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Coral Foundation for
Excellence in Education
Education foundations are "privately operated, nonprofit organizations established to assist public schools" and "qualify as charitable organizations different from school districts, public institutions or local governments" (Clay, Huges, Seely & Thayer, 1985). A public school foundation "is designed to augment, supplement, or complement programs and activities currently being provided by the district" (McCormich, Bayer & Ferguson, 2001). The foundation has its own board of directors and develops its own statement of purpose and objectives.
What the purpose of Coral Foundation for
Excellence in Education (CFEE)?
The purpose for which this foundation has been chartered is the rendering of support and sustenance to the Coral Community Charter School. Implementation of the foundation's purpose will include, but not be limited to: the planning, design, acquisition and improvement of real and personal property for the use and benefit of Coral Community Charter School, or of Coral Foundation For Excellence In Education itself; the mortgaging or lease-purchasing thereof, or the utilization of such other lawful financing mechanisms as may be deemed fiscally prudent; the leasing thereof to Coral Community Charter School and the leasing thereof to Coral Community Charter School supporting and Coral Community Charter School affiliated entities.
What is the role of the board of directors?
The role of the board of directors is to develop and implement "organizational policies and goals, budgeting, fundraising, and disbursing a group's fund." (Mancuso, p. 2/8). The full board of directors can delegate some of its duties to an executive committee of two or more directors. Foundations can decide whether they will have school board members on their board. The basic format of a board includes a chairman, a president, a vice-president, a treasurer, and a secretary. The board must be able to determine the needs of the school.
What are the legal requirements of serving on the
Foundation board of directors?
Nonprofit corporation general can neither issue shares nor pay dividends under state law. The federal tax code also prohibits 501(c)(3) tax-exempt nonprofit corporations from paying dividends or profits, as such, to members or other individuals" (Mancuso, p. 2/1). Mancuso (2002) identifies several advantages of being a 501(c)(3) nonprofit corporation:
To make your group eligible to receive both public and private grants.
Nonprofit corporations are eligible for "state and federal exemptions from payment of corporate income taxes, as well as other tax exemptions and benefits.
Incorporation offers nonprofit organizations limited liability. This means "directors or trustees, officers, employees, and members of the nonprofit corporation are not personally liable for corporate debts or liabilities, including unpaid business debts and unsatisfied lawsuit judgements."
What is the time commitment for serving on the
CFEE board of directors?
There will be at least one board meeting per month for about one (1) hours, and depending on your position (e.g., secretary or other office), additional time will be spent performing the duties of the position. If you decide to participate on a committee or for an event, there will be additional time involved. Overall, plan to spend about five (5) hours per month, including the regular meeting.