We’re happy to work with you and your financial advisor to accomplish your goals. Our staff will meet with you to learn about your charitable goals, explain how it works, and help you select the type of fund that best fits your interests. Contact us to learn more.
Types of Gifts
The Community Foundation accepts all kinds of gifts from individuals, families, businesses, nonprofits, and estates. Donors may give by creating a named fund, by contributing to one of our existing funds, or by establishing an estate plan. The foundation will accept cash, publicly-traded stock, life insurance policies beneficiary, charitable remainder trusts, and IRA/Retirement plans to name a few. We can work with your financial planner by contacting us.
Types of Funds
Below are various funds to choose from to establish an endowment that best suits your philanthropic goals.
An Agency Endowment Fund is created, usually by the organization itself, for the express purpose of providing a source of permanent, ongoing support to a specific nonprofit organization. The endowments are usually open-ended so once they are established other donors may contribute to the fund. An agency endowment is a perfect vehicle to accept charitable bequests.
A Fund with the Elk County Community Foundation is:
|Personal:||You can recommend grants to your favorite charities, wherever they are located, in Elk County or beyond.|
|Flexible:||You can add to the fund whenever you want. Donations of almost any asset can be accepted.|
|Efficient:||The Community Foundation provides a receipt for each gift for tax purposes. We hold, manage, and invest the assets for you.|
|Accountable:||You receive annual reports of your fund.|
|Fast:||A fund can be set up in a few hours.|
Staff is available to help you learn more about nonprofit groups that meet your philanthropic interests.
|Family-friendly:||If it is a donor-advised fund you can involve your family in giving at any time, and allow them to advise grants from the fund.|
Why establish a fund with ECCF instead of a private foundation?
|Benefit or Reason||Donor Advised Fund||Private Foundation|
|Tax deductions for cash||50% of AGI||30% of AGI|
|Tax deductions for appreciated securities||Up to 30% of AGI||Up to 20% of AGI|
|Tax deduction for real estate||Fair market value||Cost basis only|
|Tax return to file||None||Yes, complex 990-PF form|
|Administrative paperwork||Minimal or none||Can be complex|
|Length of time to establish||1 day||3-9 months|
|Disclosure to the public||Can remain anonymous||Yes|
|Cost to establish and administer||Inexpensive to establish and administer||Expensive to establish and administer, plus ongoing accounting costs|