“The Bisbee Foundation, formed in 1985 as a tax-free, non-profit organization, whose function is to raise at least $1,000,000, the interest to be used to support projects consistent with its mission.”
- From the Founding Statement
The Bisbee Foundation's Articles of Incorporation were filed on December 16, 1985, with the Arizona Corporation Commission. It is organized and operated exclusively for charitable purposes within the meaning of Section 501(c)3 or of Section 170(c)2 of the Internal Revenue Code, and will not engage in any activities not permitted by these codes.
In September, 1986, sixteen people became First Founders, each of whom pledged $5,000 to be paid over a five-year period, giving the Foundation a pledged base of $80,000. These Founders' monies are restricted funds, the principal of which is never to be spent. Since then the Foundation has received contributions from many donors. In 2010, the Board of Directors began a drive to solicit Legacy Donors and individuals who would like to start their own programs under the auspices of The Bisbee Foundation.
The Bisbee Foundation has minimal operating expenses since most needs are met by volunteers and donations. The Foundation has no paid employees. A small percentage of its holding is paid annually to The Arizona Community Foundation for professional management of its investments.