A contribution to any fund at the Community Foundation is treated as a gift to a public charity. As such, these contributions receive the most favorable tax treatment under the Internal Revenue Code.
Also, our funds and supporting organizations are not subject to excise taxes and minimum distribution requirements as are private foundations.
If you choose to establish a fund, you may name it after your family, business or other name that is significant to you. The name of the fund will be maintained creating a permanent legacy within the community. Funds can also be established on an anonymous basis.
A Trusted Partner
We have worked with individuals, families, businesses and other foundations, often along with their professional advisors, to establish more than one thousand funds which helped them achieve their unique philanthropic goals, realize tax benefits and maximize the impact of their charitable contributions.
You may be eligible for an immediate tax deduction when establishing a charitable fund.You can choose from a number of types of charitable funds, many of which can be established for as little as $10,000.
Fund Types Include:
- Unrestricted – The most flexible of our funds, empowering the Community Foundation to identify and support projects that address urgent needs and unforeseen opportunities with an enduring legacy of public good.
- Field of Interest – These funds identify a focus area — such as the arts, youth or the environment — to support in perpetuity. The Community Foundation will make grants from the fund to partners doing work in the field of interest.
- Designated – These funds provide a permanent income stream to one or more designated nonprofit organizations from a single fund.
- Scholarship – Scholarship funds help students throughout our region achieve their educational goals. The Community Foundation oversees the application process, coordinates with educational institutions, and tracks academic performance.
- Donor Advised – An individual, family, business or private foundation can establish a donor-advised fund. These funds allow donors to appoint advisors to recommend grants and have an ongoing, active role in charitable giving. (Learn More)
- Charitable Gift Annuity – These funds are invested to provide an income stream to one or two individuals during their lifetime(s) with the remainder of the gift supporting a named charitable fund.
- Supporting Organizations – A supporting organization is a separate legal entity managed by the Community Foundation. It offers the favorable tax benefits of a public charity, while leveraging our financial management and grantmaking expertise.
To learn more about the types of funds at the Community Foundation, please refer to our detailed descriptions and answers to some frequently asked questions found by clicking here.
What Investment Strategies are Typically Used to Grow the Fund?
Investment options and fees vary by type of fund. The Community Foundation invests endowed Donor Advised Funds in its endowment pool. Donors to non-endowed Donor Advised Funds may recommend one of five investment strategies with American Funds. For more details on available investment strategies, please click here.
What are the Costs for a Fund?
Administrative fees allow the Community Foundation to carry out your gift intentions and help support the work we do in our region. These fees are an investment that help us to increase charitable giving, educate and connect donors to community needs they care about, and lead on critical community issues. Each fund type has a different administrative fee associated with it.