ABMA Foundation Mission Statement
As the Broom, Brush, Mop and Roller industry's premier philanthropic and charitable organization, the ABMA Foundation is a catalyst for uniting people and organizations to make a difference through better education and opportunity. We secure contributions and provide grants for sustainable programs in research, education, and assistance for our industry associates and their families in need. Our strategic ties with the American Brush Manufacturers Association, coupled with our strong volunteer leadership and our generous donors, give us a powerful yet flexible infrastructure to anticipate and quickly respond to the needs affecting our industry and the welfare of its associates.
Through the ABMA Foundation, you have the opportunity to custom-design your own named fund that will fulfill your charitable objectives. You also can support any of the existing funds within our organization. Please review the many benefits and choices available to you by reading below. If you would like to discuss the possibility of creating your own charitable fund, please contact us. We hope you will contact us if you have questions or wish additional information. It is important to us that your experience in charitable giving will be a pleasant and rewarding one.
What Happens To My Contribution?
All contributions to the ABMA Foundation fulfill charitable purposes. No gift is used to defray the operating expenses of our organization. And then, only the income earned by the investment of gifts placed in that fund supports administrative expenses. Any administrative fee charged to a Foundation fund is deducted from the income earned by that fund. Thus, the original value of each contribution to our organization is safeguarded for charitable needs.
Creating My Own Fund
Creating a charitable fund within the ABMA Foundation is quick and easy. Following are six simple steps to guide you in the creation of your own personal fund.
What Are My Goals?
What do you want to achieve through the establishment of a fund? Do you have a favorite charity or charitable purpose that you would like to support? Or, are you interested in providing scholarships for younger generations? You may simply wish to create an unrestricted fund that will serve the emerging needs of your community in any charitable field. With such funds, the ABMA Foundation will be responsible for responding to the most urgent charitable needs in the name of your fund. Permanent recognition is an important benefit provided by the ABMA Foundation. We are in the best possible position to fulfill this objective for you. By creating an endowment fund, your fund will receive recognition in perpetuity.
What Are My Options?
You can realize nearly any charitable intent by choosing from the variety of fund types offered by the Foundation. These fund types can be created as "endowment funds" (permanent resources for the community) or as "pass-thru funds" (temporary charitable vehicles that close upon the fulfillment of their charitable purpose.)
Endowment funds are permanent funds that distribute a percentage of the fund's value for those charitable purposes set forth in the written agreement between you and the Community Foundation. The name of the fund will receive perpetual recognition as all grants will carry the name of the fund. In addition, the Community Foundation provides profiles of its endowment fund donors in each of its annual reports. A gift of $10,000 or more will enable a fund to be classified as an endowment. Pass-thru funds are temporary funds in which all of the assets of the fund are available for distribution. Often, donors will create a pass-thru fund with the objective of adding to the fund over time in order to reach endowment status. A gift of $1,000 or more will enable you to open a named fund.
What Type Of A Fund Should I Consider?
Once you have determined your goals, you will want to consider one or more of the following fund types.
What Name Shall I Give To My Fund?
A fund's name is a permanent part of that fund. Whenever a grant is made from a fund, that grant will be recognized by the fund name. Choosing a name is an important consideration when creating a fund. The following examples may be helpful to you.
- Name of the individual establishing the fund
(John Smith Endowment Fund)
- Name of the couple establishing the fund
(John and Jane Smith Endowment Fund)
- Name of the family represented by the donor
(Smith Family Endowment Fund, John Smith Memorial Endowment Fund)
- Name of a favorite charity or charitable purpose
(Fox Valley Healthcare Fund or Geneva Fund for the Arts)
- Name of an Organization
(ABC Company Endowment Fund)
What Is The Best Way To Make My Gift?
The following methods of giving will help you to create your fund now.
Should you wish to have a fund created at a future time, these methods may be used.
What Do I Do Now?
After you have considered the many possibilities available to you, we will do the rest. Please contact us by telephone or e-mail. We will go over all of the details with you and help design an agreement that will govern the administration of your fund. You may wish to visit us as well. The entire process will take an hour or less of your time. Please contact us today if we may answer your questions or provide additional information.
The Foundation strives to maintain a modest level of administrative fees, thus preserving valuable resources for charitable purposes.
- The Foundation will accept and manage pass through funds maintaining a minimum balance of $1,000.
- Funds with balances of $1,000 to $10,000 are not charged any administrative fee.
- The income earned by these funds is retained by the Foundation to assist with its management expense.
- Once a fund reaches a balance of $10,000, it then can accrue its own income.
- The Foundation currently charges a modest 0.50% fee on the market value of these funds ($50 on a $10,000 fund).
- A fund in excess of $1 million is charged 0.50% on the first $1 million and 0.25% on any value over $1 million.
- Bank fees for the management of Foundation accounts are assessed a pro-rated blended rate. A detailed summary of these fees is available at the ABMA Foundation office.
About our Funds - Apply for an Award
ABMA Foundation Endowment Fund
The ABMA Foundation Endowment Fund assists industry employees and their families in need.
ABMA Foundation Operations Endowment Fund
The ABMA Foundation Operations Endowment Fund is for the purpose of providing monies to offset Foundation expenses.
Kathy K Parr Memorial Scholarship Fund
The Kathy K Parr Memorial Scholarship Fund is designed to provide two (2) $2,500 annual scholarships to industry employees and their families for the purpose of continuing education. Applications for the award shall be submitted to the ABMA Foundation Board by March 1 of any calendar year.