City of Tracy Establishes Community Fund
Fund allows for tax deductible donations for City projects and programsPosted: Oct 7, 2016
Location: Tracy, Calif.
The City of Tracy received authorization from the City Council to establish a community fund through the Community Foundation of San Joaquin (CFOSJ). The CFOSJ is a non-profit public charity that provides a mechanism for not-for-profit entities, such as local government agencies, to receive and use tax deductible donations.
“The City of Tracy Community Fund provides an easy and secure way to invest back into Tracy,” stated Stephanie Garrabrant-Sierra, Assistant City Manager. “Donors can confidently trust this professionally managed investment fund for tax deductible giving and future planned giving.”
Anyone can add to the fund at any time and in any dollar amount. By establishing a community fund, Tracy can be a target for corporate giving, as businesses or developers working in Tracy can easily make donations to the City or for targeted uses, such as Legacy Fields, the Aquatics Center, Animal Shelter or K9 support.
The CFSOJ handles all of the administrative activities associated with managing the fund, including notices to donors that comply with state and federal tax laws. The fund is overseen by a volunteer board who hire wealth management professionals with expertise in financial and investment planning. Current and former members of the CFOSJ Board include Tracy residents Cynthia Souza and Ray McCray
The fee for the City of Tracy to participate in the fund is 1% annually, which includes the cost of administrative expenses. An investment strategy has been chosen and $10,000 has been invested by the City to start the fund. This amount will be reimbursed once the fund reaches the amount of $50,000.
The CFOSJ also engages in fundraising activities to raise money for the Foundation. An example would be the Annual Super Bowl Raffle which raised over $500,000 in 2016. The funding went to charities in San Joaquin County, including the McHenry House, and the Boys and Girls Clubs of Tracy.
The City of Tracy does not engage in any targeted charitable fundraising activities. To donate to the City of Tracy Community Fund, please visit: http://www.cfosj.org/.
City of Tracy - City Manager’s Office