Rotary Club of Petaluma Foundation
Rotary Club of Petaluma Foundation
 

History and Purpose

 

AN AUCTION LAYS THE FOUNDATION FOR LOCAL COMMUNITY GIVING

 

On September 25, 1982 the Petaluma Rotary Club held an auction for the benefit of the residents of Petaluma, under the leadership of President Herold Mahoney, to form and fund a local foundation incorporated as the ROTARY CLUB OF PETALUMA FOUNDATION. The Foundation was formally incorporated on June 20, 1983 and the first meeting of the incorporators and the first Board Of Directors was held on June 23, 1983 in Petaluma, California. The first President of the Foundation was Herold Mahoney and the first Secretary of the Foundation was long-time Rotary Club Secretary, William Schneider.

The Foundation is an independent, non-profit, tax-exempt charitable organization granted such status under Internal Revenue Code Section 501(c)(3) and related sections of the California Revenue and Taxation Code. The Foundation is in compliance with all record-keeping and reporting requirements, and their records are open for public inspection at the principal office of the Foundation.

The By-laws of the Foundation mandate that the funds received from donors shall be conserved for future needs. Up to five percent (5%) of the net fair market value of the assets of the Corporation valued as of the first day of each taxable year of the Corporation shall be distributed.The Foundation operates with minimal expense. The officers and directors receive no compensation.

“The purposes for which this corporation is formed are: educational, scientific, medical, surgical, hygienic, musical, artistic, the preservation of art, relics, and historical records, public health, housing, civic improvements, the care of the aged, sick, helpless, poor, incompetent, and children, as well as any other agencies for the improvement of the moral, mental, social, and physical well-being of the inhabitants of southern Sonoma County.” This statement is from Section Two of the Articles of Incorporation as adopted June 23, 1983.

 

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