Waite Hill Village Foundation

The purpose of the foundation is to pursue contributions from residents of Waite Hill and even from interested non-residents, who will voluntarily contribute on a tax deductible basis to the Village for it to fund its operations. However, the donors will not give the Village unfettered immediate control over the funds. Rather, the foundation will allocate funds as need for various Village projects. The investment income may be used for day-to-day Village operations, but any funds withdrawn from the principal will be used for long-term capital improvements to the Village. Also, to the extent that the Village would qualify for Ohio or federal aid, the foundation would not be considered an available resource for the Village so that it may qualify for certain financial assistance. In addition, there are certain restrictions on municipalities and villages in the state of Ohio with respect to the investment of their funds. This fund would not be an investment by the municipality, and wo