June 21, 2023 at 10:48 p.m.
Foundation merger OK'd
The Dunkirk Foundation funds will become part of The Portland Foundation on July 1
Foundation merger OK'd
Continued from page 1
He also pointed out during a meeting last week that The Dunkirk Foundation is on the edge of not meeting IRS requirements for public foundations.
The Dunkirk Foundation’s board will become the Dunkirk Community Advisors to make recommendations on grants and scholarships that are paid out of the 14 funds that are being transferred. The memorandum of understanding between the two foundations regarding the merger indicates that the advisors’ recommendations will be honored by The Portland Foundation as long as they follow the rules for the fund and don’t violate laws or regulations, or jeopardize The Portland Foundation’s tax status.
Bivens emphasized the importance of those board members maintaining control over how those funds are being distributed. All funds will continue to follow guidelines set up by the donors.
“I do believe it's the best thing for Dunkirk and for the foundation,” said Bivens.
The possibility of The Dunkirk Foundation merging into The Portland Foundation has been discussed on and off for almost 30 years.
The most recent discussions began about three years ago, with the organization’s board working with Mitch Isaacs of Shafer Leadership Academy of Muncie to guide the decision-making progress.
The Dunkirk Foundation was formed in 1970. More than half of its total assets are in The Johnson Fund for the Dunkirk Community, which totals $1.19 million.
The Portland Foundation, founded in 1951, is the second-oldest in Indiana, trailing only The Indianapolis Foundation. It has given more than $12.7 million in grants and $7.6 million in scholarships since over its 72-year history.
He also pointed out during a meeting last week that The Dunkirk Foundation is on the edge of not meeting IRS requirements for public foundations.
The Dunkirk Foundation’s board will become the Dunkirk Community Advisors to make recommendations on grants and scholarships that are paid out of the 14 funds that are being transferred. The memorandum of understanding between the two foundations regarding the merger indicates that the advisors’ recommendations will be honored by The Portland Foundation as long as they follow the rules for the fund and don’t violate laws or regulations, or jeopardize The Portland Foundation’s tax status.
Bivens emphasized the importance of those board members maintaining control over how those funds are being distributed. All funds will continue to follow guidelines set up by the donors.
“I do believe it's the best thing for Dunkirk and for the foundation,” said Bivens.
The possibility of The Dunkirk Foundation merging into The Portland Foundation has been discussed on and off for almost 30 years.
The most recent discussions began about three years ago, with the organization’s board working with Mitch Isaacs of Shafer Leadership Academy of Muncie to guide the decision-making progress.
The Dunkirk Foundation was formed in 1970. More than half of its total assets are in The Johnson Fund for the Dunkirk Community, which totals $1.19 million.
The Portland Foundation, founded in 1951, is the second-oldest in Indiana, trailing only The Indianapolis Foundation. It has given more than $12.7 million in grants and $7.6 million in scholarships since over its 72-year history.
He also pointed out during a meeting last week that The Dunkirk Foundation is on the edge of not meeting IRS requirements for public foundations.
The Dunkirk Foundation’s board will become the Dunkirk Community Advisors to make recommendations on grants and scholarships that are paid out of the 14 funds that are being transferred. The memorandum of understanding between the two foundations regarding the merger indicates that the advisors’ recommendations will be honored by The Portland Foundation as long as they follow the rules for the fund and don’t violate laws or regulations, or jeopardize The Portland Foundation’s tax status.
Bivens emphasized the importance of those board members maintaining control over how those funds are being distributed. All funds will continue to follow guidelines set up by the donors.
“I do believe it's the best thing for Dunkirk and for the foundation,” said Bivens.
The possibility of The Dunkirk Foundation merging into The Portland Foundation has been discussed on and off for almost 30 years.
The most recent discussions began about three years ago, with the organization’s board working with Mitch Isaacs of Shafer Leadership Academy of Muncie to guide the decision-making progress.
The Dunkirk Foundation was formed in 1970. More than half of its total assets are in The Johnson Fund for the Dunkirk Community, which totals $1.19 million.
The Portland Foundation, founded in 1951, is the second-oldest in Indiana, trailing only The Indianapolis Foundation. It has given more than $12.7 million in grants and $7.6 million in scholarships since over its 72-year history.
He also pointed out during a meeting last week that The Dunkirk Foundation is on the edge of not meeting IRS requirements for public foundations.
The Dunkirk Foundation’s board will become the Dunkirk Community Advisors to make recommendations on grants and scholarships that are paid out of the 14 funds that are being transferred. The memorandum of understanding between the two foundations regarding the merger indicates that the advisors’ recommendations will be honored by The Portland Foundation as long as they follow the rules for the fund and don’t violate laws or regulations, or jeopardize The Portland Foundation’s tax status.
Bivens emphasized the importance of those board members maintaining control over how those funds are being distributed. All funds will continue to follow guidelines set up by the donors.
“I do believe it's the best thing for Dunkirk and for the foundation,” said Bivens.
The possibility of The Dunkirk Foundation merging into The Portland Foundation has been discussed on and off for almost 30 years.
The most recent discussions began about three years ago, with the organization’s board working with Mitch Isaacs of Shafer Leadership Academy of Muncie to guide the decision-making progress.
The Dunkirk Foundation was formed in 1970. More than half of its total assets are in The Johnson Fund for the Dunkirk Community, which totals $1.19 million.
The Portland Foundation, founded in 1951, is the second-oldest in Indiana, trailing only The Indianapolis Foundation. It has given more than $12.7 million in grants and $7.6 million in scholarships since over its 72-year history.
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