HISTORY
The
Foundation was formerly known as the Charitable Foundation of the Rotary
Clubs of Lakewood. It was established by the Lakewood and Clover Park
Rotary Clubs in 1993 and the name was changed in 2007 to include a larger
segment of concerned citizens and organizations. Donations to the Foundation
are tax deductible as it was declared tax exempt from income tax under
Section 501(a) of the Internal Revenue Code as an organization described
in Section 501 (c) (3) as of November 19, 1993.
PURPOSE
The
purpose of the Foundation is to create a permanent fund of at least
$1,000,000 with a conservative investment policy. The proceeds derived
from the fund earnings shall be distributed solely in the communities
of Lakewood, Steilacoom, and DuPont.
COMMITTEE
The
Lakewood Rotary Club committee is responsible for keeping club members
informed as to the condition of the foundation and to promote donations.
Donations made with specific requests for distribution to the needy
and/or organizations will be honored as long as they meet the charitable
goals of the Foundation. Other donations will be used to build the permanent
fund. All donations are tax deductible by the donor. The committee chairman
will call for meetings when deemed necessary, will recruit, and train
members to work toward achieving the Foundation goals.
BOARD OF DIRECTORS
The
Foundation board of directors consists of three (3) members from each
of the Rotary clubs serving rotating terms. There will be three additional
board members from the community at large. The board meets three to
four times a year and determines investment policy, fund raising programs,
and disperses funds to qualified organizations and individuals. Distributions
may be made but not limited to scholarships, youth and senior programs,
food and housing for the needy, scientific, educational, and cultural
endeavors, as well as projects benefiting the communities as a whole.
