Why Was The Foundation Formed?

Over the last decade, Waite Hill Village's revenue sources have been cut dramatically. State funding has declined, while interest income received on the Village’s current financial assets has fallen to under 2% due to regulations constraining the Village to invest exclusively in high-grade bond investments. The repeal of the Ohio estate tax in 2013 eliminated yet another revenue source and property tax receipts have fallen.

The Waite Hill Village Foundation was created to replace revenue lost from the Ohio estate tax repeal and the revenue reductions from the state’s local government fund.

The Foundation, a separate, non-profit organization, provides an alternative solution to ease the financial burdens of Waite Hill Village by offering the ability to invest the Foundation’s 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.

View the WHVF Support Statement for more information.

What Distributions Can Be Made From The Foundation?

The Foundation intends to distribute up to 5% of the total asset value annually to fund Waite Hill Village's current operations. The long-term focus is on growing the asset base to support capital improvement projects, such as road paving and infrastructure needs.

Distributions to the Village from 2018 through 2023 exceeded $210,000. In 2022 and 2023, the distribution equals $1 million in property tax—a savings for all residents!

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:

• Christina LeGros

• Ralph Lustri

• Wendell Hiltsley

Waite Hill Village Mayor Ryan Cox and Councilperson Kerri Bowden aids as ex-officio Directors.

All officers serve on a pro bono basis.

Why Give?

Waite Hill Village is the sole beneficiary of the Waite Hill Village Foundation, 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 collected real estate tax revenues.

Though the Village can only invest in high-grade bonds and cash equivalents, the Waite Hill Village Foundation can invest in diverse asset classes, including publicly traded securities, mutual funds, ETFs, and higher-yielding bonds, allowing for a diverse and adaptable portfolio.