Matulich Foundation Inc. is a tax-exempt organization created in 2018 under Internal Revenue Code Section 501(c)(3). Donations are tax deductible. It maintains the following funds:
FUNDS
The General Fund is the main endowment of the Foundation and is used to pay scholarships grants described below. Grant awards are a minimum of $1,000 each and are distributed in the last quarter of the calendar year. Donations and income not specifically designated for other purposes become part of the General Fund. The General Fund can distribute three scholarships.
1. Danilo and Josephine Matulich Scholarship. This is the primary scholarship of the Foundation and is distributed to students who qualify as specified in the Foundation's mission, The total amount distributed each year from this and other scholarships satisfies the requirement of distributing 5 percent of the Foundation's endowment. Qualified applicants who are not funded by other scholarships are included in this scholarship's applications.
2. Erika Matulich Memorial Scholarship. One scholarship per year is designated specifically for students in higher education who actively pursue education oriented toward preserving and protecting animals and the natural environment. It may also be granted to students in any field of study who serve in internships or volunteer services with organizations that have similar goals, such as zoos, aquariums, and animal shelters.
3. Serge Matulich Scholarship. Available when the Foundation endowment exceeds $1 Million. One grant is for a student enrolled in the Haas School of Business at the University of California at Berkeley and one for a student enrolled in the Crummer Graduate School of Business at Rollins College in Florida.
Scholarship Fund is money reserved specifically for grant awards to be distributed in the current year. This is part of the General fund that is transferred to a savings account for distributions to be made in the last quarter of the year. The amount is estimated to be approximately 5 percent of the end-of-year endowment value. The actual amount that must be distributed is calculated in the year’s federal tax form 990-PF If the previous year’s distribution was less than the required 5 percent of endowment, the deficit must be made up in the current year. If the previous year’s distribution is more than required, the surplus is moved to the current year and reduces the required amount. These rules are designed to prevent the charity from dissipating its endowment by distributing too much in any year or prevent it hoarding funds to grow the endowment by distributing too little.
Matulich Property Restoration and Preservation Fund is for the preservation and restoration of the Matulich home and lands in Croatia, on the island Brač, inherited by Danilo Matulich. This fund currently has no assets, and it may not draw assets from the General Fund.
Other Funds may be created by the Foundation as necessary to differentiate from the General Fund, such as employee retirement funds, specialized investment funds, funds for donations required by donors to be separated from the General Fund, and funds designated for individual fund-raising projects.
DONATE
A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE (800-435- 7352) WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE.
OUR REGISTRATION NUMBER IS CH75448