McLean Rotary
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PO Box 561
McLean VA 22101
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McLean Rotary Club Foundation

McLean Rotary Club Foundation

Established on October 14, 1970, The McLean Rotary Club Foundation, Inc. is a Virginia Non-Stock Corporation. Under the federal tax code, it is a 501 (c) 3, a non-profit organization, established for charitable and/or educational purposes. Throughout the remainder of this fact sheet, The McLean Rotary Club Foundation, Inc. will be referred to as the "Club Foundation".

 
The McLean Rotary Club Foundation, Inc. is not affiliated with or in any way controlled by Rotary International or The Rotary Foundation of Rotary International.
 
Membership and Leadership 
 
Members in good standing of The Rotary Club of McLean also are members of the Club Foundation. The Club Foundation is subject to its own by-laws and is governed by a board of directors. Board members are members of the Rotary Club of McLean that serve for three year periods on a rotating basis. There are six Club Foundation Directors, two selected each Rotary year, for the purpose of maintaining continuity.
 

New Club Foundation Directors are chosen by the McLean Rotary Club's Board of Directors between January 1 and March 31 of each year. Subject to reelection by the Club's Board of Directors, Club Foundation Directors can serve up to two consecutive three-year terms. In addition to the six voting Directors, there is one non-voting member of the Club Foundation Board. This seventh Director is the liaison with the McLean Rotary Club Board and is the President-Elect of the Club.
 
Once the Club Foundation Board is seated, it chooses the officers for the Rotary year in which it serves. The Officers are the President, Vice President, Secretary and Treasurer. 

Current Officers - 2016

President: Vance S. Zavela

Vice President: Michael DeRose

Secretary: John Rosenbaum

Treasurer:  Todd Dempsey 

Board Members

John Rosenbaum (first term ends June 30, 2017)

Vance S. Zavela

Michael DeRose

Sam Agarwal

Purpose
 
The Club Foundation plays simple, yet significant roles in support of the Rotary Club of McLean. Although the Rotary Club of McLean participates in many worthwhile projects locally and internationally, contributions made to the Club are not tax deductible as charitable contributions. Conversely, since the Club Foundation is a 501 (c) 3 non-profit corporation, contributions made to the Club Foundation may be tax deductible as charitable contributions (under standards defined by  the I.R.S.).

 
Funds
 
There are three types of funds held and managed by the Club Foundation: Endowment, Current, and Designated. The collection, retention and use of each fund are the keys to differentiating between them.
 
The Endowment fund is an "accumulation and hold" fund. Contributions to the Endowment fund come from the McLean Rotary Club, general membership and Dan Nastoff Fellow contributions, and others.  Each dollar contributed to the Endowment is invested into the corpus, or the principal of the fund.
 
As funds are collected, they are consolidated with existing funds and accumulated for current and future projects. The Club Foundation maintains an investment committee that oversees the investments of the Club Foundation. The primary goal is to safeguard the principal with the secondary goal of responsibly maximizing earnings.
 
Although funds can be distributed from the corpus, it would be considered an "exceptional event" subject first to the approval of the Club Foundation Board, then by 2/3 of the Club membership.  The Endowment fund is intended to grow in order to provide a stable base for charitable and educational contributions today and into the future.
 
At the beginning of each Rotary year, the Club Foundation Board establishes an annual distribution goal based on the anticipated earnings of the Endowment fund for the year. This goal is announced to the Club Membership as part of the Foundation's Annual Report.
 
The Club Foundation Board considers numerous recommendations and requests for distributions in and around our community, especially in the McLean area. A Member of the Club must present all requests for distributions to the Club Board of Directors, which will make recommendations to the Club Foundation Board for consideration. 

Current funds are solicited and collected by the Club Foundation to be used at the suggestion of the Club's Board of directors for purposes that further the vocational, international, and community avenues of service of the club.

Designated funds are donations which are targeted for specific charitable and educational purposes. They can be donated at the initiative of an individual or solicited by the Rotary Club of McLean for a specific purpose, such as Stop Hunger Now. At the request of the Rotary Club of McLean's Board of Directors, the Club Foundation holds the funds until the collections have been completed and then at the direction of the Rotary Club of McLean's Board of Directors, the funds are "designated" for payment to a specific project or organization. Designated funds are typically collected and distributed within the same Rotary year (July 1st through June 30th).  

Summary
 
The McLean Rotary Club Foundation is a non-profit corporation established to collect and disburse funds on behalf of the members of the Rotary Club of McLean who hold dual membership in the Club and the Club Foundation. The Club Foundation Board members are selected by the Club Board and all meetings of the Club Foundation Board are open to every Club member. Club members submit proposals for funding on behalf of local and international organizations and projects. All club members are given the opportunity to vote their preferences for which projects should be funded. Those votes are considered in the decisions made by the Club Foundation Board.
 
The Club Foundation is in existence to support the good works of the Rotary Club of McLean.