The IAGD Charitable Foundation
Background: IAGD was established in 1978 to serve the religious, educational and other needs of the Muslim community of Greater Detroit. Over the years those needs have substantially increased requiring larger facilities and support structure. The organization has been supported by the community members by financial support and volunteering. Over the last few years, it became clear to the Founding/Pioneering members that a strong foundation is needed to ensure long term financial stability of IAGD utilizing the concept of “WAQF.” Therefore, IAGD Charitable Foundation was established in March 2019 registered as a Michigan Non-profit and recognized by Internal Revenue Service as a Tax-Exempt according to Section 501 (c) (3).
Vision: It is expected that overtime, the foundation would become a dominant entity not only supporting IAGD, but also contributing to other organizations and entities supporting the objectives laid down by the Foundation. It should provide the donors a diversified array of donation mechanisms. This will also be a vehicle to establish educational and social service programs and partner with other organizations to accomplish such activities. Few examples of donation mechanisms would be:
a) Cash donations
b) Zakat
c) Sadaqat
d) Stocks
e) Planned giving through estate planning
f) Designated donations for specific projects
g) Real Estate
h) Life Insurance
It is anticipated that there would be a development office to guide and assist the interested donors to contribute to the foundation suitable for their situation.
The foundation would maintain its account(s) supported by a certified accounting firm. The funds would be invested for capital preservation and growth utilizing Shariah compliant investment vehicles as well as income generating business ventures. Special committee of the Board would be responsible for processing and approval of any funding requests.