El Dorado Community Foundation
The Tahoe Keys Property Owners Association (TKPOA) Board of Directors has approved the El Dorado Community Foundation, a 501(c)3, for the establishment of the “Tahoe Keys Waterways Restoration Fund”. The purpose of this fund “is to improve the water quality and recreational use of the Tahoe Keys Waterways”. By setting up this 501(c)3 fund at the El Dorado Community foundation, the TKPOA is requesting assistance in providing a vehicle to receive tax deductible donations and certain grants to fund studies, new technologies, and methods for fighting Aquatic Invasive Species (AIS) and cyanobacteria Hazardous Algal Blooms (HABs)in Tahoe Keys Waterways and Lake Tahoe.
The “Tahoe Keys Waterways Restoration Fund” (TKWRF)is managed by a five member committee and the El Dorado Community Foundation (EDCF). The EDCF set up a Special Project Expendable Fund to receive the donations and issue the grants from the Fund as authorized by the Committee. It is the EDCFs’ responsibility to receive and properly administer the funds in compliance with IRS rules and accepted accounting practices. The Fund will be subject to an administrative fee of 2% of donations or a minimum of $300 whichever is greater. This will cover the cost of IRS requirements to acknowledge donations, investment management, oversight and issuance of grants, financial reporting to the Committee, and quarterly fund statements. The fund receives an apportioned investment return while on deposit with the Foundation. Funds are invested in short term return (savings account) to be available for projects.