THE CORMAN FOUNDATION
A True Life Covenant
|
HISTORY MISSION To Glorify God and make Christ known through effective
stewardship of the resources entrusted to us. We
strive to accomplish this mission through the following actions: 1.
Investing financial resources in evangelical Christian organizations whose
activities are consistent with our mission, and where God is at work, only
after prayerful consideration and exercising proper due diligence. 2.
Assisting supported organizations in accomplishing their objectives with any
means available to the Foundation, including our time, talents, prayer
support, oversight, encouragement, and accountability. 3.
Evaluating the effectiveness of the supported organizations' efforts in the
areas where the Foundation has made an investment through regular reviews
with the Executive Director, whose responsibility it is to continually review
supported programs. 4.
Challenging other organizations and individuals to become more involved in
the fulfillment of the Great Commission through commitment of their time,
talents and financial resources. 5.
Encouraging those individuals involved in Christian ministry through prayer,
fellowship and resources. 6.
Managing the financial assets of the Foundation in the secular realm
diligently and prudently for advancement of the gospel of Jesus Christ. 7.
Dedicating ourselves to prayer, bible study and Christian fellowship, to the
end that we will be open to the continual leadership of the Holy Spirit in
the fulfillment of our mission. GRANT GUIDELINES 1.
The Corman Foundation is a Christian stewardship ministry that provides
funding to qualified major Christian ministries for the advancement of the
gospel of Jesus Christ throughout the world. 2.
In accordance with IRS regulations, the Foundation makes grants only to
"public charities" qualified under §501 (c)(3) of the Internal
Revenue Code. 3.
The primary emphasis of the Foundation is the funding of evangelical efforts
directly aimed at securing the salvation of individuals, and providing for
the discipleship and training of God's people for Christian witness.
Organizations whose principal objective is meeting physical needs (i.e.,
food, clothing, shelter and medical attention) will be considered, provided
there is a substantial secondary emphasis on proclaiming the gospel of Christ
in conjunction with the meeting of physical needs. 4.
The Foundation will consider grant requests of $5,000 or more. However, such
grants may not constitute a major percentage of the grantee's revenues as
defined in the Internal Revenue Code. 5.
Grant requests must include the following: A detailed description of the
program for which funds are requested including the anticipated results and
timetable for accomplishment of stated goals, a budget of the program
expenses showing the intended use of the grant funds, a detailed budget of
the organization in general, copies of audited financial statements and IRS
forms 990 for the past four years (or any years available, if the
organization has been in existence for less than four years), and a copy of
the letter of determination from the IRS for the requesting organization. 6.
The Foundation requires that grantee organizations provide regular reports
(at least quarterly) on the progress of programs it supports. Furthermore,
grantees must provide access to any and all financial information the
Foundation deems necessary to confirm the proper application and effective
utilization of grant funds. As well, grantee organizations are expected to
subscribe to the standards of the Evangelical Council for Financial
Accountability© (ECFA). 7.
The Foundation expects to maintain direct, regular contact with the top
leadership of organizations receiving funding, as well as other key personnel
involved in supported programs. This includes visits to the field by
representatives of the Foundation for the purpose of reviewing the progress
of programs, and lending moral and spiritual support to personnel of the
funded organization. 8.
Grantees are required to sign a grant contract confirming agreement with the
policies of the Foundation and applicable law prior to the distribution of
any funds. 9.
Grantees are required to certify that none of the grant funds received from the foundation will be used to pay commissions, fees or any other compensation to a third party for the preparation and/or processing of a grant application or proposal.
Organizations
wishing to be considered for a grant from the Foundation must adhere to the
following procedures: 1.
Submit information regarding the organization and its ministry, your most
recent annual report/financial statement, and a copy of the IRS letter of
determination granting the organization §501(c)(3) status. 2.
Upon review of this information you will be notified whether the process will
proceed beyond that point. 3.
If the Foundation wishes to continue the process, a meeting will be scheduled
between the Executive Director of the Foundation and the top leadership of
the organization. A more detailed analysis of the organization will be
conducted, including financial statements for the previous three years. 4.
If there is continuing interest by both parties, the top leadership of the
organization will be invited to meet with the Board of Directors of Corman
Foundation. 5.
After meeting with the Board of Directors, the organization will be advised
whether the Foundation will accept a grant application from the organization. 6.
Once the grant proposal is received, the Board of Directors will make a final
determination on the grant request. The
following is a partial listing of the organizations receiving funding from
the Corman Foundation as of December 31, 2000: Athletes
in Action The
Bible League
Campus
Outreach Christian
Business Men's Committee Evangelism
Explosion FamilyLife Focus
on the Family Here's
Life Inner City International
Impact Jesus
Film Project Josh
McDowell Ministry Presbyterian
Church in America - Mission to the World Presbyterian
Church in America - Mission to North America Southern
Baptist Convention - International Mission Board
FREQUENTLY
ASKED QUESTIONS Does the Foundation contribute to needy individuals? Unfortunately,
we cannot. Without special classification by the I.R.S. Private foundations are generally prohibited from making grants to
individuals, and are limited to tax-exempt organizations under IRS
code §501 (c)(3). Would the Foundation support individual staff members of
qualified Christian organizations? The
Foundation has only done that in a few limited circumstances, and for reasons
too complex to discuss in this format, has chosen to limit contributing to
personal staff support. Is there a geographic limit to the Foundation's funding? The
Foundation has adopted a general policy of making total grants of one-third
domestic and two-thirds international. As well, internationally, the areas of
Eastern Europe, Eurasia (the former Soviet Union), South Asia (India and
surrounding areas) and parts of Western Africa have been targeted. However,
other areas may be considered in the future as the Holy Spirit directs. Will the Foundation reveal the amounts of its grants and the
name of the recipient organization? Yes.
This information is a matter of public record, and we have no problem sharing
that information with interested parties. We will mail copies of our Form
990-PF or Form 1023, "Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code" upon receipt of a written request and the payment of a duplication fee in advance by cashier’s check or money order. The IRS has ruled that we can charge a “reasonable” duplication fee for this service. We charge $10.00 plus $ .15 per page plus postage to offset our out-of-pocket expenses. The 990-PF averages 40 pages (varies from year to year) and the 1023 is about 9 pages. Postage will vary depending upon the amount of material requested and the class of postage by which the material is sent.
May I contribute to the Corman Foundation? No.
The tax laws prohibit anyone except the principals of a private foundation
from making contributions to the foundation. Other types of foundations, such
as operating foundations, are permitted to accept contributions from the
public. Does the Foundation contribute to Christian colleges and
schools? What about church construction? The
Foundation has not included colleges and schools in its grants to date, and
has no plans to include domestic church construction in the foreseeable
future. Does the Foundation contribute to foreign non-profit
organizations? Due
to the complex IRS rules and the higher accountability required to comply
with the tax laws, the Foundation only funds organizations based in the
United States having §501(c)(3) status. Where can I obtain more information about the Corman
Foundation? : For more information you may write to: Corman
Foundation, Inc. PO Box 1268 100
Brookwood Road Atmore, AL
36504 Email: Phone: (251) 368-8600 Ext. 2355 Fax: (251) 368-1314
|
|
align=right v:shapes="_x0000_s1028">