February 21, 2018

Donating Information

Advantages


  • Simplicity: Your gift to the Greater Fostoria Community Foundation can address a wide range of human needs.
  • Effectiveness: The Greater Fostoria Community Foundation ensures the best use of your gift through professional grant oversight by staff, prudent judgment of the Distribution Committee, and the responsible policies of the Foundation’s Investment Committee.
  • Recognition: All grants from your fund are made in the name that you have given your fund.
  • Tax Benefits: The Greater Fostoria Community Foundation qualifies as a public charity under federal tax law. Gifts made during your lifetime will result in important income tax advantages. Bequests are deductible from both federal estate and Ohio inheritance taxes.
  • Permanence and Continuity: Your gift establishing a permanent fund with the Greater Fostoria Community Foundation will benefit the community in perpetuity. The size of your gift can be increased at any time through additional gifts.
  • Flexibility: The most flexible gift is undesignated, because it can be used for the widest range of needs in the community. However, the Greater Fostoria Community Foundation will honor your wishes if you have a designated beneficiary or field of interest. If the original intended purpose of your gift should become unnecessary – for instance, if a charity you designated should go out of business – the Board of Trustees can then redirect the fund to related concerns that are within the spirit of your intent. In this way, your gift is always relevant.

Ways of Giving


  • Field of Interest Fund: Allows the donor to direct funding to a particular field, cause, neighborhood, country or other locale, but doesn’t restrict grants to any one particular organization. This type of fund ensures issues and areas that you feel strongly about and that are important to you are supported in perpetuity.
  • Donor Advised Funds: Are established with a formal provision or an informal arrangement that permits the donor to suggest specific grants to be made from this fund. The distinguishing feature is that the donor expresses the desire to make specific recommendations to the Foundation regarding how the fund will be used. Depending on your needs, this type of fund can be a single advised, family advised or a corporate advised fund.
  • Unrestricted Funds: Are gifts made for the broad charitable purposes of the Foundation. Donors place no restrictions on these funds so they can be used for any purposes the governing board deems appropriate.
  • Designated Funds: Are funds whose beneficiaries have been specified by a donor at the time the funds were established. The Foundation assumes oversight responsibility for ensuring these funds are distributed as the donor intends. Many designated funds name a specific charitable organization or designate a specific purpose.
  • Scholarship Funds: Are established by donors who wish to promote education at any level. Scholarships may be directed toward students who are graduates of a certain grade or high school, students planning to attend a certain secondary or post-secondary school, or students in a particular field or from a certain geographical area.
  • Donor Directed Pooled Funds: Allows the donors to pool their gifts with other donors. This type of fund allows individuals to annually designate a specific charitable organization to receive grants from their fund, during their respective lifetimes.
  • Community Funds: Are the most flexible, all-purpose funds that allow donors to continue to meet the ever changing needs of the community, during and after their lifetime. Grants are made in the name of the fund and the responsibility for selecting the most appropriate recipients becomes the task of the Foundation’s board of trustees. Grants are made in any of the Foundation’s areas of interest, which continue to improve the quality of life in the community.

Types of Gifts


  • Cash Gifts: Gifts can be in the form of currency, money orders or checks. Cash gifts qualify for maximum deductibility for income tax purposes, subject to the most favorable percentage of income limitations.
  • Life Insurance: A donor can name the Foundation as the owner and beneficiary of the life insurance policy. The donor can either make the payment directly or give the Foundation the funds with which to make the payments.
  • Stocks: Gifts are often times a more tax smart gift than cash. You avoid capital gains tax on the increased value of the gifted stock, in addition to receiving an income tax deduction for the full fair market value of the stock at the time of the gift.
  • Real Property: Gifts of real property include titles to land, buildings, and other structures.
  • Personal Property: This may be any item of tangible value, such as jewelry, paintings, furniture or automobiles.
  • Services: Individuals and companies can donate services, such as carpet cleaning, computer maintenance or messenger services.
  • Time & Skills: Volunteers can donate their time and skills. Sometimes corporations donate the services of their executives or other professional or clerical staff members.
  • Other In-Kind Services: Gifts such as equipment, supplies or office space.
  • Split-Interest Trusts: Many community foundations are beneficiaries of complex deferred- giving arrangements. One of the most common deferred gifts is the split interest trust, which is a trust fund established by will or bequest in which the income or assets are split among one or more beneficiaries at the same time. Other trust arrangements can include charitable remainder trusts or charitable lead trusts.

The end of the year is also a great time to consider federal estate tax issues. Consider a gift through your will, bequest or other deferred vehicle.