Helping you stay connected to your gifts, family and favorite charities
The Community Foundation provides individuals, families and businesses with a simple, flexible and cost-effective vehicle for accomplishing their charitable goals.
- Individuals, families and businesses can establish a charitable fund at the Community Foundation with a gift of $10,000 or more.
- The fund can be established during the donor's lifetime, with a planned gift that takes effect at the time of the donor's death or with a rollover of an existing private foundation.
- The fund operates much like a private foundation but without the expense, administrative burdens and restrictions of a private foundation.
- The Foundation completely administers the fund handling all administrative details, IRS compliance, accounting, auditing service,etc.
- The donor gets to do the fun and rewarding part: recommending grants from the fund to the donor's favorite charities or designating a specific charity(s) or a specific area of interest to benefit from the fund.
- We send the grant checks stating the grant is from the donor's fund and that the donor should receive all recognition for the grant (unless the donor desires to give anonymously which we can facilitate).
- Funds established may bear the family's name or the name of a non-profit organization, memorialize or honor a loved one, or be anonymous.
- The fund may be added to during life or with a gift that takes effect at the donor's death.
Here are a few at-a-glance reasons why people use the Foundation, examples of situations that create opportunities for establishing a fund at the Community Foundation, and also an explanation of the various types of funds that may be created.
Donor Advised Funds: A personal approach to giving
Donor Advised Funds are convenient, flexible tools for individuals, families, businesses, or groups that want to be personally involved in suggesting grant awards made possible by their gifts. If you have a range of community interests, you may find that it's an ideal vehicle for fulfilling your charitable wishes. Donor Advised Funds are typically less costly and easier to administer than other forms of philanthropic giving (such as family or corporate foundations).
Establishing a Donor Advised Fund allows you to make a charitable gift, receive an immediate tax deduction, and then remain actively involved in suggesting organizations to benefit from your gift. You can work with the community foundation's staff to suggest grants from your fund - targeting the issues you care about most. Grants are issued to charities in the name of the fund (or anonymously if you prefer). It's a simple, powerful, and highly personal approach to giving.
Your gift can be combined with others to increase its impact, and you can add to the fund you establish at any time, receiving tax benefits with each new gift. You can establish a fund today and make grant recommendations now or in the future. And if you endow your gift, it becomes a permanent community funding resource.
Unrestricted Funds: Meeting ever-changing community needs
When you establish an Unrestricted Fund, your gift can address a broad range of local needs - including future needs that often cannot be anticipated at the time your gift is made. The flexibility of your unrestricted gift enables the Community Foundation to respond to the community's most pressing needs, today and tomorrow.
Field of Interest Funds: Connecting personal values to high-impact opportunities
By establishing a Field of Interest Fund, you can target your gift to address needs in an important area of community life. Arts. Education. Aging. At-risk youth. You identify your personal interest area when making your gift; our board awards grants to community organizations and programs that are making a difference in the area you select. Your gift stays flexible enough to meet community needs in your interest area, even as they change over time.
Scholarships: Investing in deserving students
In creating a Scholarship, you invest in your community's future and show students you care. Your community foundation provides the expertise to help you meet your personal goals and awards Scholarships to deserving students. Your gift can help students achieve their lifetime dreams.
Designated Funds: Helping local organizations sustain and grow
Establishing a Designated Fund allows you to support the good work of a specific non-profit organization - a senior center, museum, or virtually any non-profit charitable organization. Because it's given through your community foundation, your gift provides the organization you select not only funding, but planned giving and investment management services and the power of endowment.
The Community Foundation works with donors to design funds to meet their personal charitable goals.
- Year-end tax planning
Just earned a large bonus, but no time to decide on the most deserving charities? Establish a Donor Advised Fund for an immediate tax deduction, and stay involved in your gift for years to come.
- Simple alternative to private foundations
Thinking about establishing a private foundation, but looking for a better, simpler way? Or, are you frustrated with the ongoing management of your private foundation? Establish a Donor Advised Fund and stay personally involved with the distribution of gift dollars. Use community foundation grant expertise for community knowledge and greater impact.
- Strategic giving
Passionate about meeting a specific community need and want to make a meaningful gift? The Community Foundation uses expertise in local needs to recommend ways to make the greatest impact.
- Sale of a business
Do you own highly appreciated stock in a company that is about to be acquired? Structure a charitable gift of stock before the company is sold to reduce capital gains and increase charitable deductions. Establish a Donor Advised Fund so a once-in-a-lifetime event can help you do good, forever.
- Closely held stock
Is your personal net worth tied up in a closely held company, but you want to give back? Donate a portion of company stock to the community foundation; the company may buy it back for fair market value. Establish a Donor Advised Fund; you are eligible for a tax deduction at the fair market value of appreciated stock.
- Preserving an estate
Estate planning identifies significant taxes going to the IRS, but you want to keep tax dollars local? Reduce your taxable estate through a charitable bequest or other planned gift. Create a personal legacy in the community that stays true to your charitable intent forever.
- To be more organized with your charitable giving:
- You receive one tax receipt for all of your charitable gifts.
- You receive regular reports showing the charities you're giving to and gift amount.
- The Foundation provides a buffer for on-the-spot solicitations.
- To receive maximum tax advantages:
- By funding your charitable gifts with appreciated assets, you escape capital gains tax.
- By giving larger amounts in good income years, you can shelter income and then give grants out to charities over time.
- By investing your charitable dollars, you're able to give more away.
- Establishing a fund reduces your current income tax obligation and removes assets from your estate thereby reducing future estate tax liabilities.
- To create a legacy of giving:
- You can include your children and grandchildren in your philanthropy if you wish.
- You can perpetuate your giving beyond your lifetime.
- Your legacy can benefit a single charity, a multitude of your favorite charities, an area of interest such as the environment or children, a geographical area such as a specific county or your entire community.
- It is much easier and more cost effective than creating and managing a private foundation.
- To stay connected to your gifts, your family and your favorite charities.
There is so much more we’d like you to know.
For more information and ideas on ways to integrate your financial ands estate planning with charitable giving, ask your accounting, investment, estate or other financial planning advisor or contact us.