There Are Many Ways to Give
Virtually any asset can be used to establish a fund at the Community Foundation. Among the most common types of assets used are:
Cash is the easiest way to contribute and may qualify for maximum allowable income tax deductions
Stocks and Bonds if securities are highly appreciated, they may be given so the donor can deduct the full fair market value as a charitable contribution and thus avoid capital gains tax on the appreciation.
Real Estate may also be given at appraised value so the donor can receive a full charitable deduction and avoid capital gains taxes.
Jewelry or Collectibles may be given, sold by the Foundation and proceeds turned into a fund.
Life Insurance can be used to create a major gift at relatively low cost to the donor. If the Community Foundation is named owner or beneficiary of a new or existing policy, the donor receives a tax deduction. Additional premiums paid through the Foundation are tax deductible, and proceeds pass to charity, free of estate tax. A special publication is available through the Foundation on all the advantages of contributing Life Insurance.
Closely-held Business Interests can be gifted to the Community Foundation creating a donor advised fund. This can often help minimize the tax implications of the sale or closure of a business.
An Alternative To A Private Foundation
Sometimes creating a private or family foundation makes sense, but the complexities and time needed to run a foundation might be more than expected. We can serve as a source of grant-making knowledge and an economical source of administrative support.
Call us to learn the advantages of establishing a fund at the Community Foundation of East Central Florida.