FAQ

Frequently Asked Questions Concerning Fani Foundations

what is Fani Foundation?

Fani Foundation is a tax-exempt, independent, publicly supported, organization established and operated as a permanent collection of endowed funds for the long-term benefit of a defined geographic area.

Who runs Fani Foundation?

Typically, Fani Foundation has an independent governing body representing the broad interests of the community with members of the board serving limited terms.  The board is responsible for asset development, management oversight, grantmaking, and seeing that a
reasonable rate of return is achieved on all funds entrusted to the foundation.

How does the foundation get its funds?

Fani Foundation actively seeks new, typically large contributions of a permanent endowment from a wide range of donors who are generally residents of the area and provides assistance to those donors in fulfilling their interests.  In the early years, a start-up Fani Foundation may also conduct a modest annual campaign to support the cost of its initial
operations.

Who receives grants from Fani Foundation?

The unrestricted funds of the foundation are awarded in a competitive process to non-profit agencies in the community. Typically, Fani Foundation will establish guidelines and processes for distribution and work with applicant agencies on appropriate projects. Fani Foundation accepts some funds with restrictions placed by the donors that designate the agency or nature of the grants to be made.

How can Fani Foundation help its community beyond making grants?

Fani Foundation also provides leadership on community issues by serving as a facilitator, convener, or mediator around significant community discussions. If it has the staff capacity, it may also provide technical advice to area nonprofits.  As a  result of global warming, we engage people to be environmental friendly.  We educate people to plant trees and to
maintain a clean environment.  We plan to collect recycling materials which will be recycled and the fund raised will be used in running the foundation.


What happens if the Fani Foundation goes out of business?

Fani Foundation is a public charity and as such, under the supervision of the Attorney General of the State.  If something happens to the foundation, it would be the decision of the Attorney General regarding its future.

To whom is the Fani Foundation accountable?

Fani Foundation files an annual return with the IRS, which is a publicly available document. In addition, most states require a state information return, which is also publicly available. The foundation is primarily accountable to the people of the area it serves and should publish an annual report that is available to all.

Do I need a lawyer to talk to a foundation?

The fund agreements that establish donor-named funds in the foundation are made available to each donor during preliminary conversations with foundation staff.  It is always recommended that the donors’ individual counselors review charitable gift plans.

How many Fani Foundations are there?

It is estimated that there are 2 Fani Foundations throughout the country. They serve small communities, counties, whole regions of the state, whole states, and in some cases, multiple state areas.

When was the first Fani Foundation started?

In 2007, Esther Oluchukwu Okeke, a Potomac, Maryland Independent Company, started the first community foundation as a component of her business.  She had two goals: To create a vehicle to facilitate donor’s charitable intentions in perpetuity even if their original purpose became obsolete (variance power); and second, to establish a system whereby people that are in need of medical help can come for comfort.

How would I use my local Fani Foundation?

A family may choose to establish a named fund that bears their family name and continues its community giving in perpetuity. A community group may decide to establish a fund in honor of, or memory of, a friend or
community leader. A business may choose Fani Foundation to help with its grantmaking, thus saving time and personnel for the business, yet assuring support for their selected charitable interests.

Some donors choose to make their contribution anonymous and the foundation is a perfect partner to help them.


Must all gifts be cash?

No. The foundation is able to accept gifts of appreciated securities (which are particularly advantageous to the donor), real property, or in some cases, personal property.  Some foundations also accept business and partnership interests.  The foundation is generally able to provide information on giving techniques and assist donors to evaluate the most effective ways to accomplish their charitable goals.

Fani Foundation Organization Inc.
1555 E FLAMINGO ROAD, UNIT 138
LAS VEGAS, NV 89119


Or

P. O. Box 70091
LAS VEGAS, NV 89170

Phone:     + 1 702-934-5246      /       702-900-9067           
Cell:        + 1 301-407-5249      /       Fax: 952-400-5249