GVCF FAQ’s

The Golden Valley Community Foundation uses philanthropy, community initiative and funding support to address the changing needs and interests of Golden Valley neighbors and friends.

Download PDF of GVCF’s FAQ for future reference. 

What is the Golden Valley Community Foundation (GVCF)?

GVCF is a community resource intended to receive and disburse funds to support ideas and activities deemed to be a benefit to Golden Valley residents and the community. The foundation is a registered 501(c)3 non-profit community foundation incorporated under the laws of the State of Minnesota.

See also: What is a Community Foundation?

What does the foundation do?

GVCF is the community conduit for philanthropic giving that receives, manages and distributes funds to benefit the Golden Valley community.

Who manages the GVCF?

The GVCF Board of Directors is comprised of individuals who live or work in Golden Valley. The Board is elected at an annual meeting of the organization.

What is meant by community?

GVCF considers its constituents to be people who live in Golden Valley, organizations and businesses located in and serving Golden Valley, and neighborhood or other community groups that support activities, developments and ideas that benefit our geographic area.

Why do we need a community foundation?

Golden Valley is a thriving community with many individuals and organizations actively seeking to improve our neighborhoods and our city. There are a number of organizations and initiatives that solicit and distribute funds for charitable purposes in the community. The GVCF can provide a structured way to solicit and distribute funds for the maximum benefit to residents and community organizations.

Is the GVCF organized by or connected to city government?

No, GVCF is a self-governed community foundation. While not part of the city, it grew out of the Envision Connection Project (ECP) which was formed as a result of a citizen-led community initiative called Envision Golden Valley. GVCF is supported by Golden Valley’s elected leaders and other Golden Valley organizations.

How are funds used?

Building on the Envision Golden Valley process, GVCF sees opportunities to support events and activities per the six (6) Envision categories including Development, Transportation, Community Engagement, Environment, Recreation and Government. Some examples include funding for the Golden Valley Pride Festival, lilac planting, the Golden Valley Arts & Music Festival and other neighborhood events.

Who decides when and how money will be spent?

The GVCF Board of directors disburses funds based upon established criteria, by-laws and decision-making processes. The GVCF is guided by input from citizens & organizations.

How can I contribute to GVCF?

Individuals, businesses and organizations can give to GVCF in a variety of ways. Typically, funds are raised by GVCF volunteers and organizers seeking contributions either to support a specific project or for general support of GVCF activities. Individuals can give cash, stock or other securities; or, by making bequests through planned giving.

Can I give for a specific purpose?

Individuals can designate a specific use for their gift as long as it falls within the guidelines of the GVCF and the foundation’s legal responsibilities.

Why would I give to the GVCF?

You may want to create or support a particular activity, honor or memorialize an individual or organization and/or support the community in which you live, work and/or raise your family. Giving to the GVCF is an excellent way to acknowledge people, organizations, or simply to leave a lasting legacy for a community that is an important part of your life.

Is my gift to GVCF tax deductible?

Absolutely! GVCF is recognized by the federal government as a 501(c) (3) non-profit organization. As such, all gifts to GVCF are tax deductible to the fullest extent of the law. You will receive a written receipt to document your gift for tax purposes.

Can I set up a fund with GVC Foundation?

Yes. New donor advised funds can be established by individuals, businesses and groups with a contribution as nominal as $1,000. Launched in 2011, the Golden Valley Community Foundation is a nonprofit public charity created by and for the people of Golden Valley.