UPR Foundation
UPR Foundation
Frequently Asked Questions
Frequently Asked Questions
How and when did the Foundation get started?
How and when did the Foundation get started?
The Foundation was organized in August 2005 by a group of the original residents. Thirty-eight early residents became Founding Members by contributing at least $1000 each during the period ending November 30, 2005.
The Foundation was organized in August 2005 by a group of the original residents. Thirty-eight early residents became Founding Members by contributing at least $1000 each during the period ending November 30, 2005.
What is the relationship between UPR Foundation, Inc. and University Place?
What is the relationship between UPR Foundation, Inc. and University Place?
The Foundation is separate and distinct from University Place, Inc. and from Franciscan Sisters of Chicago Service Corporation, which owns and operates University Place. UPR stands for University Place Residents. The Foundation is governed by a board of nine directors who are elected by members of the Foundation and who serve for three-year terms. The terms are staggered so that one-third of the board is elected each year. Up to three directors may be nonresidents of University Place. The board elects the officers of the Foundation. The Foundation maintains close cooperation with the management and residents of University Place. The Executive Director of University Place and the President of the Residents' Council are non-voting ex-officio members of the Foundation board.
The Foundation is separate and distinct from University Place, Inc. and from Franciscan Sisters of Chicago Service Corporation, which owns and operates University Place. UPR stands for University Place Residents. The Foundation is governed by a board of nine directors who are elected by members of the Foundation and who serve for three-year terms. The terms are staggered so that one-third of the board is elected each year. Up to three directors may be nonresidents of University Place. The board elects the officers of the Foundation. The Foundation maintains close cooperation with the management and residents of University Place. The Executive Director of University Place and the President of the Residents' Council are non-voting ex-officio members of the Foundation board.
What is the tax status of the Foundation?
What is the tax status of the Foundation?
The Foundation is qualified as a charitable and educational corporation under Section 501(c ) (3) of the Internal Revenue Code. It is exempt from federal and state income tax, and contributions to the Foundation are deductible from federal and state income and estate and inheritance taxes to the extent permitted by law.
The Foundation is qualified as a charitable and educational corporation under Section 501(c ) (3) of the Internal Revenue Code. It is exempt from federal and state income tax, and contributions to the Foundation are deductible from federal and state income and estate and inheritance taxes to the extent permitted by law.
The Foundation has members. Why? Who are they and what role do they play?
The Foundation has members. Why? Who are they and what role do they play?
Article I of the UPR Foundation Bylaws states "The Corporation shall have Members." Every Contractual Resident of University Place automatically becomes a member. Members play an important role because they elect the Board of Directors and thus, indirectly, determine how the Foundation operates and what kinds of projects will be supported.
Article I of the UPR Foundation Bylaws states "The Corporation shall have Members." Every Contractual Resident of University Place automatically becomes a member. Members play an important role because they elect the Board of Directors and thus, indirectly, determine how the Foundation operates and what kinds of projects will be supported.
What kinds of projects will it undertake?
What kinds of projects will it undertake?
In general, if funds are available, the Foundation will support any project that the board determines to be in the best interest of the residents, is approved by the Residents' Council, and is consistent with its corporate purpose. Certain kinds of projects may also require the approval of University Place management.
In general, if funds are available, the Foundation will support any project that the board determines to be in the best interest of the residents, is approved by the Residents' Council, and is consistent with its corporate purpose. Certain kinds of projects may also require the approval of University Place management.
The Treasurer maintains a current list of approved projects. Every resident and staff member of University Place is encouraged to suggest projects that the Foundation should consider. Some suggestions already made to the board include educational grants for associates, adding amenities to those furnished by University Place, and sponsoring special events and programs for the education, health and entertainment of residents that are not normally provided by University Place.
The Treasurer maintains a current list of approved projects. Every resident and staff member of University Place is encouraged to suggest projects that the Foundation should consider. Some suggestions already made to the board include educational grants for associates, adding amenities to those furnished by University Place, and sponsoring special events and programs for the education, health and entertainment of residents that are not normally provided by University Place.
Can I designate that my contribution be used for a specific purpose or project?
Can I designate that my contribution be used for a specific purpose or project?
Yes, provided your designated purpose has been approved by the Board of Directors (see response to previous question).
Yes, provided your designated purpose has been approved by the Board of Directors (see response to previous question).