Why a non-profit foundation?
The Lake Monticello Community Foundation provides a way for those who love the Lake to contribute to help the Lake and get the tax benefit from it. LMCF is a 501(c)3 non-profit corporation, fully approved by the IRS and the State of Virginia, making all contributions tax deductible to the extent of the law. It also allows us to combine multiple smaller donations in a way that can have a big impact.
Simply speaking, we want to build a better community by making giving easy – and tax deductible.
The Lake Monticello Community Foundation’s financial results will be audited.
Our mission is to enhance the well-being of all Lake Monticello residents by providing leadership and resources through volunteerism and philanthropy for the current and future needs impacting the entire community.
The Lake Monticello Community Foundation’s goal is to make the Lake a better place by taking on some improvement projects that just don’t fit into the Lake Monticello Owners Association budget or staff work schedules. All projects at the Lake will be fully coordinated with and approved by LMOA management. And this collaboration is intended to benefit all segments of the Lake community … together.
Goals
Frequently Asked Questions
Why have a community foundation at Lake Monticello?
The Community Foundation was established in order to provide goods and services to the Lake Monticello Community that LMOA cannot provide, either because of budget limitations or limited staffing. We believed that an independent group might, by raising money and providing volunteer effort, be a way to supplement, not replace, the services that the Lake Monticello Owners Association provides – thus making the Lake an even better place to live.
Where did the idea come from?
The idea of establishing a foundation arose when LMOA was considering raising annual dues in order to increase the reserve fund. At a town hall meeting a long-time resident said that he gives to many charities each year and would give to LMOA if it needed money. However, the HOA is not a charitable organization and donors cannot claim a tax deduction for donations to HOAs.
So, a donation to the Lake Monticello Community Foundation is tax-deductible?
Yes. The Lake Monticello Community Foundation is a 501 c 3, non-profit organization fully approved by the IRS and the State of Virginia. All donations to the Community Foundation are tax deductible.
Can I donate to directly to LMOA and take a tax deduction?
Individuals cannot take a tax deduction for donations to a Home Owners Association because HOAs are not 501 c 3 charitable organizations.
You would have to check with LMOA about their policy for accepting donations.
But the Community Foundation is able to give to the LMOA?
Yes. As long as the donations meet its mission the Community Foundation can support LMOAs efforts. Both LMOA and the Community Foundation have received legal opinions saying that the LMOA could accept support from the Lake Monticello Community Foundation.
What is the Community Foundation's mission?
Our mission is to enhance the well-being of all Lake Monticello residents by providing leadership and resources through volunteerism and philanthropy for the current and future needs impacting the entire community.
Is Lake Monticello Community Foundation affiliated with Lake Monticello Owners Association?
No. The Foundation is not connected to LMOA in any way.
Are there similar organizations around the country that support HOAs?
Yes, legal opinion stated quite clearly that similar foundations around the state and the entire country provide similar support to HOAs. There is a similar organization at Lake of the Woods and other places in Virginia.
If I donate, how will the money be used?
Donations support a number of activities. This year the Community Foundation gave two grants to the Lake Monticello Fire and Rescue, awarded Pool Passes to deserving families and individuals, sponsored the 4th of July 5K and the Sand Sculpture competition, sponsored the Holiday Wreath contest, and donated to the Golf Tournament raising money for ovarian cancer research.
The Community Foundation is currently collaborating with LMOA to convert the LaFayette playground into an all-inclusive, all-accessible playground where children, parents and grandparents of all abilities can visit in safety. The plan includes fencing the play area, resurfacing for maximum mobility for wheelchairs and other aids, and adding equipment that can be used by all.
We also are developing grants for community service and for local organizations that help people in need, especially during the pandemic.
Is there a need for an all-inclusive playground at Lake Monticello?
The Fluvanna County Schools recently identified more than 130 children in the Lake Monticello Community as having special needs. Also, some parents and grandparents have mobility problems, making it difficult if not impossible, to take young children to a playground that is not fenced or has an uneven surface. There are three playgrounds in the community, and, while they all include equipment that is ADA compliant, none is all-accessible.
About Lake Monticello Community Foundation
The Lake Monticello Community Foundation was created by a group of people who realized that, due to financial limits and other reasons, the Lake homeowners association will never be able to meet all the needs of the diverse Lake community. We believed that an independent group might, by raising money and providing volunteer effort, be a way to supplement, not replace, the services that the Lake Monticello Owners Association provides – thus making the Lake an even better place to live.