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- It
allows you to build a permanent fund from which you may make annual charitable
gifts equal to 5% of the fund's value on December 31 of the prior year.
- The net earnings in excess of the 5% distributed
are added back to the fund's principal annually.
- The Community Foundation retains for administration
purposes 1% of the fund's value annually for funds over $100,000 and 2% for funds
under $100,000.
- You may designate your
children to continue making annual charitable distributions after your death.
In this way your fund becomes a perpetual family legacy. Upon your death you may
also designate your IRA proceeds to establish a fund in your name or for your
children.
- It is a popular
alternative to a private foundation without reporting requirements, accounting
fees, legal costs and other restrictions on charitable distributions.
- It allows you to transfer appreciated
stock that the Community Foundation (tax exempt) sells with no capital gains
realized.
- The Community Foundation
does all paperwork and record keeping, requiring only a simple form with your
signature - each charitable check is sent with a cover letter identifying the
gift from your personal fund - you receive copies of all cover letters, letting
you know checks have been sent.
- It simplifies
your bookkeeping because no individual receipt is needed for each gift of $50
and above.
- Gifts can be made
to Jewish and secular charities - there is a nice public relations message when
a secular institution receives a check from a fund of the Community Foundation
of the Jewish Federation.
- We
send quarterly statements indicating all activity in your fund - amount and date
of contribution, amount and date of distribution and name of charity - it's like
"charitable banking"!
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