The Madison Torskeklubben Foundation is the charitable arm of the Madison Torskeklubben.
The mission of the fund is to support organizations and individuals which help to PERSERVE our Norwegian-American Heritage and to PROMOTE an ongoing strong cultural and person to person relationship with Norway today and in the future, this is done by supporting non-profit organizations and individuals who help protect our heritage and by supporting cultural and student exchanges between our two countries.
The Foundation is approved and exempt from Federal income tax under 501(c) (3) of the Internal Revenue Code on September 28, 2006.
The first awarding of grants, totaling a little over $10,000 – were distributed in May 2009.
Policies of Madison Torske Klubben Foundation, Inc.
The Torske Klubben Foundation, Inc. is a private foundation which makes grants primarily for promotion and study of Norwegian-American history, art, food, study and teaching exchanges, cultural awareness, participation in seminars, displays, presentations and other activities to further awareness of Norwegian culture and heritage.
Grants are made to tax exempt organizations and organizations not classified as private foundations or private operating foundations as defined by the Tax Reform Act of 1969. Evidence is required from every applicant that the Internal Revenue Service approves of the organizations tax exempt status under section 501 (c) (3), or it’s analogs, and designates the proposer as not being a private foundation. It is presumed that colleges and universities satisfy these requirements without such verification.
Grants will be made for programs or organizations with proven or prudently predictable records of performance. Grants may also be made to individuals for scholarships for other uses commensurate with the policies. Public knowledge will be made available to allow competition for grants to interested members of the general public within the policies of the Foundation.
All proposals are reviewed carefully. If the request falls within the framework of present priorities more detailed information may be requested. Final decisions about proposals and all grant terms are made by the trustees. Proposal endorsement letters are discouraged by the Trustees. No part of any grant may be subjected to a fundraiser’s commission. The Foundation will budget no funds to purchase charity tables, programs advertisements, golf tournament sponsorships, organizational membership or analogous fundraising events.
The Foundation has an Endowment Fund consisting of a Perpetual Fund in which the principal will be retained and only the earned income can be used, and a Memorial Fund from which both principal and income can be used.