|
How Do I Benefit from Giving to a Community Foundation?
The Wilderness Trace Community Foundation offers much of the same power and flexibility in charitable giving that comes with establishing a private or family foundation, without the associated paperwork, time and expense. The Foundation can optimize a donor's tax situation, including options that leave a legacy both to the community and the donor's family, while minimizing estate taxes.
How Would My Assets Be Used?
Gifts can be public or anonymous, made now, set aside in a trust or designated in an estate plan or will. You can es as diverse as recycling, teen pregnancy prevention or historic preservation - whatever issue you care honor someone you love or celebrate a special event. You may choose to direct your gift broadly for any community need as determined by the foundation, or narrowly, for example, to establish a scholarship at a designated college, pay for landscaping at a favorite park, fund the choir at your church, or promote issuabout most. Your money works in perpetuity to support what you believe in, changing lives and making our community a better place.
What Are My Options?
Issues to Consider:
1. Decide When To Give
You can create your fund now, establish it in your will or create it through a trust arrangement. Tax deductions are earned at the time of the gift, while grants awarded from your gift continue into the future.
2. Decide What To Give
Many types of assets can be used to start your fund. In addition to cash and publicly traded securities, the Foundation can also accept real estate, closely held stock, partnership interests or life insurance. You may also start or add to your fund with a bequest, the remainder of a charitable trust or gift annuity, or a beneficiary designation on a life insurance policy or retirement account.
3. Choose A Type of Fund
• Field-of-Interest Funds meet needs related to a topic or geographic area important to you.
• Donor-Advised Funds enable you to recommend
specific organizations to receive grants.
• Scholarship Funds help students pursue
academic goals. You may define guidelines
for candidacy, the advisory committee, the school and the award itself.
• Designated Funds let you support
organizations while the Community Foundation board ensures grants remain responsive to changing needs.
• Organizational Endowment Funds are
established by non-profit organizations to provide income to them.
4. Choose A Name For Your Fund
Most funds are named for the donor, the donor's family or as a memorial to someone special. You may also remain anonymous, choosing a name
that reflects your fund's purpose. |
| |
|
