The FaithBridge Foundation (dba of the Presbyterian Foundation of Boulder) is an independent corporation, organized under the Colorado Non-Profit statutes:
As such, the Foundation is not under the authority of any denomination. All funds will be held in perpetuity by the Foundation, free from all entanglements that may be caused by doctrinal disagreement.
In order to better express the comprehensive mission of the Foundation, in 2013 the Board voted to rename the foundation. The board believes that the name FaithBridge Foundation better expresses a broader geographical and more encompassing mission of the foundation. Since FaithBridge Foundation is a ‘dba’, or alternate name, the Presbyterian Foundation of Boulder remains equally valid for legal purposes.
The Internal Revenue Service has determined that the FaithBridge Foundation is exempt from Federal income tax as a public charity under section 501(c)(3) of the Internal Revenue Code. Contributions to the Foundation are deductible under section 170 of the Code. The Foundation is also qualified to receive tax deductible bequests, devises, transfers and gifts under sections 2055, 2106 and 2522 of the Code. IRS Determination Letter. The Foundation has adopted the Standards and Best Practices of the Evangelical Center for Financial Accountability. The Foundation has also adopted the attached conflict of interest policy.
The Board of Directors reserves the right to accept or reject any gift, in accordance with the Foundation’s gift acceptance policy.
The Foundation’s sample Donor Advised Fund Agreement is attached. The Foundation also adopted the attached policy regarding donor advised gifts, per tax code regulations.
Trust/Investment Company Selection
Pursuant to the adopted standards, the Board will perform due diligence to hire one or more outside investment/trust companies to assist in managing the funds that will be held by the church. The firms chosen to participate would have no affiliation with any member of the Foundation, any church using the Foundation’s services, or any other organization for which funds may be held by the Foundation.
An Investment Committee was formed to assist the Board with selection of an investment and trust company. The Investment Committee will continue to assist the Board with monitoring all investments.
The Foundation uses an outside bookkeeper for its accounting needs. The Foundation uses an outside auditor to conduct a yearly audit, and publishes an annual report, with the intent of clearly disclosing monies held, donations, endowment and fund holdings and grants of funds.