Family Foundation Funds
Philanthropy has been one of the fastest-growing sectors in the United States for more than a decade. Expanding numbers of nonprofit organizations strive to serve vital community needs, supported by ever-increasing generous donors.
Accompanying this rapid growth is greater complexity, competition and regulation which can be cumbersome for families and individuals inspired to give. A key choice for many donors is whether to create a new, or continue with an existing, private family foundation to fulfill their charitable goals and handle the administrative, investment and grantmaking responsibilities this entails.Individuals often choose to establish a private family foundation to fulfill their charitable goals and find the administrative oversight to be complicated.
The Community Foundation offers families an alternative, Family Foundation Funds. These funds provide a range of personalized options for all donors, combined with the highest level of professional expertise, tax savings, investment management and service.
If you choose to establish a Family Foundation Fund at the Community Foundation or transfer your private foundation assets to the Community Foundation, you maintain the ability to make decisions about the charitable causes your fund supports. The Community Foundation offers relief from the administrative responsibilities of managing your philanthropic giving including accounting, grant application due diligence, investment of the assets and IRS reporting. Your fund is included in the Community Foundation's state and federal reporting, tax returns, audits and filings. The board of a private foundation, by contrast, is responsible for these items.