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Marco Residents create Marco Island Community Foundation

Six Marco residents have created the Marco Island Community Foundation (MICF), for the long term benefit of Marco Island and its residents. “All of us have lived here many years and loved this island. However up to now, there has not been a way to give back to help this Island and its future” said Richard F. Freeman, Chairman and President of MICF in announcing the opening of the first community foundation devoted exclusively to the long term benefit of Marco Island.

A community foundation is a unique organization that exists in over 700 communities in the United States. An act of Congress created the first community foundation almost 100 years ago in the City of Cleveland, Ohio. A community foundation has some powers that only exist in community foundations and the Internal Revenue Service has granted more opportunities for donors to receive tax deductions for gifts made to the foundation than exist through any other method of giving.

Individuals (and Companies), interested in financially supporting worthwhile causes, can set up a fund in the donors name that exists in perpetuity. A permanently named fund can be established with a gift of as little as $10,000. MICF will treat each gift as endowment-that is the gift will never be spent-only the annual income from the gift is granted annually to the charity or charities named by the donor. Donors can give an unrestricted gift as well. That type of gift allows the MICF to study needs of the community annually and provide the gift to organizations that provide the needed services.

One very unique aspect of the new Marco Island Community Foundation is that no one is being compensated for their services to the Foundation. All Trustees and officers as well as legal counsel and accounting services are being provided for the Foundation without cost. This will allow MICF to operate at only the cost of its marketing materials and the office software that will be purchased to handle the recording of funds within the Foundation. A nominal amount of these small costs must be raised from the community at large annually in order to continue to meet the IRS requirements for MICF to be classified as a public charity as opposed to a private foundation.

“Donors have a wonderful opportunity here to do something to help Marco Island by using the Marco island Community Foundation” stated Vice Chairman Erik Brechnitz. “During my years as Mayor of Decatur, Illinois, I saw first hand how important a community foundation can be for a place like Marco Island. If you want to help some causes either on the Island, in the surrounding community or even back North where you may still have a home, MICF is the way to get it done” he concluded.

Trustee John Buchanan, well known for his interest in many worthwhile causes in his home state of Iowa, states “A public charity for Marco island is a terrific idea. People interested in helping other people can now use the Marco Island Community Foundation. MICF will professionally manage your gifts and grow the fund for years to come. One gift can go on giving in perpetuity. MICF will also provide advice to donors regarding available charities that need assistance. We can assist environmental issues, health issues, education needs, open space acquisition, community beautification, art and music organizations and many others. In fact the only areas we can not assist are political contributions and any gift that might advance one religious belief over another. Come talk to us”

Larry Magel adds “You can reach MICF by calling 239/642-9598, by writing MICF, 1083 N. Collier Blvd. Marco Island 34145-2539, or by emailing DickBarbFreeman@aol.com. The Foundation has also reserved a web site at MarcoFoundation.org and will bring it up in early 2007. We will sit down with you and your attorney to hear what it is you wish to do. We will set up a specific fund in your name and we will manage it prudently to allow your fund to grow and achieve your objectives. We have many different types of funds available and we will do all the work including the IRS filings and required State of Florida reports to document your tax deductible gift. We are a 501(c)(3) organization approved by the Internal Revenue Service.”

Dr. Jim Wilson commented “We plan to expand the MICF Board of Trustees from its original six founding members to as many as 24. We want to represent all areas of Marco and get everyone involved in building this community foundation for the benefit of future generations on this great island. We look forward to working with you on your ideas for how to help other people”.

Barbara Freeman concluded “ During the next year, the members of the Board of Trustees will be visiting organizations on Marco Island to describe the role of Marco Island Community Foundation and to answer all of your questions.”

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