Greetings neighbors!

At our January meeting, KWA Board members voted to create the King William Foundation, a 501(c)(3) supporting organization. Creation of the foundation fulfills several purposes. 

First: The KWA Strategic Plan under the fundraising category states, “Exploration of endowment and planned giving.”  By creating a separate entity, we can build up a fund that will earn interest, thereby reducing our reliance on the Fair as the primary source of revenues.

Second: By having our funds in the Foundation, the assets of the KWA will be lower, thereby making it easier for KWA to obtain grants. 

Third: The Texas Alcoholic Beverage Commission (TABC) recently began enforcing their 2008 Marketing rules concerning temporary permits for charitable organizations.  Basically, the TABC rule states that with a TABC permit the organization is considered a retailer, and therefore could have no “agreement or understanding” with the alcohol distributor regarding “sponsorship” rights, including signage, advertising or exchange of goods.  About 50% of our sponsorships for the Fair come from alcohol distributors.  Based on the different possible actions to take to address this situation, the board voted to create a 501(c)(3).  

The paperwork for the King William Foundation has been submitted to the IRS and we are awaiting their decision.  Please let me know if you have any concerns or suggestions.  I would love to hear from you!