9 Facts

Nine Things You Need to Know About Us

 

 

  1. The Four Way Foundation (formerly known as The Petaluma Sunrise Rotary Foundation) was created and incorporated in the State of California on April 22, 2010, and has tax-exempt status under section 501(c)(3) of the IRS code. Fed ID # is 27-2449085.
  2. The primary purpose of the Four Way Foundation (Foundation) is to financially support the projects of the Rotary Club of Petaluma Sunrise (Club). The Foundation does this by receiving funds, holding funds, managing funds and then eventually distributing funds to the Club. The Foundation funds may also support other non-profits not related to Rotary.
  3. The Foundation is a separate legal entity from the Club and has its own board of directors with its own policies and procedures. The Club has its own board of directors and is part of Rotary International (RI) with no tax-exempt tax status.
  4. Although the Foundation is a primary funding source for the Club neither are legally accountable or responsible for the other. It is suggested that both Presidents meet at least annually to maintain communication and cooperation.
  5. The PSRF can and will do its own fundraising while asking for voluntary assistance from Club members and other community members. Unless approved by the  PSRF board the net proceeds of these fundraisers will not be pre-designated. The Rotary Club of Petaluma Sunrise will continue to operate its own fundraisers as needed.
  6. The Foundation will carry its own insurance, file its own tax returns and secure all necessary permits needed for its own operations. It will also ensure it maintains its good standing status with the State and the IRS.
  7. Around June 1st of every year the Foundation President will notify the incoming Club President the approximate amount of the Club’s annual grant available for their Rotary year. After that the Incoming Club President will submit to the Foundation a Club board approved plan on how those funds will be used (projects grant request). After the grant request is received and around mid-July the Foundation President will send a formal letter outlining project funds available and money will be transferred. Before June 15th of the following year the outgoing Club President will send a report on the status of those funds to the Foundation. Any unused funds will be returned to the Foundation.
  8. Establishment of restricted funds is at the discretion of the Foundation Board and there is a $5000 minimum amount required to start a fund. These funds can only be used for their specific designated purpose. On July 1st the new Club President will be notified of fund availability. Grant request for these funds must be submitted by the Club President and then only needs approval of the Foundation President to be disbursed to Club. Any unused grant money will be returned to its original restricted fund at the end of the Rotary year.
  9. The Foundation can build assets for future multi-year projects and can assist the Club financially in achieving their long-term strategic plans. The hope would be to involve the Rotary District and RI to maximize the funds.