The Foundation was established as a 501(c)(3) non-profit organization. The officers voted unanimously to ratify the incorporation of the foundation, including installation of the founding officers. A formal election of board members will be held at our Dec. 19th weekly luncheon meeting.
Board secretary Bichlmeier reported the Foundation received a donation of $1,000 from Bill and Colette Paul that will be deposited in a new Foundation account at Bay Cities National Bank. "We resolved not to distribute any funds from the foundation, other than the 5% required by the federal government, until we've deposited at least $50,000.00," he said.
Board members also voted to retain a certified public accountant to "assist us in governmental compliance," he added.
"People will still give to the RI Foundation for long-term, worldwide needs, but other folks may want to keep their donations in the local community, and this is an avenue to do so," Bichlmeier continued. "We'll start to market the Foundation both inside the club and outside next year."