The Foundation works with professional advisors on a daily basis. By partnering with us, you gain access to a valuable informational resource and an experienced support team of specialists who can help your clients achieve their philanthropic goals.
The Foundation can make it easier for your clients to give effectively while receiving significant tax benefits. Whether your client wishes to make an immediate impact, leave a lasting legacy, or deal with a complex tax situation, our professional staff can help you find the best solution. You are also welcome to join us for our biannual Professional Advisory Council Meeting which provides educational training for professional advisors in the nonprofit sector.
FREQUENTLY ASKED QUESTIONS
Why should my client establish a named fund at the Foundation?
The Foundation can help you, and your clients, accomplish personal philanthropic and estate-planning objectives in a cost-effective fashion. There is virtually no limit to the type of charitable goal that can be accomplished.
How is a community foundation different from a private foundation?
A community foundation is a collection of named funds all operating under the administrative umbrella of a single, publicly supported entity. Community foundations typically operate broad-based grantmaking programs. They also distribute specific grants as defined by original donor agreements.
In addition, donations to a community foundation generally qualify for higher tax deductions. A single audit and a single Form 990 cover all funds operating within a community foundation. Community foundations also pay no tax on their earnings. There are no minimum payout requirements, and therefore, funds can accumulate for some future charitable purposes.
While professional advisors vary on the specific amount, many will agree that private foundations are not cost-effective for donations of $1 million or less.
The end result of this pooling of funds is the saving of administrative costs which, in turn, makes more funds available for deserving charities.
Is the Foundation for clients interested in giving now or through an estate plan?
Yes. Your clients have the ability to do both with the Foundation. There are currently more than 950 different named funds operating within the Foundation. Some are endowed to provide perpetual support for causes or organizations favored by the original donors. It is also possible to create funds that distribute part or all of the original gift over a period of time.
How do my clients create a fund?
The Foundation uses a “Letter of Agreement” format to establish a fund. This simple document outlines the purpose of the fund so that the donors’ intentions are clear. Funds can be created in a matter of minutes with no costs. The Foundation is happy to provide professional advisors and sample documents. If you would like copies of specific fund agreements, please contact Joan Moore, our donor services and development associate.