PHILANTHROPY-easier done than said!
By giving to charitable and philanthropic organizations we exercise our support for the goals, the people, and the purposes we believe in. It is our individual response to human needs; an opportunity to give is an opportunity to be involved. It is caring and serving. Philanthropy gives our wealth meaning, and engages us as stewards in the betterment of society.
- There are many motivations for giving one’s money and other resources for charitable and philanthropic purposes, but the following nine reasons seem to be widely affirmed by those who practice it:
- Helping people gives us a feeling of value and satisfaction.
- We wish to leave a lasting imprint on society while making a significant difference.
- We desire to perpetuate a certain viewpoint or philosophy.
- Giving as a family unites family members around a purposeful mission.
- By giving we can memorialize a friend or loved one.
- We wish to return something to the communities that have nurtured us or in which we have earned our wealth.
- We feel a responsibility or a desire to be leaders in our communities.
- We would like to get involved and connect with others who share our interest and passions.
- The tax advantages can be considerable.
Give to or through a community foundation or other public foundation and you will enjoy some distinct advantages and options. Community foundations are local charitable entities that may administer a number of endowed funds primarily for local purposes, to solve community or regional problems, and to improve the lives of people in their geographic area.
Because community foundations are public charities supported by donors from across the community, all contributions are allowed the maximum tax benefits.
As a donor, you have several ways in which you can make a gift to a community foundation. You may simply make an unrestricted gift, the income from which is used where the foundation’s board of knowledgeable local leaders/volunteers deem it is most needed. Or you may support a field of interest fund for the arts, education, the environment, or other area of charitable interest. You may elect that a specific charitable organization benefit from your gift.
Many individuals, families, and even corporations are creating a donor-advised fund with their local community foundations. You can name the fund, establish a broad purpose for the fund, or designate a specific charitable organization – such as the local library – to benefit. You may also assign other family members to join you in advising the community foundation on how the income from your fund should be distributed. While the final decision on grant distributions rests with the board of the foundation, your fund is not subject to the excise tax and payout requirements of a private foundation.
A donor-advised fund can be established quickly and easily. While the community foundation will charge a small annual fee for administering your fund, research indicates that, depending on asset size, it is normally less expensive that the annual operating expenses of a private foundation.
The Community Foundation for Northeast Georgia is here to help you explore your planned giving options. Let us assist you in making the right choices for engaging in your philanthropic purposes.
Call today and be one step closer to making a significant difference in the interest you believe in.
770-813-3380
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Donors - 24-02-08 18:13