Connections: News from the Community Foundation of Collier County

JUNE 2015

JULY

2015

Connections

NEWS FROM THE COMMUNITY FOUNDATION OF COLLIER COUNTY

SCHOLARSHIPS–THE DONOR AND THE STUDENT PERSPECTIVE Congratulations graduates! We recently announced that the Community Foundation had awarded 68 new and renewable scholarships, totaling $247,190, to 55 students enrolled in accredited high school, trade school, community college and university programs for the 2015-2016 academic year.

The majority of the scholarships are designed for students who currently attend schools in Florida’s Collier and Lee counties.

Scholarships were awarded through 23 funds administered by the Community Foundation

Rather, we did our own research and found that in this community, there is simply no other organization better suited and better staffed to realize our vision of helping high school students of high academic rank, but insufficient means to attend college. Since we established our Foundation through the Community Foundation, we have been able to give more than $300,000 to 37 students.

What’s more, we’ve been able to do that without the exorbitant fees. That’s value to us and value to our students.”

NOVEMBER

2015 DECEMBER

2015 APRIL

2016

New Community Foundation of Collier County Board Members announced.

Visit cfcollier.org

Professional Advisor Council colleagues get a peek at Turtles on the Town sculptures.

NOVEMBER 5, 2015 SAVE THE DATE! 3rd Annual Power of the Purse Luncheon at the Naples Grande Beach Resort.

DECEMBER 11, 2015

SAVE THE DATE! Women of Initiative 2016 Honors.

APRIL 12, 2016

“Wherever my future leads, I will be in good hands thanks to the amazingly generous and compassionate donors of the Community Foundation.”

ELIZABETH ROUX, SCHOLARSHIP FUND RECIPIENT

and established by generous donors, corporations and organizations seeking to assist students in pursing higher education.

Most of the funds focus on criteria related to student achievement, financial hardship and academic performance and all express a deep belief in the power of education to help young people achieve their dreams. Selection committees appointed by the Community Foundation evaluate the candidates objectively.

We understand why our donors choose to establish scholarship funds at the Community Foundation. Judy and David Jones, community leaders who established the Judy B. and David M. Jones Scholarship Fund, say it best: “We didn’t just choose the Community Foundation on the recommendation of others.

1985–2015 We also understand what these scholarships mean to their recipients. We received this note of thanks from Elizabeth Roux; Roux is the recipient of a scholarship from the Patricia & F. Craig Jilk Family Scholarship Fund, administered by the Community Foundation, and will begin her college studies in fall 2015.

“I have always looked to the future with great hope. But now, with graduation right around the corner and my college decision narrowed down between two schools, the future is looming all too real,” she noted. “I am scared, as to be expected, and my great solace is knowing that, wherever my future leads, I will be in good hands thanks to the amazingly generous and compassionate donors of the Community Foundation. Thank you for making my attendance at one of my dream schools financially possible.”

Thirty years ago, the Community Foundation of Collier County was launched with $300,000 and dreams of building a constant, growing source of funds for special community needs.

Now, as we celebrate our 30th anniversary, we are proud to be a leading foundation with $95 million in assets and record grantmaking of $79 million that has helped thousands of people. But we are more than the numbers. We are an organization of dedicated donors and staff who work to improve the quality of life in Collier County…forever.

MAKING GRANTS THAT MAKE IT BETTER

In April 2015, we announced that we distributed $2,406,069 million in grants to 209 organizations for the period from January 1 through March 31, 2015. That’s nearly double the grant dollars awarded in the third quarter of the previous fiscal year. Grants awarded for the first three quarters of the Foundation’s fiscal year—from July 1, 2014 through March 31, 2015—totaled $6,143,448.

“THESE DOLLARS FUEL PROGRAMS THAT MEET LOCAL CHALLENGES AND IMPROVE THE QUALITY OF LIFE IN OUR REGION. WE TRACK THE VITAL SIGNS AND WE KNOW HOW PRESSING THE NEEDS ARE IN TERMS OF HOMELESSNESS, HUNGER, HEALTHCARE, THE ARTS, THE ENVIRONMENT AND ISSUES FACING WOMEN AND GIRLS IN COLLIER COUNTY,” EXPLAINS CONNOLLY-KEESLER Approximately $2,254,945 of the thirdquarter grant total came from the Community Foundation’s Donor Advised funds. Donor Advised funds are a tool that allows donors to participate in the funding process by suggesting grant recipients. The number of Donor Advised funds at the Foundation has increased by 15 percent since the beginning of the fiscal year.

Fifty-two percent of this Donor Advised grant total ($1,160,880) was directed locally to Collier County agencies, including NCH Healthcare

System, Naples Community Church and the Conservancy of SWFL. Grants from Unrestricted funds totaled $151,124. Donors who do not have a particular charitable field of interest and do not want to be involved in the details of grantmaking create Unrestricted funds.

Eighty-five local organizations applied to the Foundation for 35 available grants in the area of Human Services, Women & Girls and Organizational Development. These grants are vetted by the Foundation’s volunteer grant committees and awarded to organizations that address needs as outlined in the Foundation’s Vital Signs report. Grants from Unrestricted funds are competitive and require the agency to complete a profile in the Foundation’s NONPROFIT DIRECTORY and also submit an application online.

largest grants were awarded to the Salvation Army, Collier Harvest and Harry Chapin Food Bank.

Organizational Development grants were provided to Leadership Collier to fund a public opinion survey for their Collier County Advancement Initiative. The Women’s Initiative Network grantmaking totaled $54,000 to seven Collier County nonprofit agencies working to solve problems facing at-risk women and girls.

Recipients were Jewish Family & Community Services of Southwest Florida (JFCS); Legal Aid Service of Collier County; The Shelter for Abused Women & Children; Boys & Girls Club of Collier County; Regional Resource Center on Human Trafficking; NCH Foundation; and, Our Mothers Home of Southwest Florida.

In the Vital Signs area of Human Services, the

What happens in Washington...

In April 2015, Katherine LaBeau, Policy Analyst for the Council on Foundations, reviewed legislative and regulatory proposals and identified hot-button issues that impact charitable giving and charitable givers.

Ms. LaBeau updated our guests on the impact of the America Gives More Act—the most significant legislation to affect the charitable sector in years—and the status of lawmaker efforts to include the bill in the tax extenders package that was to be enacted before the end of 2014. She also addressed the impact of recent policy discussion drafts, such as the Tax Reform Act of 2014, on donor advised funds.

At the Community Foundation, our Donor Advised Funds bring local solutions to the causes and issues that matter most. Over the last five years, our donor advisors have given $24 million from these funds to organizations in the community that address vital needs. But, despite the obvious benefits of donor advised funds, Congress has proposed policy change that would challenge the fundamental and longstanding value of this kind of endowed philanthropy. The progress of this legislation bears watching: shortsighted policies could significantly diminish the use of the fastest growing giving tool; reduce charitable giving among a diverse group of donors; and, threaten every community’s ability to quickly respond to local needs. To read Ms. LaBeau’s detailed, but easy-to-understand overview of the status of the Tax Reform Act of 2014, visit our website at cfcollier.org/nonprofits/resources-for-nonprofits

On March 3rd and March 4th, 30 nonprofits joined as one voice to raise over $1.8 million through GiveWhereYouLive30. Organized and matched by the Community Foundation, the event was also supported with matching dollars from the Richard M. Schulze Family Foundation.

GiveWhereYouLive30 was a 24-hour online giving day held to benefit 30 nonprofits serving the human services and education sectors. It was the first event of its kind in Collier County—embracing a growing national trend of giving days that use social media and web technology to bring charitable giving to new audiences. GiveWhereYouLive30 helped participating nonprofits receive widespread attention. It taught them to market themselves more effectively; develop new skills around their online presence and social media efforts; and, embrace friendly competition. Of course, the story of GiveWhereYouLive30 did not end on March 4th. Area nonprofits are eager to participate in the second GiveWhereYouLive Day on February 29, 2016—Leap Day. Mark your calendars!

WE’RE COMING OUT OF OUR SHELL!

WHAT’S IMPORTANT NOW

Legendary football coach, motivational speaker and broadcast personality, Lou Holtz, built a raft of winning seasons on a simple but powerful philosophy: focus on what’s important now.

And, what’s important now to the success and growth of a community foundation—fostering a spirit of collaboration. Collaboration has been a high-value concept in philanthropy since the early 20th century, but today, with more focus on outcomes than ever before, the need to collaborate has emerged again as a key strategy for many in our “industry.”

A colleague observed, “What drives collaboration is addressing a common problem.”

So, we always look for ways to bring together our public leaders, nonprofits, businesses and other funders to truly collaborate and solve complex problems.

Take Turtles on the Town for example. It grew out of our belief in the benefits of creating a community-wide project that engages a variety of Collier residents and businesses with interests in multiple arenas—the arts, the environment, and the need to fund organizations that solve critical human problems in Collier County.

We “hatched’ the idea and seeded the project with a start-up loan of $150,000, but also understood the value of partnering with other powerhouse leaders in the nonprofit sector— the Conservancy of Southwest Florida and the United Arts Council of Collier County—to ensure support for the project from organizations known and respected in the community and to broaden exposure for Turtle on the Town.

We will use our share of the proceeds to further our mission: improving the quality of life in Collier County by connecting donors to community needs and providing leadership on critical community issues.

Turtles is just another way that we provide the stewardship services that we do so well, work collaboratively with a host of organizations and donors, and make a positive impact on our local environment and our economy…right now.

We’ve teamed up to hatch Turtles on the Town, a collaborative arts project and public art exhibition.

The late artist, Kathy Spalding, created a spectacular bronze sea turtle model which we are using to create 50 fiberglass turtle sculptures. We’re calling on local artists to embellish each turtle in their own style. From November 2015–March 2016, finished turtles will be on display all around Collier County. Use maps supplied by our media friends and visit all 50 turtles. Anyone can become Turtle on the Town Patron and underwrite a turtle sculpture for display during the public exhibition stage. Become a Patron and your name will be on the turtle that you sponsor—for everyone to see. Or, vie for the opportunity at the Turtles on the Town Auction Gala on March 9, 2016. The Community Foundation “hatched” the idea and partnered with the Conservancy of Southwest Florida and the United Arts Council to create a project that will benefit the arts and the environment in Collier County.

COMMUNITY FOUNDATION:

A PRIVATE FOUNDATION ALTERNATIVE

A private foundation can be an effective vehicle for charitable giving, but sometimes the process of managing that foundation diminishes the joy of making those gifts.

Factors effecting the management of private foundations: • Rising operational and investment management costs • Keeping up with new government regulations • Difficulty in determining grantmaking opportunities • Difficulty in meeting the annual 5% payout requirement • Different generational preferences in the family “My family established a private foundation some years ago, allowing me to understand the time commitment and responsibility associated with managing a private foundation on my own. We moved our private foundation to the Community Foundation because we wanted the Nichols legacy and our charitable goals to lives on through our family. We trust the Community Foundation to manage the assets and fulfill our family’s philanthropic interests for generations to come.” – Jerry F. Nichols

WE’RE MOVING

Many of you remember that day in 1997 when the Community Foundation moved to its current space at 2400 Tamiami Trail North—the very recognizable blue and white Florida Community Bank building.

There has been a lot of change in nearly 20 years and, what seemed like plenty of room has become a cramped, dated, rabbit-warren of rooms that no longer serves the needs of the Foundation. The small board room does not provide adequate meeting space; office spaces are inefficient; dated technology does not allow us to make presentations or conduct research efficiently; parking is limited and we are not permitted to have a sign on the facade of the building or on the street. Of course, we want everyone to know where we are!

So, we’re leaving the world of office leasing and purchasing our new home at 1100 Pine Ridge Road, just west of Goodlette-Frank.

As of June 1, 2015, we will be owners of 8,454 square feet in that building, and we will begin to build out to our specifications the raw space that is there now. It’s a terrific opportunity to create from scratch what we want and need.

When we make the move in January 2016, the Foundation will enjoy upgraded technology throughout its new office; a welcoming reception area; and, a state-of-the-art board room for use by the Foundation, as well as other nonprofits. The 11 office suites and intern stations will be designed for productivity, efficient storage, and future expansion. Covered parking with room for additional spaces is also a plus.

“All the 21st century needs that could not be met in our current spot will be available in our new location. We are thrilled to be moving to a modern complex that will serve Foundation staff as well as nonprofits, donor advised fund holders and the community at large. Growth has been our by word since 2013 and this move is the wonderful result of some very hard work by staff and the spectacular generosity of our Board, our Trustees Emeriti and other friends of the Foundation.”

– Eileen Connolly-Keesler, President/CEO

New Fund Update Since July 1, 2014, 17 donors have decided to build their philanthropic legacies by establishing new donor advised funds. There are now 156 donor advised funds held at the Community Foundation.

• Chuck & Sandy Abookire Fund • David Allyn Donor Advised Fund • Eric Allyn Donor Advised Fund • Mark & Allison Allyn Fund • Dwight W. & Sharyn Austin Charitable Fund • Steve & Charlotte Garske Family Fund • Curt & Linda Gillespie Charitable Fund • Fred & Louise Goebel Charitable Foundation Fund

• Green Heron Fund • Mary Beth & Charles A. Johns Fund • The Journal Fund • Wilfred & Joan Larson Fund • LGG Fund for Sex Education Fund • John M. & Susan Morrison Foundation Fund • Murphy/Morantz Family Fund • Joseph A. Paradis, III Fund • Jerrol M. & Alleen C. Tostrud Fund

Since July 1, 2014, 17 nonprofit agencies have decided to ensure their sustainability by establishing new agency endowment funds. There are now 67 nonprofit agencies that hold endowment funds with the Community Foundation.

• Boys & Girls Club of Collier County Immokalee Construction Fund • Boys & Girls Club of Collier County Endowment Fund • Brookes Legacy Animal Rescue Endowment Fund • Conservancy of Southwest Florida Fund • Dr. Piper Center for Social Services Fund • Foundation for the Developmentally Disabled Fund • Lighthouse of Collier, Inc. Fund • Greater Marco Family YMCA Capital Agency Fund

• Naples Art Association Fund • Naples Botanical Garden Fund • Endowment Fund of the Naples Jewish Congregation • Naples Music Club–Piano Scholarship Fund • Naples Orchestra and Chorus Fund • Opera Naples Endowment Fund • Temple Shalom Abramson Endowment Fund • Temple Shalom General Endowment Fund • YMCA of the Palms Endowment Fund

Community Foundation’s Digital Corner • Visit our Website cfcollier.org • Read Vital Signs Report 2015 cfcollier.org/about/vital-signs • Find What You Need in Our NONPROFIT DIRECTORY cfcollier.guidestar.org • Open a Donor Advised Fund cfcollier.org/donors/startafund • Start a Scholarship Fund cfcollier.org/advisors/types-of-funds • Mark Your Calendar cfcollier.org/events

THE TRUSTEES EMERITI OF THE COMMUNITY FOUNDATION OF COLLIER COUNTY welcome you to the

Celebration of Philanthropy 2015 recognizing

Philanthropic Leadership and the

Community Foundation's 30th Anniversary

On February 18, 2015, the Trustees Emeriti of the Community Foundation of Collier County and the Naples Daily News sponsored Celebration of Philanthropy 2015, an annual luncheon at which four extraordinary honorees are applauded for their dedication to improving the quality of life in this place we call home.

This Year’s Honorees: Jerry Nichols—The Robert C. Cosgrove Award recognizes individuals who represent devotion to human values, families and the overall well-being of our community.

St. Matthews House—The Harvey Kapnick Award recognizes a nonprofit that has distinguished itself by exemplifying program excellence.

Greater Naples Chamber of Commerce— The Outstanding Corporate Philanthropy Award recognizes an organization that consistently helps support our community by making intelligent use of its own strengths and social capital.

Rotary Club of Naples—The Excellence in Civic Leadership Award recognizes a civic organization whose members’ volunteer service to a program or project in our community has had demonstrable impact.

And a special award to Mary George, our Vice President of Grantmaking, for her 20 years of service to the Community Foundation. Mary’s name has become synonymous with leadership in grantmaking, having an in-depth knowledge of community needs and an understanding the wants and needs of nonprofits.

The Power of Women Who Give The Women’s Initiative Network, an endowment fund at the Community Foundation honored the 2015 Women of Initiative at the annual Women of Initiative luncheon on April 1 at the Naples Beach Hotel & Golf Club. Kellie Burns—NBC-2 anchor and a past Women of Initiative—emceed the event. The Women of Initiative 2015 are ten local women leaders who, through their leadership styles, inspire all who seek to make a difference through philanthropy and civic engagement. Since 1998, 157 women have been honored by the Women’s Initiative Network. This year’s honorees: Bette Aymar, Eleanor Chabraja, Kirsten Ferrara, Lydia Galton, Sandi Moran, Linda Penniman, Lee Pinto, Sondra Quinn, Bunny Salisbury and Deborah Strand.

Learn more about these remarkable women on our YouTube channel at http://bit.ly/1cMFBZA. “These honorees are an inspiration to us all,” said Bev Cherry, chair, Women’s Initiative Network Steering Committee. “Through their leadership, innovation, and dedication of time and talent, they have changed the face of our community.”

Sponsors for the event: BMO Private Bank, Waterside Shops, Bigham Jewelers, èBella Magazine, Brahmin USA, Naples Yacht Club, Elizabeth Star and The Woodruff Institute.

Also, the Women’s Initiative Network grantees for 2015 were announced; this year, Women’s Initiative Network grantmaking totaled $54,000 to seven Collier County nonprofit agencies working to solve problems facing at-risk women and girls. Visit http://bitly/1Ehby2e to learn more about the 2015 grantees and their programs.

• Jewish Family & Community Services of Southwest Florida (JFCS) • Legal Aid Service of Collier County • The Shelter for Abused Women & Children • Boys & Girls Club of Collier County • Regional Resource Center on Human Trafficking • NCH Foundation • Our Mothers Home of Southwest Florida

PROFESSIONAL ADVISORS COUNCIL CORNER: WRITING A MEMOIR Whether or not we actually ever write our memoirs, in the end we are remembered for the lives we touch and the causes we advance. In that respect,

perhaps the most important thing that anyone could do to create a lasting legacy in their community is to include a provision in their will. The Community Foundation of Collier County can assist you and your legal and financial advisors as you tailor a bequest that fulfills your specific wishes.

Getting Started: Decide what, when and how much you want to give?

1. Gift of specific dollar amount. Example: I give and bequeath $100,000 to the Community Foundation of Collier County (CFCC).

2. Gift of specific personal or real property. Example: I give and bequeath our primary residence in Naples, FL, and the art collection within that residence to the CFCC. 3. Residuary gift. Example: I give and bequeath 50% of the residual of my estate to the CFCC. 4. Contingent gift. Example: I give and bequeath my primary residence to my spouse, if he or she survives me. If my spouse does not survive me, I give and bequeath my primary residence to the CFCC. Step 2: Decide how you want those funds to be used philanthropically.

1. Unrestricted gift: The gift is made to the CFCC to use for general purposes.

2. Field of Interest gift: Choose a philanthropic area that you are passionate about.

3. Gift to an existing fund: Donors may leave bequests to funds that they established before their deaths, either donor-advised, scholarship or designated funds.

4. Use your gift to create a fund: Donors may use a bequest to create a new fund to be administered by their children or by the CFCC. The new fund may be a donor-advised, scholarship or designated fund, as well as endowed or unendowed. The fund may be established while you are living and be named in the will or trust. The fund may also honor someone or serve as a memorial tribute.

2400 Tamiami Trail North Suite 300 Naples, Florida 34103

“When you put down the good things you ought to have done, and leave out the bad ones you also did well, that’s a memoir.”

The CFCC’s Donor Services Representative, Ann Hughes, can give you more information. ahughes@cfcollier.org

Begin the giving here.

Use this insert to direct your donation to one or more of the 510 funds held by the Community Foundation of Collier County.

Just fill out the form on both sides as instructed and send it back to us. And, if the time is right for you to consider a gift in your will or estate plan, please remember that the Community Foundation can help. Like your legacy, the Community Foundation is here forever.

FOLLOW THESE INSTRUCTIONS TO GET STARTED: 1. Indicate the amount of your donation to the fund(s) listed below. This is a partial list of more than 510 funds held by the Foundation; a complete list is available at cfcollier.org.

CFCC FUNDS

$______ Community Impact Fund

(Emerging Needs) $______ Program & Operations Fund (CFCC) $______ Arts Fund $______ Environment Fund $______ Basic Needs Fund $______ Disaster Relief Fund $______ Education Fund $______ Healthcare & Mental Health Fund $______ Women’s Initiative Network

AGENCY ENDOWMENT FUNDS HELD BY THE CFCC

ANIMALS $______ Humane Society of Collier County ARTS/CULTURE $______ Bach Ensemble $______ Bayshore Cultural &

Performing Arts Center $______ Classical Chamber Concerts $______ Marco Island Center for

the Arts Foundation $______ Naples Historical Society $______ Naples Music Club $______ Naples Players KidzAct $______ United Arts Council of

Collier County EDUCATION $______ Champions for Learning $______ Children’s Museum of Naples $______ Community School of Naples Foundation $______ Friends of the Library of

Collier County

$______ Fun Time Early Childhood Academy $______ Junior Achievement of SWFL $______ Literacy Volunteers of

Collier County $______ RCMA $______ St. Ann School Foundation ENVIRONMENT $______ Friends of Rookery Bay HEALTH $______ The Able Academy $______ Cancer Alliance of Naples $______ Care Club of Collier County $______ David Lawrence Foundation

Mental Health Fund $______ Mental Health Association of SWFL $______ NAMI of Collier County $______ Planned Parenthood of

Collier County $______ Senior Friendship Centers HUMAN SERVICES/BASIC NEEDS $______ Angels Undercover $______ Baby Basics $______ Friends of Foster Children of SWFL $______ Goodwill Industries of

Southwest Florida $______ Grace Place for Children

and Families $______ Greater Marco Family Legacy YMCA $______ Greater Naples YMCA $______ Habitat for Humanity of

Collier County $______ Harry Chapin Food Bank

$______

$______ $______ $______

Jewish Family & Community Services/SWFL Laces of Love Naples Alliance for Children New Horizons of Southwest Florida

PHILANTHROPY & VOLUNTEERISM $______ Big Cypress Daughters of

the Revolution $______ GFWC–Naples Junior

Women’s Club $______ The League Club $______ Marco Island Rotary Club

Foundation, Inc. $______ Naples Lions Club Foundation $______ Rotary Club of Naples $______ The Women’s Fund of SW Florida YOUTH $______

$______

$______

Boys & Girls Club of Collier County Collier County Florida Special Olympics Girl Scouts of Gulfcoast Florida, Inc.

OTHER–SPECIFY FUND(S) BELOW $__________________________________ $__________________________________ $__________________________________ $__________________________________ $__________________________________ $__________________________________

The above-mentioned funds are owned and manged by the Community Foundation of Collier County (CFCC). Your gift will be invested in and endowment fund to support the agency. The CFCC retains the explicit authority to redirect the funds to another beneficiary without prior approval if the agency ceases to exist or if distribution to the organizations becomes unnecessary, impossible or inconsistent with the needs of the community.

2. Now that you have chosen your funds from the list on the reverse, complete the following information; your gift will be invested by the Community Foundation in one of the Community Foundation funds or in an endowment fund to support a specific nonprofit agency—or more than one!

CONTACT INFORMATION Name

Billing Address City, State & Zip Phone

Email

Do not use my email to share information with me about the Community Foundation of Collier County.

I/We wish to remain anonymous.

METHOD OF PAYMENT

Check Enclosed/Check # Payable to Community Foundation of Collier County Credit Card

MasterCard

Visa

AMEX

Credit Card Number

DiscoverCard Expiration Date

Signature By signing this form, I authorize the Community Foundation to charge my credit card one time for $

3. Send this completed form with your check or your credit card information to the Community Foundation of Collier County via mail, fax or scan: Mail: 2400 Tamiami Trail North, Suite 300, Naples, FL 34103 Confidential Fax: 239.649.5337 Scanned Email Attachment: Marsha Lewis, Donor Services Specialist, mlewis@cfcollier.org This gift is in honor of This gift is in memory of Please send an announcement without the gift amount to: Name Billing Address City, State & Zip My gift is eligible for a corporate match from: Company/Contact Name Phone

A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING 1.800.435.7352 WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. 100% OF EACH CONTRIBUTION IS RETAINED BY THE COMMUNITY FOUNDATION OF COLLIER COUNTY (CFCC). THE CFCC SOLICITATION REGISTRATION NUMBER IS CH 327.

THE CFCC HAS EXCLUSIVE LEGAL CONTROL OVER THE CONTRIBUTED ASSETS.