Greater Manhattan Community Foundation

“Funds held for others. We operate organizational endowment funds on behalf of qualifying charitable organizations. Once a fund agreement is in place with an organization, we will receive funds from the organization and manage the investment of those funds. Use of the invested funds is subject to the same policies as other funds at our foundation, such as the investment,grantwriting, and spending policies. Annuities. We also operate a series of funds which account for resources contributed by donors who have established annuity agreements with us. These agreements stipulate that the donors are to receive a guaranteed stream of income over their lifetime, which is funded by our investment of their managed fund. Once the donor passes away, the donor's fund becomes available for a specified charitable purpose. The annuity liability on our balance sheet represents our estimate of the required future payments to the donor during their lifetime.”

“Our endowment consists of 117 funds which have been established by numerous community donors for a variety of purposes, each of which has been designed to inure to the benefit of communities in the greater manhattan, kansas region.”

“The greater manhattan community foundation (the foundation) is a kansas corporation and has been recognized by the irs as exempt from federal income taxes under irc section 501(a) as an organization described in irc section 501(c)(3). Further, the foundation qualifies for the charitable contribution deduction under irc sections 170(b)(1)(a)(vi) and has been determined not to be a private foundation under irc section 509(a)(1). The foundation is required to file a return of organization exempt from income tax (form 990) with the irs on an annual basis. In addition, the foundation is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purposes. For 2020, gmcf has filed irs from 990-t to report and make payment of tax on certain non-cash gifts which the irs requires be paid by the recipient charitable organization. No other irs form 990-t returns have been filed for 2021 or 2020 by the foundation. Returns filed by the foundation are subject to irs examination, generally for three years after each return is filed. No taxing authorities have commenced income tax examinations for open tax years.”