First Plymouth Foundation, a Colorado nonprofit corporation, was organized in 1982. The primary purpose of the Foundation is to serve the wider mission of First Plymouth Congregational Church ("Church").
First Plymouth Foundation is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. It is managed by a board of seven directors, four of whom are elected from and by the members of the Church. The Church Moderator also serves as a director.
The remaining two directors are elected by the Board of the Foundation and are not required to be members of the Church. The Foundation has no paid employees. Principal operating expenses include the services of an investment advisor and the costs of an annual audit by an independent accounting firm.
Source of Assets
First Plymouth Foundation is a public foundation, one that receives support from a variety of sources. Individual gifts and bequests have been the principal source of the Foundation's assets, which now total approximately $2 million.