Donors
Planned Giving
As with many things in life, a planned approach can lead to increased effectiveness with significantly reduced costs. Charitable giving is no different. The Community Foundation can work directly with you, or with you and your financial and legal advisors, to create a giving plan that achieves your philanthropic goals and helps meet the current and future needs of our community.
Donor Advised & Legacy Funds
One of the most flexible and customizable tools is a Donor Advised Fund. All asset classes can be added to a Donor Advised Fund over time and both short term and long term distribution requests can be established and changed at any time by the donor advisor(s). This type of fund is an excellent way to get the entire family involved in lifetime of giving. Successor advisors can be appointed to continue advising the use of the fund for generations to come. Immediate tax advantages make a DAF a very attractive.
Donor Advised Funds can be seamlessly expanded to include continued operation after the donor’s passing. Called a legacy fund, this natural extension automatically transfers the remaining assets into a continuing fund that can accept testamentary gifts and will be managed according to the instructions in your Will. Your estate will no longer have to liquidate assets at the time of passing but rather, create a living entity that will continue to be your charitable surrogate for a very long time.
Visit the Start Your Own Fund page for further information about Donor Advised Funds.
Designated Funds
Designated Funds can be established to benefit one or more nonprofit organizations. Grants can be made in any amount or percentages. Grants can be scheduled over any time course that you choose. Designated Funds are ideal for those who can do all of their planning up front and who wish simplicity in execution. You can establish a Designated Fund during your lifetime or as a bequest in your will and include detailed instructions as to conditions for the grants. As with all Community Foundation funds, this option can offer significant tax benefits.
Life Insurance Charitable Beneficiaries
You can include the Community Foundation as a beneficiary on your life insurance policy with instructions on how to use those benefits for charitable works. While the gift is made to the Foundation, the final beneficiaries can be any nonprofit in any amount over any period of time as specified in your will. The Foundation Board of Directors is legally bound to follow your directives. For further information, call the SJICF office at (360) 378-1001.
IRA Charitable Rollover
If you are 70½ or older, you can roll your IRA, tax free, to the Community Foundation with all or part of the funds directed to the nonprofits of your choice. The IRS restricts such rollovers from being deposited in your Donor Advised Fund. One option you may wish to consider is to establish a Designated Fund, which can be tailored to your interests to meet your giving objectives. Call the office at (360) 378-1001 to learn more.