ADVISORS – Why Suggest a Community Foundation?
Regardless of changing times, the Community Foundation of Will County is the vehicle through which charitably-minded people can give to the future.
Your clients have many choices when considering the beneficiaries of their charitable giving. The Community Foundation of Will County can work with you to assist your clients in fulfilling all of their charitable objectives.
A named fund can be custom-designed to support one or more charitable organizations. These funds can be given the name of the individual or family creating the fund. Funds also can be given the name of the charitable organization or purposes to be served.
Creating a charitable fund within the Community Foundation is a quick, easy and cost-effective way for your clients to provide for the future as they intend.
Please contact us if we may be of help to you. We would be pleased to work with you in finding the right answer for your clients.
Why Suggest The Community Foundation?
The Community Foundation administers charitable funds for individuals, corporations, area organizations, and for special community projects. Many of these funds are “endowment funds” which are structured to serve their charitable purpose(s) in perpetuity. Other funds are “pass-thru funds” which are temporary charitable vehicles that close upon the fulfillment of their purposes. There are solid reasons why donors choose to entrust their charitable dollars with us.
Protection of Fund Assets and Investments
- The Community Foundation guarantees adherence to the original purposes of each of its funds. Donors have the assurance that grants from their fund will be distributed in a manner consistent with the fund’s original intent.
- The Foundation assumes the responsibility for the secure investment of all of its funds. Within the broadly-designated guidelines suggested by donors, the Foundation strives to maximize annual income or to build fund principal, in accordance with the fund purpose.
- We strive to offer a better investment return to each participating fund within the Foundation through (1) the pooling of assets, (2) the diversification of investments, and (3) the reduction of costs to any one fund through shared expenses.
- If a non-profit organization maintaining a fund ceases to exist, the Foundation has the responsibility to redirect distributions from the fund for charitable purposes similar to those supported by the original organization. Donors are assured that gifts given today will be available to serve compatible charitable purposes.
- The Foundation acknowledges all donations accepted for deposit in a fund in a timely manner.
- An accounting of all receipts and expenditures within a fund is furnished as requested.
- A listing of all donors to each fund will be provided for recognition purposes.
- Distributions are made in accordance with the terms establishing each fund.
- Quarterly financial statements are sent to individuals and organizations maintaining funds.
- All government forms and audits are completed by the Foundation for each fund.
- The Foundation keeps current on changes in the tax laws and other legislation that affect charitable giving.
- All gifts to the Foundation are tax deductible. Through affiliation with the Foundation, each component fund affords its donors maximum tax advantages.
- Foundation funds can be established for a wide variety of charitable purposes: (1) to one or more fields-of-interest, such as education, health, social services, environmental concerns, senior citizen needs, youth-related needs, etc.; (2) to one or more specific charitable organizations, such as a church, a nonprofit agency, a designated public or private school, a cultural institution, etc.; (3) for unrestricted purposes which authorize the Foundation to allocate grants for emergencies, for newly identified needs, or to current worthwhile community projects.
- Banks are not receptive to managing individual accounts under $100,000. Individuals and organizations with their own accounts must constantly monitor their returns, be aware of market trends and make investment decisions without the benefit of professional guidance. The Community Foundation is an efficient alternative.
- As the Foundation grows, its ability to realize greater investment returns increases as well. By investing in a pool of charitable capital which continues to attract additional participants, each individual fund should benefit accordingly.