|
| |
What is philanthropy?
Philanthropy may be defined in a multitude of ways. The word comes from the
Greek, meaning "love for mankind." Some related words are:
 | Bighearted |
| Magnanimous |
| Freehearted |
| Public-spirited |
Present day definitions include the concept of voluntary giving by an
individual or group to promote the common good and improve the quality of life
in the community.
The term "philanthropy" is also used to describe the granting of
money to nonprofit organizations by foundations and corporations. They generally
make grants or operate programs with the income earned from investing the
endowments.
How do I create a fund?
- Decide When to Give
You can create your fund now, establish it in your will, or create it through a trust arrangement that benefits your family. You may give in honor of an anniversary, to celebrate a special event or to support a cause. Tax deductions
may be gained at the time of your gift, while grants awarded from your fund will continue into the future.
- Decide What to Give
Almost any kind of asset can be used as a gift, such as cash, publicly traded securities,
interests in limited partnerships, real estate, life insurance, tangible personal property and private foundation assets.
Other options, such as bequests, charitable remainder unitrusts, charitable remainder annuity trusts, charitable lead trusts, pooled income funds, charitable gift annuities, life income and deferred charitable gift
annuities can be discussed with an attorney.
- Choose the Name for Your Fund
Most funds are named for the donor or the donor’s family or as a memorial to someone special. Every grant from the fund will carry this name. If you prefer anonymity, you may choose a name that reflects your fund’s charitable purposes.
Seven Steps to Easy Philanthropy
- Discuss your overall philanthropic goals with your family members and legal or tax advisors.
- Decide how much you can afford to give.
- Determine the causes/organizations that will use your donations to meet the goals you support.
- Meet with us to discuss your plan. Ask questions, explore the different gift vehicles available to you and review the documents needed to implement your plan.
- Share the documents with your family and your professional advisors.
- Transfer your gift to us.
- Review our confirmation of your completed gift and the ongoing progress of grants that are awarded from your fund.
Your Donation may be fully deductible
Availability of certain federal income tax deductions may depend on whether
your itemize deductions or not. Rules and regulations regarding tax deductions
for charitable giving vary at the state level. Please check with your tax
advisor.
|
.