HomeMy Public PortalAbout02-13-2017 COW Agenda and Packet11 i", 111 a 41 '-' Michael P. Collins
VILLAGE OP
PRESIDENT
PLAINFIELD Michelle Gibas
VILLAGE CLERK
AGENDA TRUSTEES
COMMITTEE OF THE WHOLE WORKSHOP Margie Bonuchi
OF THE PRESIDENT AND VILLAGE BOARD
Bill Lamb
EdwardHELDONFEBRUARY13, 2017 Garrett
O'Rourkeke
M. Peck
IN THE BOARDROOM Thomas Ruane
24401 W. LOCKPORT STREET Brian Wojowski
7:00 P.M.
A) CALL TO ORDER, ROLL CALL, PLEDGE
Seeking a motion to appoint Trustee Bonuchi as this evening's Chair.
B) Approval of the Minutes of the Special Committee of the Whole Workshop held on January 30,
2017.
C) PRESIDENTIAL COMMENTS
D) TRUSTEES COMMENTS
E) PUBLIC COMMENTS (3-5 minutes)
F) WORKSHOP
1) COMMUNITY FOUNDATIONS
Michael Trench, Executive Director of the Community Foundation of Will County, will give
a presentation regarding the benefits of community foundations.
REMINDERS
February 20 Village Offices Closed for President's Day
February 27 Next Committee of the Whole Workshop—7:00 p.m.
March 6 Next Village Board Meeting—7:00 p.m.
Minutes of the Special Committee of the Whole Workshop
of the President and the Board of Trustees
Held on January 30, 2017
At Public Works
Mayor Collins called the meeting to order at 7:00 p.m. Board Present: Mayor Collins, Trustee O'Rourke,
Trustee Peck,Trustee Wojowski, Trustee Bonuchi, and Trustee Lamb. Others present: Brian Murphy,
Administrator; Michelle Gibas, Village Clerk; Allen Persons, Public Works Director; Randy Jessen,
Public Improvements Superintendent; Jon Proulx, Planning Director; Traci Pleckham, Management
Services Director; and John Konopek, Chief of Police. There were two persons in the audience.
Trustee Lamb moved to approve the Minutes of the Committee of the Whole Workshop and Executive
Session held on January 23, 2017. Second by Trustee Peck. Voice Vote. All in favor, 0 opposed. Motion
carried.
PRESIDENTIAL COMMENTS
No Comments.
TRUSTEE COMMENTS
No Comments.
PUBLIC COMMENTS
No Comments.
WORKSHOP
1 2017-2018 DRAFT FISCAL YEAR BUDGET
Mr. Allen Persons, Public Works Director, gave a presentation highlighting the 2017-2018 Capital
Budget. Mr. Persons gave a brief recap of some of the Capital Projects including 127th Street
Reconstruction; 127th Street and 248th Avenue; Route 30 widening and reconstruction; 143rd Street
Extension; Plainfield/Naperville Road and 127th Street; 143rd and Route 30 Intersection Improvements;
Renwick Road Reconstruction; I-55 Interchange Study; Lockport Street By-Pass; Downtown Utility and
Street Improvements; Indian Boundary Bridge; and Pace Park N Ride.
There was some general discussion regarding the Downtown Utility and Street Improvements. Staff will
bring back some more information regarding IEPA Loans and service lines.
Mr. Randy Jessen, Public Improvements Superintendent, gave a presentation regarding the IMS Pavement
Data. Mr. Jessen pointed out that the current overall PCI rating is 77. Maintaining a rating of 77 will
require $4.9 million annual investment over 5 years. The current investment of$2 million annually will
result in an overall PCI rating of 70 at the end of 5 years.
Mrs. Pleckham, Management Services Director, reviewed the proposed revenue and expenses for the
Capital Improvement Fund.
There was some general discussion regarding the tax levy rate.
Mayor Collins read the reminders.
The meeting adjourned at 9:06 p.m.
Michelle Gibas, Village Clerk
2006 COF
OVERVIEW
About our
community
foundation
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PROMOTING philanthropy
CONNECTING donors to community needs ilk
BUILDING partnerships fo improve the
quality of life in our regionP
a
The Community Foundation of Will County is a nonprofit, community Community foundations
corporation created by and for the people of Will County. We are here to help our provide a simple,
donors make a positive impact on their community.powerful, and highly
personal approach to
giving.
Three special features
We offer a variety of
One:personalized service. We make giving easy and effective,accepting a wide giving tools to help
variety of gifts and providing donors a number of charitable options.You can people achieve their
contribute cash,stocks,property,and bequests.You may establish a fund in your
charitable goals.You can
name or in the name of a loved one. In most cases,your gift qualifies for maximum
give cash,appreciated
tax advantage under federal law.
stocks, real estate, or
Two:local expertise. We have an in-depth understanding of the issues,opportunities,other assets. Most
and resources that shape our community. We monitor all areas of community need—charitable gifts qualify for
including human serviceseducation,the environment,healthcare,the arts,and maximum tax advantage
economic development. We can help you learn more about local organizations and under federal law. For
programs that make a difference in areas you care about most. more information and
ideas on ways to
Three:community leadership. We invest in the long term and bring people and integrate your financial
organizations together,convening diverse voices to address local issues and planning with charitable
opportunities. Our business is building community. giving, ask your estate
and financial advisors or
contact Michael Trench,
Executive Director of The
T H E Community Foundation
COMMUNITY of Will County at
FOUNDATION mtrench(c cfwill.orq or
815)744-9223.
OF WILL COUNTY
AN AFFILIATE OF
THE CHICAGO COMMUNITY TRUST
701 Essington Road,Suite 103,Joliet,IL 60435 Tel 815.744.9223 Fax 815.744.9225 www.cfwill.org
About The Community Foundation of Will County
Ten reasons people At a glance
choose to give through our
community foundation Established in 2006,The Community Foundation of Will County is one of nearly
700 community foundations in the United States today. We serve Will County,
offering people a variety of ways to touch our community through philanthropic
We are a local giving.
organization with deep
roots in the community. In 2016, we granted$90,221 and have granted more than$1.1 million through our
competitive grant process since 2007.Here are just a few of the areas we' ve
supported recently:
We have broad expertise
regarding community issues Human Services:The Northern Illinois Food Bank coordinated efforts with
and needs. network partners to expand storage capacity at Will County food pantries. In
addition,we supported mobile pantries in University Park,Monee and
Wilmington.
We provide highly
personalized service Health: Will County MAPP(Mobilizing for Action Through Planning and
tailored to each individual's Partnership)Project is a six phase process that provides a comprehensive frame
charitable and financial
work for developing and accessing critical local health concerns. MAPP hasinterests.
enabled agencies and organizations to engage in a county-wide strategic process to
ensure that area residents receive the best possible public health services.
Our funds help people Education: Aunt Martha's Youth Services Center,Inc. in collaboration with the
invest in the causes they
care about most.Joliet Chapter of the National Hook-Up of Black Women, Inc. furnished and
stocked a Reading for Life Corner at Aunt Martha's East Joliet Community Health
Center.
We accept a wide variety of
assets, and can facilitate Arts and Culture:Jennifer S.Fallick Cancer Support Center in Mokena initiated
even the most complex an Expressive Arts Program in Will County for cancer patients and their families.
forms of giving.
OUR COMMUNITY PARTNER GRANT AWARDS
We partner with
professional advisors to
create highly effective
Arts and culture 24, 500
approaches to charitable
giving.
r'
411111111k CI
ts and Culture 24, 500
47,697
We offer maximum taxWe 255,072
advantage for most gifts
under Illinois and federal
law.
Health 214,125
B Human Services 565,929
We multiply the impact of
gift dollars by pooling them
with other gifts and grants.
The Community Foundation of Will County provides a simple, powerful,
We build endowment and highly personal approach to giving. We offer a variety of giving tools to
funds that benefit the help people achieve their charitable goals.
community forever and help
create personal legacies. You can make a gift of cash, stocks, bonds, real estate, or other
assets to the community foundation. Most charitable gifts qualify for
maximum tax advantage under federal law. For more information and
We are a community ideas on ways to integrate your financial planning with charitable giving,leader,coordinating ask your financial or estate advisor and contact Michael Trench, Executivecollaborative resources to
create positive change. Director of The Community Foundation of Will County at
mtrench(c cfwill.org or(815)744-9223.
THE
COMMUNITY Reserve Funds are crucial for the fiscal health,
FOUNDATION
OF WILL COUNTY sustainability and credibility of all nonprofit organizations
AN AFFILIATE OF
THE CHICAGO COMMUNITY TRUST
It models the financial advice practiced by individuals and businesses.
Adds an additional stream of revenue to diversify reliable resources, esp. as population
demographics indicate future decreases in charitable capacity.
Can be used to solve an emergency—either a crisis or an opportunity.
Communicates stability and healthy strategic planning to the donor community.
Provides a place for loyal donors to leave an estate gift that works long-term.
Can help ensure sustainability during challenging times, and as the competition for
charitable dollars increase and government funding streams decrease.
As an alternative to establishing a private foundation, or separate 501(c)(3), a non-profit
organization can take a less complicated and less costly path to establish a Fund with The
Community Foundation of Will County that will meet their needs and objectives.
Agency Fund Options
What is provided/What are the benefits?
Professional and diversified investment management, with related fees charged against
the funds as with other investments.
Fund Management Services.
o Accounting, record-keeping, quarterly fund statement, check distributions, IRS
gift acknowledgement letters.
Simplified Administration: The organization bears no responsibility for legal,
accounting, IRS and State filings, investment or reporting functions. These are managed
by the Foundation under an Administrative Fee.
No separate Board, administrative or reporting functions exist for the organization.
No requirement for a 5% expenditure of assets as required with a private foundation.
Advice and expertise on obtaining additional funds to enhance their Fund.
Advice and expertise on use of the funds.
Exposure to a wider local population, and potential donors, through Foundation PR.
Built-in Fund protection from excessive spending.
Increased Donor Confidence.
The organization's Board can review quarterly statements, but use valuable Board time to
focus on mission/program issues rather than investments.
Variance Power - should an organization cease to exist, lose its nonprofit status, or the
original purpose of the fund becomes impossible to achieve, the CFWC Board may
change the beneficiary or purpose of the fund. A default purpose may be identified in the
gift agreement if desired.
1
Reserve Funds are crucial for the fiscal health,
sustainability and credibility of all nonprofit organizations
What Types of Fund Options Exist?
1) Agency Endowment
a. Established with a minimum of$25,000 received from the nonprofit itself.
b. The Fund remains "owned"by the organization, and resides on their books for
audit and collateral purposes.
c. Intent is for Principal to remain in-tact, and only (a) earnings, or(b) fixed payout
rate are distributed as an unrestricted grant to the organization annually as desired.
d. Limits flexibility if organization might wish to use the Principal at some point.
e. Additional donations can be received from the organization, individual donors or
Foundations where a 501(c)(3) status is required.
2) Restricted Fund
a. Established with a minimum of$10,000.
b. Because such a Fund is "owned"by the Foundation, it must be held and used for a
charitable purpose or organization.
c. Clear documentation for "expenditure responsibility"will be required on grants
made from the fund.
d. Can establish a regular schedule of payments as desired.
e. Gives additional flexibility to be responsive to organizational needs.
3) Donor Advised Fund
a. Established with a minimum of$10,000.
b. While such a Fund is "owned" by the Foundation, an organization can always
request grants back to themselves as needed.
c. The greatest flexibility for the organization with regard to the timing of
distributions and amounts requested.
d. The IRS Requires "expenditure responsibility" if the organization is not only the
donor,but also the beneficiary.
e. The Advisor role can be designated by position(ex officio) rather than name..
General Information
Assets become property of CFWC to comply with IRS regulations that donors may not
obtain both tax-deductions and retain future control of the contribution .Distributions are
governed by donor"advice" or the Terms within the Deed of Gift.
Administrative Service Fees—currently 1% annually for Funds over$25,000, with a
250 annual minimum. Fees are assessed against the Fund balance quarterly.
Funds are held as part of our Investment Pool, which has both passive and active
management under an Investment Policy, regularly monitored by the Foundation's
Finance Committee.
2
Reserve Funds are crucial for the fiscal health,
sustainability and credibility of all nonprofit organizations
Checklist for Marketing/Promoting an Agency Endowment or Fund
Establish a purpose for the endowment, and set a meaningful goal
Establish a "Legacy Society"
Develop a top 10 prospect list and begin cultivation
Develop a brochure focusing on planned giving/endowment building
Issue a press release about the fund (subsequent gifts, milestones or events)
Advertise the fund in every newsletter...(including gift planning language)
Work with C F W C to put a story announcing the fund in its newsletter
Develop relationships with financial advisors who can author newsletter articles
Host educational programs for donors/prospects and their advisors
Take out an ad about your endowment fund in your own event program
Take advantage of partnering with C F W C on prospecting opportunities
Designate a planned giving/endowment building sub-committee of the
development committee
Frequently invite guest speakers regarding planned giving/endowment building to
board meetings, retreats and other events
Participate in a planned giving newsletter/article program
Be sure that every printed piece mentions planned giving/endowment building
Include a tag line in your email signature
Copy all planned giving/endowment building print material onto your web site
3
THE
COMMUNITY
FOUNDATION
Should I start my own Private Foundation orOFWILLCOUNTY
set up a Donor Advised Fund (DAF) with a
AN AFFILIATE OF Community Foundation?
THE CHICAGO COMMUNITY TRUST
Advantages To Creating A Donor Advised Fund Within A Community Foundation
Community Foundation I
Private Foundation
Organization Established Must establish one
Status 501(c)(3)tax status and Must be established through formal IRS
170(b)(1)(A)(vi)public charity approval process
More substantial funding required to be
Funds Required 10,000 to create
cost effective—many advisors
recommend a threshold at$3-5 million
or more
Time to Establish One hour or less Time-consuming process
Organization Overhead 100 Basis Points Administrative expenses plus excise tax 1
Payout Requirements None 5%annual payout of assets
Excise Tax None
1%-2%of net investment income
including capital gains
Legal/Accounting Services Provided May need to be contracted
Office/Staffing Provided May need to hired
Tax Returns/Audit/
Provided Needs to provided/preparedPublicDisclosure
Director's Liability Covered May need to obtain
I
Monitoring of Investments Provided Needs to provided/contracted 1J
Monitoring of Regulatory Changes Provided Needs to provided
Donor's role determined by type of Donor specifies grants and has
Donor's Role in Selection of fund created. Background checks on more control, yet donor must
Grantees charitable status of grantees research and document charitable
provided. status of grantees.
Grants for Civic Emergencies, New Background checks to determine Must meet series of statutory and
Organizations, Self-Help Groups charitable intent of activity regulatory requirements
Allowed through Scholarship
Must seek approval from IRS for
Awards to Individuals Program already in place. Not
such grants, obtain pre grant and post
allowed through Advisory Funds.
grant reports from recipients, and
submit requests to IRS.
Redirection of original gift whose In cases of trusts and charitable
purpose has become obsolete or Provided through Variance Power bequests, direction may be needed from
incapable of fulfillment the courts through judicial cy pres action
Grants awarded in donor's name or
Must provide or rely on grantee
Public Recognition
anonymously upon request.
organization.Anonymity not
permissible.
Governing Board
Automatic provision for board May experience difficulty in bridging the
renewal j generations
Income Tax Deductibility by The deduction for charitable Deduction for charitable contribution of
Individual contributions of cash or property cash or property to private foundations-
cannot exceed 50%of adjusted gross other than foundation described in Code
income(AGI). Property is valued for section 170(b)(1)(E)-is limited to 30%
contribution deduction purposes at of AGI. Property is valued at lesser of
fair market value (FMV). However, FMV or cost except in the case of
FMV cannot exceed donor's cost publicly traded stock"which may be
except in case of"long-term capital valued at FMV provided the sale of that
gain property"as described below. stock would result in a long-term capital
gain to donor. The deduction for
Property,the sale of which would contribution of"publicly traded stock"is
result in a long-term capital gain, can limited to 20%of AGI.
be valued at FMV even if that value
exceeds cost. However, in that case,
deduction is limited to 30%of AGI.
The 50%of AGI limit can be elected
if donor chooses to value long-term
capital gain property at lesser of cost
or FMV. Donor avoids capital gain tax on
appreciation
Donor avoids capital gain tax on
appreciation Special rules apply to contribution of
tangible personal property
Special rules apply to contribution of
tangible personal property Unused deductions may be carried over
for 5 years
Unused deductions may be carried
over for 5 years
T H E Michael Trench
COMMUNITY Executive Director
FOUNDATION The Community Foundation ofWill County
OF WILL COUNTY 701 Essington Road,Suite 103 I Joliet,IL 60435
AN AFFILIATE OF Phone 815.744.9223 I Fax 815.744.9225 I Cell 630.660.9241
THE CHICAGO COMMUNITY TRUST
mtrench@cfwill.org www.cfwill.org
PROMOTING philanthropy, CONNECTING donors to community needs,
and BUILDING partnerships to improve the quality of life in our region.
THE The Community FoundationCOMMUNITY
FOUNDATION of Will County
OF WILL COUNTY
Fund Types and Information
AN AFFILIATE OF
THE CHICAGO COMMUNITY TRUST
Community Foundations are the only non-profit, non-government entity within the State that are
intentionally designed to be governed by community leaders, stewarding public supported
endowments for a broad array of charitable purposes (rather than specific organizational
purposes)within a prescribed geographic region. As a result, they hold a variety of fund types,
through which various aspects of their mission are executed. For CFWC, the following fund
types exist and are explained. Our minimum to open any named fund is $10,000.
Agency Endowments
Assets are transferred from agencies to be managed by the Foundation.
Donor Advised Funds (DAF's) (endowed or non-endowed)
Donors and designees retrain the right to serve as advisors, submitting grant
recommendations for the consideration of the Foundation.
There are currently thirty-five active Donor Advised Funds that have been funded by
donors to further their charitable interests, and that support many different charitable
organizations in and beyond Will County by the directed advice of the donors.
Designated/Restricted Funds (endowed or non-endowed)
Specific charitable recipient institutions are designated by the donor. Grants are made
according to the donor's wishes as long as the designated institutions remain and fulfill their
intended purposes.
THE The Community Foundation
COMMUNITY
FOUNDATION of Will County
OF WILL COUNTY Fund Types and Information
AN AFFILIATE OF
THE CHICAGO COMMUNITY TRUST
Field-of-Interest Funds (designated and/or endowed) 4 currently
Donors have the opportunity to assure their gifts are used to meet the charitable needs in a
specific area of interest. Board of Trustees select recipients
Health Fund- To support and address broad health needs in the community, and to
promote a collaborative and partnership philosophy in doing so
Education fund-To support organizations with initiatives designed to have community
impact through educational means.
Human Services Fund-To support agencies that are responding to emergency housing,
food, clothing and other needs of low-income residents
Women's Leadership Fund—To support programs that improve the skills and potential of
women in Will County by funding projects that meet their needs for—economic self
sufficiency, education, health and safety..
Administrative Funds (Operational or Unrestricted)
Used at the discretion of the Board of Trustees to respond to any of the Foundation's broad
charitable purposes.
General Endowment Fund—revenue used for unrestricted grantmaking
Competitive Grant Fund—holds grant funds yet to be disbursed
Administrative Fund—currently operating fund
General Operating Endowment—administrative/operating endowment