Why Was The Waite Hill Village Foundation (WHVF) Formed?

Over the last 15 years, Waite Hill Village's revenue sources have been cut dramatically. State funding has declined. The repeal of the Ohio estate tax in 2013 and a reduction of over 50% in Ohio local government fund distributions have eliminated significant sources of the Village’s revenue. Further, regulations constrain the Village to invest exclusively in high-grade, moderate-interest-rate bonds. Therefore, receipts on the Village’s current financial assets continue to lag well behind stock market returns. The WHVF was created to address these revenue losses and limitations. A separate, non-profit organization, The WHVF, with an ability to invest donated assets across a variety of asset classes (i.e., equity mutual funds) designed to outpace inflation over time and outperform the types of investments to which the Village is constrained, stands to efficiently augment the financial position of Waite Hill Village.

View the WHVF Support Statement for more information.

What Can The WHVF Do with Its Assets?

The WHVF can only hold its assets to increase its principal or distribute monies to the Village of Waite Hill.  No other uses are permitted.  In particular, the WHVF intends to distribute up to 5% of the total asset value annually to the Village. Beyond that, the long-term focus is on growing the asset base to increase its support to the Village.  The funds received by the Village are pivotal to support capital improvement projects, such as road paving and infrastructure needs.

 The distributions by the WHVF to the Village, 2018 through 2025 inclusive, exceed $315,000 with the donation rate increasing by an average of 12% per year since inception.  The annual distributions are approaching the equivalent of one (1) additional mil of property tax, tax that residents do not need to pay!

Are Contributions Tax Deductible?

Yes, contributions made to The Waite Hill Village Foundation are tax deductible.

The Foundation is qualified to receive cash, publicly traded securities, and certain other assets. Gifts can be immediate, pledged over time, and/or through a testamentary bequest.

What is The Foundation’s Governance?

Current WHVF Foundation Officers include:

• Kerri Bowden

• Ralph Lustri

• Wendell Hiltsley

Waite Hill Village Mayor Ryan Cox aids as an ex-officio Director.

All officers serve on a pro bono basis.

Why Give?

Waite Hill Village is the sole beneficiary of the WHVF, and all donations, after payment of minimal operating expenses, directly benefit the Village. By comparison, real estate taxes result in the Village receiving less than one-third of amounts residents pay to Lake County.

Whereas the Village can only invest in high-grade bonds and cash equivalents, the WHVF can invest in diverse asset classes, including publicly traded securities, mutual funds, ETFs, and higher-yielding bonds, allowing for a diverse and adaptable portfolio. Each dollar contributed to the WHVF works most efficiently to support the Village.