FREQUENTLY ASKED QUESTIONS
What is your connection to the Cottonwood Palo Verde HOA?
We are an independent organization totally separate from the governance of the Sun Lakes
Homeowner’s Association #2. We serve Sun Lakes as a whole.
What is a 501(c)3?
It is a tax exempt entity which provides the deductibility of donations, for federal income tax
purposes, for some donors who make charitable contributions (consult your tax adviser).
How is the foundation funded?
We are encouraging donations and looking for creative ways to build capital through corporate
matching programs, community fundraising events, and charitable bequests.
Will the funds go to Sun Lakes charities in the greater Sun Lakes area and the East Valley?
We are looking to assist existing charities, new charities as well as assist organizations that provide services and/or activities that enhance the lives of the senior population in the greater Sun Lakes area and the East Valley.
Who can qualify and apply for funding and what are the criteria?
Any organization can apply for funding if it fits the criteria of our mission statement “enhance the quality of life for seniors in the East Valley in the areas of culture, education and health”. The Board of Directors will be making the final decision on each application.
Can my donation go to a charity or organization of my choosing?
Designated donation will be reviewed by the Foundation before any funds can be accepted. The Foundation is bound by IRS standards and each potential designated donation must meet the IRS standards as well the criteria of the Foundation.
What % of the funding do you project as overhead?
Our goal is to keep it at 5% or less.
Will an annual report be available to the public?
We are required to complete an IRS form 1023 annually. You may view our entire report by clicking here.