BACKGROUND INFORMATION ABOUT THE COTTAGE GROVE COMMUNITY FOUNDATION, 

A 501(C) (3) TAX EXEMPT PUBLIC BENEFIT CHARITABLE CORPORATION 

The concept of the Cottage Grove Community Foundation (CGCF) was developed in 1990 by the City of Cottage Grove’s Department of Planning and Economic Development in response to the ever-decreasing availability of federal and state grant program dollars. The idea was to create an autonomous non-profit organization with powers similar to an Oregon municipality.

The foundation was created to lessen the burdens of government of the city and its citizens by soliciting, investing and administering contributions and gifts to the Foundation and other community nonprofit organizations.

The concept of the Foundation was approved by the City Council, and they subsequently authorized planning staff to materialize and implement the concept. With pro-bono assistance from the Portland firms of Preston, Thorerinson, Gates & Ellis, Attorneys at Law, and the Seattle Northwest Securities Corporation, the concept was further developed to the point that Pacific Power Corporation was approached for funding assistance and a grant was awarded in 1990 to implement the concept in the amount of $5,000. Shortly thereafter the Foundation’s Articles of Incorporation were prepared and the initial Board of Directors consisting of five community citizens representing City of Cottage Grove, the Cottage Grove Chamber of Commerce, South Lane School District and the forest products industry was appointed by the City Council. The City Council seeded the foundation with $100,000 in 1992 from funds set aside for economic development that was paid back from Xentek on loan from the Federal government to create jobs in the early 1980’s.

The Foundation was incorporated as an Oregon non-profit charitable corporation on February 6, 1991, and subsequently recognized by the Federal Internal Revenue Service as exempt from federal income tax under Section 501(CX3) on June 17, 1991. On February 10, 2009, the Foundation was reclassified as a tax exempt 501 (c) 3 public charity organization under Internal Revenue Code section 509(a)(l) and 170(b)(l)(AXvi).

Today the Cottage Grove Community Foundation is governed by a fifteen-member volunteer Board of Directors that represent a broad cross-section of the views and interests of the greater Cottage Grove Community. The Board is advised by a group of leaders from our community representing city government, the school district, the chamber of commerce, public utilities and healthcare. The primary responsibility of the Board of Directors is to administer the Foundation’s permanent fund exclusively for charitable purposes to support educational, medical, social, and civic needs in our community. The Foundation is also a resource for citizens, private companies, and other foundations to make charitable gifts and bequests to support the above areas in this community as permitted under Section 501(C) 3 of the Internal Revenue Code. Besides administration of the permanent fund, the Board of Directors may establish and administer fund accounts, including special purpose accounts, project funds accounts, and donor-advised funds. Such fund accounts are separate from the permanent fund and are administered in accordance with Internal Revenue Code 501 (c) 3 guidelines and Board of Director approved policies and guidelines.

March 28, 2024

Cottage Grove Community Foundation Statement of Financial Condition    December 31, 2024

Assets                                                                                                           Liabilities and Net Assets
Cash and cash equivalents                     $474,079                         Current Liabilities Obligated       $348,221

Prepaid Assets                                                $10,220
Investments managed by
Oregon Community Foundation       $6,579,643                         Total Liabilities                                  $348,221
                                                                                                                         Unrestricted                                   $6,715,721

Total Assets                                                $7,063,942                          Total Net Assets                            $7,063,942

Cottage Grove Community Foundation 2022 – Form 990

2022-943138507-990

Cottage Grove Community Foundation Administrative Fees

Administrative Fees-27 Attachment