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What's the Oconomowoc Area Foundation?
It's a way for individuals,
families and groups to help the Oconomowoc community today and for many
generations to come. As a group of affiliated funds within the Greater
Milwaukee Foundation, it combines the endurance of foundation giving with
the benefits of local insight and guidance from a board of Oconomowoc
area residents.
How does it work?
We invest the gifts people donate to us and use the proceeds to support
the causes they specify. People can use the Oconomowoc Area Foundation
to help the community in three ways.
- First, people can contribute to an unrestricted fund that is
permanently dedicated to local needs. The Foundation chooses the grant
recipients from this fund.
- Second, donors can also set up advised funds that make grants
to causes they recommend periodically.
- Finally, donors can create a designated fund that is permanently
dedicated to the causes or concerns that matter most to them. All the
funds are invested and managed together. Every year, grants from each
fund carry out the its specified charitable purposes.
Who decides where the money goes?
For the unrestricted fund, a board made up of Oconomowoc residents chooses
grant recipients. For advised and designated funds, their donors specify
how grants from their funds are to be used. The Foundation's job is to
make sure their wishes are carried out.
How did it start?
In 1989, Hilbert Scherffius left his estate to the Greater Milwaukee Foundation
and directed that they use it to support projects in Oconomowoc. The
Foundation pulled together a group of local people to decide how to use
these funds most effectively. We saw what an effective way this way to
help the community, and we wanted to make this opportunity available for
more people. So we started the Foundation as a part of the Greater Milwaukee
Foundation.
Why do people support the Foundation?
They want to give something back to the Oconomowoc community. It's very
satisfying to know that your gift not only helps today, but will still
be helping 25, 50 or even 100 years from now. It's also a way to establish
a family philanthropy, or memorialize someone you care about. And it provides
great tax advantages in most situations.
Why do we need a foundation like this?
For the same reasons that families and businesses need investments and
reserves. A foundation ensures that our civic pockets are never
empty when opportunities arise or needs suddenly appear. It also provides
an easy, effective way to keep assets here working for the community instead
of using them to pay estate and other taxes. For donors who want to leave
a legacy and give something back to the community, that's a valuable service.
Why are you part of the Greater Milwaukee Foundation?
Because of their size, expertise and experience. As part of the Greater
Milwaukee Foundation, we benefit from professional staff to evaluate proposals
and monitor grants, donor services staff who can make philanthropy easy
and enjoyable for donors, and asset management to keep our assets strong.
The Greater Milwaukee Foundation is the oldest and largest charitable
partner in the state. With a local board, we can provide the grantmaking
insight and judgment. They provide the administrative and financial expertise.
Does this take away resources from other local charities?
It adds to
them. A gift to the Foundation is a different kind of gift. Most gifts
to charitable organizations are expended quickly. The idea of the Oconomowoc
Area Foundation is to conserve the assets and apply them year after year. The
difference between typical charitable gifts and the Foundation is the
difference between giving someone an apple and planting an apple tree
that provides apples annually to generation after generation.
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