CFBC ANNOUNCES 2021 GRANT OPPORTUNITIES February 22, 2021 – The Community Foundation of Boone County… [Read More]
Private foundations or trusts often require time and money to manage. By transferring your private foundation or trust to the Community Foundation, all responsibilities for reports and administration will be carried out by the staff of the Foundation. Since the Community Foundation does not pay excise tax or tax on investment, more income is available to benefit your favorite charities. Once your foundation is rolled over to the Community Foundation, the private foundation becomes a named donor advised fund. As a donor advised fund, you have the ability to recommend organizations to which you wish to direct the funds.
If you do not choose to completely disband the private foundation but are having trouble meeting the 5% payout, the Community Foundation is able to accept the funds from the payout. You may gift the funds to a donor advised fund administered by the Community Foundation, which in turn will assist you in your decision to grant money to the community.