Escondido Rotary Foundation
I am in my third year as Treasurer of the Escondido Rotary Foundation (“ERF”). While I’ve learned a fair amount about ERF, I have not learned much about its history.
Purpose and Objectives
The objective of this foundation is to obtain funds and use such funds for the benefit of charitable purposes (programs) of the Escondido Rotary Club in the local area (of Escondido, California) specifically including, but not limited to programs for youth, senior citizens, and physically and mentally disadvantaged.”
This foundation is established as a corporation exempt from Federal Income Tax under section 501(c)(3) of the Internal Revenue Service code. Contributions to this foundation are deductible under section 170(c)(2) of the Internal Revenue Service code.”
From the Escondido Club Roster, 2016-2017 Edition, Page 9
ERF’s funding comes from our annual fundraiser, Coeur de Cuisine, and member pledges. ERF, in turn, distributes funds according to the objectives stated above. Our budget for the current fiscal year is $119,340. Corporate expenses (credit card fees, accounting software and government fees) account for $3,000 of our budgeted spending. The balance is allocated to five areas:
I had planned to itemize our budgeted spending, but I am allocated only so much space in Centerview. I will provide a list of budgeted spending for interested parties.
In recent years, we have distributed all our income to the areas above. What happens if our fundraising comes up short? ERF has an endowment of sorts at the San Diego Foundation--$450,000. That’s a nice backstop. We hope to see this fund grow.
I refer again to page 9 of the Club Roster. The Foundation’s benefactors are listed there. These generous folks have provided the core funds to insure that we can continue to serve our community for years to come. Many thanks to our benefactors.
Please remember ERF when you determine your charitable giving.
Mike Freet, Treasurer