Note: If there is a term you do not understand or a concept that is unfamiliar to you, please send an email to the Board (wffhope@gmail.com) to request clarification; it will be added to the Glossary.
Alignment with Mission Statement
The goal of the Foundation is to fund projects and organizations that share our purpose, as detailed in our Mission Statement. As you fill in the Self-rating Scorecard, ask yourself if the project provides education, training, or opportunity that empowers the recipient to improve their situation over time, and/or if it will bring our family closer together through working together.
Breadth of Engagement
The Foundation hopes to focus on funding projects that provide family members (both immediate and extended) the opportunity to work together. The more, the merrier!
Depth of Engagement
The Foundation encourages family members to take an active role in leadership opportunities within the organizations we support. By getting involved, either as a board member, an advisory council member, a consultant, etc., we will have added oversight capability to be sure our funds are being used wisely and efficiently.
Designated amount of funds
Each year, the amount required by law to be distributed will change slightly. The Board Members will notify each G2 family of the new amount in January of each year.
Earmarked
Each G2 family will have a one-sixth portion of the annual designated amount set aside until September 1 for them to choose, through requests, how to distribute. Because of legal requirements to meet disbursement amounts, those earmarked funds will go into a general pool after September 1.
Extended family members
Descendants of Steve and Margaret Wheelwright not living in the same home.
Form 990
The Form 990 (Return of Organization Exempt from Income Tax) is the tax form that 501(c)(3) organizations file each year. The form gives the IRS (and potential donors) an overview of the organization’s activities, governance and detailed financial information. Form 990 also includes a section for the organization to outline its accomplishments in the previous year to justify maintaining its tax-exempt status. In collecting this information, the IRS wants to ensure that organizations continue to qualify for tax exemption after the status is granted. Organizations with less than $200,000 of gross receipts and less than $500,000 in assets can file Form 990-EZ, which is the “short form” version of form 990. The 990 contains much useful information; studying a 990 (or, better, a few previous years’ worth of 990s) can enlighten a potential donor or foundation significantly. 990s are often found either on an organization’s website or through Guidestar.org.
G2, G3, etc.
G2 represents the second generation, namely Marianne, Mindy, Kristy, Matt, and Spencer. G3 represents the third generation, namely the children of G2, etc.
General operating funds versus specific project or program
When a foundation makes a grant, they can typically specify whether the donation should go to “general operating funds” (the charity uses their discretion in how to use the funds) or a specific project or program (the foundation can direct the funds a certain purpose that is of interest to them). Charities typically prefer to have more discretion over how they use their funds, and foundations typically prefer to have more oversight in how the funds are used, so careful consideration should be given regarding the relationship between the charity and the foundation.
Humanitarian Emergency
A donation made on behalf of all extended family members to assist in an emergency. Donations will be made to a reputable organization with efficient and timely means to get help to those in need, such as the LDS Humanitarian Fund, Catholic Charities, or the Red Cross. Any family member may suggest a Humanitarian Emergency Donation to the Board. No forms are required.
Immediate family
Descendants of Steve and Margaret Wheelwright living in the same household.
Legal status (see 501(c)(3))
Local
Local projects allow for a family or family member(s) to interact regularly (weekly, monthly, quarterly) with an organization. A local organization would typically be within a 50-mile radius of their home.
Long-term opportunity
Long-term opportunities last multiple years. Minor Grants or Major Grants could be given to the same organization several years in a row, though the proposal process would have to be repeated each calendar year.
Maximum amounts
Several of the smaller types of grants have maximum amounts attached because these types of grants require less commitment and involvement; a primary goal of the Foundation is family involvement, so these maximum amounts encourage each G2 family to participate in at least one Minor and/or Major Grant each year.
Multi-year project
Some desirable projects might require multiple years for an organization to adequately address or complete, so some Major Grant Proposals might have a multi-year stipulation.
Oversight capability
The more involved a family member becomes with an organization, the more knowledge and understanding of the inner operations of the charity they will be able to gain. If they are able to take a leadership position or an advisory role, some oversight capability will naturally result. Access to that oversight allows the Foundation to see that our funding is being used wisely, effectively, and efficiently.
Pre-approved organizations
As time progresses and relationships develop and deepen, we anticipate that some trusted organizations will be added to this list. Grant requests to these organizations will be streamlined because of a close, on-going association and high regard for their mission and approach.
Privacy
It is important that each family member understand the need for discretion in discussing our Foundation with those outside the family. Our family relationships are of paramount importance to us, even more important than making a grant to a worthy cause. When in doubt, one should say less about the behind-the-scenes workings of the Foundation rather than more.
Saying “no”
As family members begin requesting and disbursing various types of funding, they may be approached frequently from various groups requesting donations. We have tried to craft our Foundation documents in such a way as to make “saying no” easier than it might otherwise be. For example, if a group’s mission does not closely align with ours, it will be simple to decline graciously based on that fact.
Self-selection
The Self-rating Scorecard is intended to walk the requester through the preliminary steps of closely considering whether a project or organization is in alignment with our Mission Statement. In this way, we seek some self selection, rather than needing the Board to decline requests that do not fit well within our scope.
Short-term opportunity
Some opportunities with organizations or charities might be related to a single event, rather than something ongoing. The scope and reach of that event might prescribe the awarded funding level. Family involvement is the ideal, so ongoing opportunities are ideal but some short-term opportunities may open doors to better, long-term opportunities down the road, so these will be considered on an individual basis.
501(c)(3)
An organization gains an official “501(c)(3) status” (or “legal status”) by acquiring such from the IRS because they are doing charitable work not for profit and therefore have earned tax-exempt status. Acquiring this status requires significant paperwork and government vetting so it carries some value in denoting a group with a certain degree of organization and trustworthiness. There are two main kinds of non-profit organizations: 1) Public charities, also known as “not private foundations.” Their income typically comes substantially from the general public (in the form of donations) or from the government (in the form of grants). 2) Private foundations, also known as “non-operating foundations.” They typically have an income based on endowments and/or investments which they use to make grants to other organizations, rather than disbursing directly for charitable activities. Our Foundation is a “private foundation,” so we can only make grants to other 501(c)(3) organizations because of our tax-exempt status.