Charitable Endeavors
The charitable foundation was formed to fund projects or programs that further education, charity, religion, science or literature. It is financially supported primarily by a one-half of one percent assessment on all real estate sold or transferred within Lantana. The foundation has paid out over $2.3 million to the Denton Independent School District, medical charities, and other charitable organizations.
How the Foundation Works
Purpose:
The Foundation was established exclusively for charitable, religious, scientific, literary or educational purposes, either directly or by contributions to other IRC § 501(c)(3) organizations, in furtherance of, or to carry out, its purposes.
Granting Policy:
The terms of the Foundation’s Charter and its IRS Tax Exemption require that grants go beyond benefiting only Lantana. Outside counsel also has advised the Foundation that this policy is necessary for the Foundation to maintain its tax exempt status as a charitable organization.
Administration:
The activities of the Foundation are managed by its Members comprised of three (3) individuals appointed by the original landowner that established the Foundation. The Members serve without compensation for indefinite terms. Upon the death or resignation of a Member, the remaining Members may appoint a substitute or manage with a reduced number. The Members also serve as the Foundation’s Board of Directors.
Current members:
Richard C. Strauss
John P. Wagner
Mark R. Wagner