Hot Topics: PUBLIC RADIO AUDIENCE
- Community Foundations Defined
- Ways to Give
- Fund Types
- Reasons to Give
- Your Professional Advisors
- Contact your local community foundation
- KACF KS Public Radio Announcements 2012
- STOCKS, BONDS, and MUTUAL FUNDS These tools enable you to avoid the tax on any appreciation, yet still receive a tax deduction for the full market value. The foundation, as a tax-exempt charity, may sell the securities and avoid taxes on the appreciation.
- REAL ESTATE Land or a building can be given in a number of ways and allow you to avoid taxes on the appreciation. The donor must obtain a qualified appraisal to establish the gift value.
- PERSONAL PROPERTY Personal property such as automobiles, art work, jewelry, valuable collectibles, antiques and more can be donated to give you a charitable tax deduction for the full fair market value.
- CASH Cash is easy, direct, and fully tax-deductible as allowed by law. You can make your gift by check.
- BEQUESTS Whether through your will or a living trust, you can specify a dollar amount, property or a percentage of your estate go to charitable causes. The Community Foundation must be named as the charitable beneficiary. A signed Donor-Advised Memorandum is required to name the charities and endowment funds that will benefit from your bequest.
- LIFE INSURANCE Life insurance is an affordable way to give a significant amount. You can make the foundation the beneficiary of an existing policy or a new policy you may choose to purchase. A variety of options are available, all of which provide tax advantages and allow you to leverage your dollars for maximum impact.
- GIFT OF COMMODITY such as corn, grain or cattle. If you are an agricultural producer you can transfer legal ownership of the commodity to a community foundation before it is sold, you will not have taxable income from a sale and consequently minimizes taxes. There may be savings on federal income tax, state income tax and self-employment tax, depending on your specific circumstances. Thus in addition to benefiting your community, you may be able to deduct the cost of production and benefit from tax savings that may be greater than if you had sold the commodity and then donated a portion of the proceeds.
- A portion of IRA’s and Other Retirement Funds transferred by qualified individuals to a community foundation lessens the impact of income, estate and generation-skipping taxes on a family’s inheritance.
- A Designated Fund is established for a specific organization, fund, or charitable purpose of your choice.
- Donor-Advised Funds allow you to make recommendations on distributions on an annual basis.
- A Field of Interest Fund enables you to specify an area of interest, such as education or the arts. The foundation board of trustees reviews community needs and makes distributions to benefit projects or causes in that specified area.
- A Scholarship Fund is established to support individual students in their educational endeavors. As the donor, you may help designate the criteria used in selecting recipients of the scholarship funds.
- Expendable – Special Project funds may also be established. These are generally short term, non-endowed funds with a specific objective related to a project or result.
- An Unrestricted Fund allows the local board greater freedom in the use of distributions of income from the fund, allowing current needs to be addressed more easily. Some memorial and honorarium gifts are given in a name and then incorporated into an Unrestricted Fund or they may also be established in any of the above named fund types if a donor so wishes and the criteria for establishing the fund is met.
Thank you for taking time to learn more about ways Community Foundations can assist you in your philanthropic planning.
Below you will find a digest of items referenced in our Kansas Public Radio announcement. We encourage you to contact your local community foundation to discuss your options and to explore the ways a community foundation can support your charitable dreams. Your local foundation is working hard to preserve and enhance your community for generations to come.
Click here to get to the map of community foundations in Kansas. Press the red pushpin closest to your location for more information about the Community Foundation serving your area.
Community Foundations Defined
Very often community foundations are referred to as "philanthropic advisors". They are composed primarily of permanent endowed funds established by many separate donors for the long-term benefit of the residents of a defined geographic area. A Community Foundation is a vehicle for charitable gifts whereby donors (individuals, families or businesses) are the architects of where and how the money is spent. The donor can designate specific organizations to receive funds, establish memorial funds, scholarships or make unrestricted gifts that benefit the community at large.
Ways to Give
Your gift can take many forms. It all depends on which is best suited to your goals and assets.
A variety of options is available for you; unrestricted endowed funds are of a particular demand in helping address current and new challenges in Kansas communities.
Reasons to Give
You want to leave a lasting legacy.
Because of the power of endowment, the names and goals of these funds live forever creating a lasting legacy while providing sustainability for future generations.
You want to save time and money.
The foundation provides administrative and grant making support, eliminating the need for donors to set up separate institutions, formulate policies, file innumerable forms and monitor the status of grant recipients.
You want flexibility.
The Foundation has the flexibility to respond to the future needs of the community through variance power. If the original donor intent of a gift no longer exists the local Board of Directors can direct the fund to other uses closely related to the donors’ interests.
You want local knowledge.
Local Community Foundation boards are composed of local community members who have a special interest in the betterment of their community. This local knowledge and experience helps to better identify and serve the needs in a community.
You need a tax deduction.
Most Community Foundations are qualified 501(c)(3) nonprofit organizations. All gifts made to the Community Foundation are tax deductible.
Your Professional Advisors
Professional Advisors. We consider professional advisors—estate planners, attorneys, accountants, financial advisors, and others—as partners in the charitable giving process. By working together, we can help fulfill an individual, family or businesses, personal financial and charitable goals while leaving an everlasting impact on the community.
Contact your local community foundation
Contact Your Local Community Foundation. Please click here
KACF KS Public Radio Announcements 2012