Frequently Asked Questions
What is the purpose of BOCA CARES?
“Boca CARES” is intended to be a charitable fund established to provide a meaningful
opportunity for the Boca Royale Community (residents and friends) to support local
501(c)(3) Charities. To be known in the Englewood Community as “Boca Royale CARES
Community Fund” or locally as “Boca CARES”.
How do I participate in Boca Cares?
All Boca Royale residents are invited to become members of Boca Cares by making an annual contribution of $200 per household. Individuals who wish to contribute more may, of course, do so. Donations may be made by electronic transfer (credit or debit cards) by following this secure link: https://www.gulfcoastcf.org/bocaroyale
What is the purpose of contributing to “Boca CARES” through the “Gulf Coast Community Foundation”?
The Gulf Coast Community Foundation is an IRS approved 501(c)(3) Charity. “Boca Cares” will derive its Tax-exempt status by being a Donor Advised Fund, administered by the Gulf Coast Community Foundation. This step has been taken in lieu of seeking our own tax exempt status from the Internal Revenue Service (a time consuming and costly process).
In effect, we will retain Gulf Coast as our Fiscal Agent and will be using Gulf Coast’s 501 (c)(3) tax-exempt status to provide all donors to our Fund with a charitable deduction, to the extent permitted by law.
How Reputable is the Gulf Coast Community Foundation (GCF)?
The “Boca CARES” Board has done our due diligence towards the reputation of the Gulf Coast Community Foundation.
They are the philanthropic home of families, individuals, organizations, and businesses that have established charitable funds to distribute and they are continuing to grow.
Gulf Coast was among the first community foundations in the country to be confirmed in compliance with National Standards for U.S. Community Foundations — the most rigorous standards in philanthropy for operational quality, integrity, and accountability — and they continue to meet those standards today.
In the 2020 fiscal year, contributions to the GCF assets grew with contributions exceeding $50.0 million, and together with their donors, they invested millions in grants, initiatives, and scholarships.
Is my donation to “Boca CARES” considered tax deductible for my personal IRS Tax Filing?
Donations to public charities can be tax deductible to the individual donor up to 50%
of the donor’s income. In addition, public charities must maintain a governing body that is mostly made up of unrelated individuals. Public charities are what most people recognize as those organizations with active programs. Examples include churches, benevolence organizations, animal welfare agencies, educational organizations, etc.
It is always advisable to check with your financial advisor regarding charitable donations.
Who decides who the Boca CARES funds will be granted to?
The “Boca CARES’ Board (with input from all of our Members) will retain decision-making powers concerning the selection of the charities that we will fund. The only requirement is that we establish that the proposed charities be 501 (c)(3) tax exempt organizations and serve the greater Englewood community focusing on services to children, families, seniors and veterans.
Gulf Coast Community Foundation will act as our fiscal agent, collecting gifts and contributions, sending acknowledgements in the name of Boca Cares and issuing checks in the name of the Fund as instructed by the Board of Boca Cares. Gulf Coast Community Fund will issue checks to the selected charities on behalf of the Boca Cares Fund.
What are the administrative costs of “Boca CARES”?
Administration costs will be limited to a fee paid to Gulf Coast for its services as our Fiscal Agent. The current annual rate for these services is 65 Basis Points or $250.00, whichever is greater. (Note: A Basis Point is 1/100 of a percent, so 100 basis points equals 1%. On a Fund of $60,000.00 65 basis points equals $390.00). No other administration costs of any kind can be paid from Donor Funds.
All “Boca CARES” board members are volunteers and no administrative costs are anticipated.
What are the requirements for a Charity or Organization to request “Boca CARES” funds?
All charities requesting funds must provide documentation that they are an IRS 501 (c)(3) tax exempt organization and serve the greater Englewood community.
How will the local charities be determined and who will decide which ones will receive grants?
“Boca CARES” provides grants to not-for-profit organizations (IRS 501 (c)(3) tax exempt organizations) whose programs serve the greater Englewood community and focus on the services to children, families, seniors and veterans. Qualifying organizations will need to download, complete and submit a grant request form.
The “Boca CARES” Board of Directors will review all grant applications and perform due diligence on all requests including site visits and/or meetings with the management of the organizations desiring funds. Once these steps are complete the “Boca CARES” Board of Directors will decide which applicants will receive grant funding.
Request for Proposals (RFP) and grant reviews will be conducted throughout the year when the Boca CARES fund balance exceeds a minimum of $15,000. Though “Boca CARES” would like to fund all requests, please be mindful that we are limited based on contributions to the fund. No individual grant award may exceed $5,000.
Please note, “Boca CARES” will not fund the following types of organizations or projects:
● Salaries or travel expenses.
● General advertising or fundraising drives.
● Partisan, political, lobbying, or denominational projects.
● General and administrative costs.
● Intermediary funding agencies.
● Public or private schools unless they have a 501(C)(3) designation.
● Endowment campaigns.
Complete guidelines and requirements can be found in our application. If you would like to receive a Grant Application, please email bocaroyalecares@gmail.com or download a pdf format of the application.