RIVERSTONE COMMUNITY SERVICES FOUNDATION

 

The Riverstone Community Services Foundation is a nonprofit organization established in 2001 by Riverstone Development Company to invest in the future of Riverstone and benefit families in the community for many generations to come. The Foundation will supplement and complement the functions of the Riverstone Residential Association; however, it functions as an entity entirely separate from and independent of Riverstone Development Company or the Riverstone Residential Association.

Designed to create a profound sense of community through the sponsorship of programs, activities and events in and around Riverstone, the nonprofit corporation will grow as Riverstone grows. The Community Services Foundation will contribute to a wide variety of innovative projects and enriching programs that will have an enormous impact of the quality of life of Riverstone residents and, by extension, the community at large.

The Riverstone Community Services Foundation is expected to generate substantial funds on an annual basis. Those funds will support five primary areas of focus in Riverstone: (1) community events, clubs, groups, and sports; (2) health and wellness; (3) technology; (4) education; and (5) the environment.

An advisory committee comprised of Riverstone homeowners will assist the Foundation's Board of Directors in determining areas of need and interest within the community.

While the Foundation is on the vanguard, it is patterned after successful models in outstanding residential communities throughout the country including Sienna Plantation in Missouri City, Texas; Summerwood in Panama City Beach, Florida; Wood Run in Lynn Haven, Florida; WaterColor and WaterSound in Santa Rosa Beach, Florida; Bonita Bay near Naples, Florida; Mariner Sands in Stuart, Florida; Celebration in Orlando, Florida; Spring Island in Beaufort, South Carolina; Castle Hills in Dallas, Texas; DC Ranch in Phoenix, Arizona; and Grayhawk in Scottsdale, Arizona.

The Foundation in funded by community enhancement/endowment fees, commonly known as transfer fees, which will be assessed to the seller and is only assessed on the resale of each home. The assessment, or contribution to the Foundation, is equal to one-fourth of one percent of the home sales price. The transfer fee remains as a deed covenant; therefore, if a property is re-sold in the future, a one-fourth of one percent contribution is made to the Foundation at closing