that #FRONTLINEPROUD™ has established this new fund through the Greater Fostoria Community Foundation as a way to support the emerging needs of frontline workers in this unprecedented time in history. By establishing a donor advised growth fund, the #FRONTLINEPROUD team has the flexibility to respond to more immediate needs in the communities it serves while balancing long-term charitable goals," Cochran said.Additional contributions may be directed to the #FRONTLINEPROUD™ Fund at any time through the Greater Fostoria Community Foundation (GFCF) office at 342 Perry St., PO Box 684, Fostoria, Ohio 44830 or because GFCF is an affiliate of the Greater Toledo Community Foundation, donors may make a one-time or recurring donation online via their web portal at: https://toledocf.fcsuite.com/erp/donate/list and choose the #FRONTLINEPROUD™ Fund.