We are happy to announce the establishment of the Lake Monticello Community Foundation, a nonprofit charitable organization (501c3) whose sole purpose is to support the Lake Monticello Community. Our mission is to enhance the well-being of all Lake residents by providing leadership and resources through volunteerism and philanthropy to address current and future needs that impact the common good.
While the Foundation is not officially affiliated with LMOA, our intention is to collaborate with LMOA to support the Lake Monticello Community, working with the residents, administration and board to identify needs and raising the revenues required. Because we are a 501 (c) 3 organization, all contributions to the Foundation are tax deductible. The idea for establishing a non-profit at Lake Monticello arose from a town hall meeting about raising dues when a Lake resident rose to say that he donates to many organizations each year and would be happy to donate to the Lake if he knew there was a need. So, we set out to provide a way for people to contribute financially to the community and receive a tax deduction. With the help of Lake resident Carrol Kinsey, an attorney with extensive non-profit experience, we established the Foundation in accordance with the laws of the Commonwealth of Virginia and the Foundation has been certified as a non-profit corporation by the State Corporation Commission. The Foundation has received its letter of tax exempt determination from the IRS in which the IRS found that it was a IRC 501(c)(3) charitable organization and that donors can deduct contributions they make to the Foundation. A board of directors has been assembled and officers elected. We have established a bank account and have accumulated a small sum so far. We want to emphasize that we will fully cooperate with the LMOA Board of Directors and Administration to provide tangible benefits to our community. Those benefits could take the form of small and large projects to enhance our physical environment but fall outside the Lake’s budget limitations, events that bring the community together, or grants to organizations that support our residents. Currently we are planning fund-raising strategies and events and will adhere to all LMOA policies and procedures. We will seek approval when required and communicate plans to the LMOA Administration. The Lake Monticello Community Foundation is here to help improve our community without having to raise dues for projects, while providing a tax deduction to those who contribute. Lake Monticello Community Foundation is a 501(c)3 non-profit, and is not affiliated with the Lake Monticello Owners Association. To donate, mail a check made out to LMCF to:
265 Turkey Sag Trail, Suite 102 #143
Palmyra, VA 22963
