The Foundation was founded in 2004. It is a Florida, not-for-profit corporation, and is classified as a public charity by the United States Internal Revenue Service. Its mission is to assist the fund raising of entities that perform charitable services in Treasure Cay and surrounding Northern Abaco communities. It provides the assistance in the following ways:
• When a local charitable entity (e.g., Corbett Medical Centre, Emergency Services, Treasure Cay Community Centre) solicits a donation it can encourage the donor to make the contribution to TCCF and complete a form designating their desire to have the donation be directed to that particular charity. This allows a U.S. Taxpayer to deduct the amount of the donation on their federal income tax return.
• TCCF is a charity to which the Rotary Club of South Calgary (Canada) is authorized to make charitable contributions. In turn, Canadian taxpayers are authorized to deduct their contributions to the Rotary Club of South Calgary. This sequence of a donation going to the Rotary Club and then to the Foundation encourages contributions from Canadian taxpayers.
• TCCF is able to establish accounts with banks and investment companies in the United States (currently Bank of America, Charles Schwab & Co., and Vanguard Securities) thereby providing access to U.S. Financial institutions, auditors, and legal counsel not otherwise available to the other Treasure Cay charitable entities.
• TCCF can manage endowment funds. It must perform this service in accordance with U.S. Laws and regulations relating to fiduciary responsibilities.
During the 2010-2011 winter season the Foundation again received donations designated for the Treasure Cay Community Centre, Corbett Medical Centre, and Treasure Cay Community Church and its Education Fund. Since its founding it has received over $1,800,000 in donor-designated contributions – a remarkable amount of generosity from over 200 people. The Corbett Endowment was transferred to the Foundation in June, 2008. It is managed by the Foundation’s Investment Committee, which consists of Neil Rice, Chairman, Jim Balch, and Fred Grimm. It is anticipated that contributions to an endowment for one or more of the charitable entities in Treasure Cay will be increasingly attractive for donors.
The laws governing the Board of Directors of the Foundation require the Board to make the decision regarding the grants it will distribute to the designated charities. Thus far, 100% of the funds received from individual donors have been approved for distribution to the designated charity. The Foundation has declined contributions designated for activities that do not qualify as charitable purposes in the U. S.
The Officers of the Foundation are Joe Calihan - Chairman, Gretchen Balch - President, Val Taylor, Treasurer; Bob Jackson – Secretary; Byron Krantz, Assistant Secretary, and Joe Calihan Assistant Treasurer. The Board of Directors consists of the Officers plus Jim Balch, Gene Bowles, Fred Grimm, and Neil Rice. Inquiries are encouraged and can be directed to any Director.
