After the recent issues with the Aspire Camps dedicated to assisting Cadets and Juniors with their travel with the USAT Team Trips, re: lack of accountability, lack of information, lack of transparency - a group of USAT athlete supporters met this afternoon with TCF - Tulsa Community Foundation to discuss how to create a 501c3 foundation outside the USAT to funnel money to deserving athletes without having those funds used for administration or diverted to other expenses. It was felt that many people want to donate to the athletes but not necessarily USAT because of the past issues, lack of transparency, delays in filing 990s and the large infrastructure which requires a lot of money to maintain. TCF is headquartered in Tulsa, OK but it deals with donors and funds outside the state of Oklahoma. For a minimal administration fee, the TCF manages donations for individual groups under their umbrella 501c3. This means that our group would not have the expense of setting up or maintaining a 501c3. Additionally their group would provide stringent oversight to ensure that all donations are accepted and disbursed in accordance with the stringent IRS regulations. The group would have its own Board of Directors which must initially set up a set of bylaws and parameters for the Taekwondo Fund. It was decided at todays meeting that the fund would further subdivide into Poomsae and Sparring. Donations could be directed strictly to Poomsae or to Sparring or to a General Fund. All donations, because of the 501c3 umbrella would be tax deductible. TCF would handle thank you notes and tax letters to donors, as well as ensuring compliance with tax regulations and follow up that funds had been used in accordance with the groups charter. Discussion also included whether or not to send funds to USAT as Restricted Funding. It was pointed out that with many groups, say, this foundation decided to give $20,000 to the cadets (example only), the Athlete Foundation (Still to be named) could restrict the funds to this trip. TCF could ensure USAT only used those funds for the cadets. However, the downside is that USAT could then decide that since the Foundation was funding the cadets, they could reduce the amount of funding for the cadets and use previously allocated monies elsewhere. So the net gain to the cadets in our example would be nothing. Discussion also went around funding individuals on a scholarship basis. However, to move forward we need to complete the foundation bylaws and guidelines for distribution of funds collected. This note is being posted at the request of the committee who wants to start out and continue to be as transparent as possible. Over the weekend, Kim Sol will be coordinating ideas from those in attendance at this meeting. If we can get it together, the agreements with TCF can be complete in less than two weeks. Considering the Poomsae team needs money now for their October trip, we need to get moving. All donations to those group will be tax deductible and will go to the athletes. We will be working with TCF to develop a distribution policy which complies with IRS codes, a little trickier than just handing out money indiscriminately. The group decided unanimously to work with TCF because of their reputation, as well as the reduction in administrative costs allowing the foundation to use less for the foundation itself and more for the athletes. At the moment, Kim Sol is acting as the President of this group because of his knowledge of 501c3 and fundraising, as well as his legal background. Also involved, coordinating the Poomsae side is Elva Adams, a banker. Mike Song, who instigated the Aspire Camp idea, as well as being a part of other fund raisers over the last year, will be overseeing the Sparring component along with Terry Stoker who also has been involved for the last year and has experience with these programs. I just add my board experience and serve as the liaison between the committee members and the public at large. Personally, I have to say what a pleasure it was to work with a group of people who got more done in one one hour phone call than other groups have been able to do in months. Many NGBs have Foundations which raise funds for the athletes outside the NGB and have been very successful. If you would like to be involved and you have fundraising or foundation experience, feel free to contact us. We are a very inclusive group. For those who want to know more about TCF - here is a copy of their annual report. As already stated, this foundation, whatever we name it, will be transparent. ladytkd/images/TCF_2013_Annual_Report.pdf
Posted on: Fri, 08 Aug 2014 21:34:40 +0000
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