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Foundations as Depositories |
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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Exec. Dir.) The over 500 community foundations found throughout the United States serve their communities in many ways. One of the most important roles that community foundations serve is as a Depository for important local charitable projects. Examples of local past projects that have successfully used the Union County Foundation to house a Depository Fund were the Veteran’s Memorial Auditorium renovation project and the YMCA expansion project. Currently the Union County Foundation houses Depository Funds for three important local projects: The Law Enforcement Memorial Fund, which holds dollars to underwrite placement of a bronze statue at the County Courthouse to memorialize and honor local law enforcement officers. The Veteran’s Remembrance Fund, which holds dollars to pay for a veteran’s monument and an extensive database containing information on all Union County past and present Veterans. The Community & Seasoned Citizens Fund (in the formation stage), which will hold dollars towards the realization of a community and senior citizen activity center. Any and all of these projects can be supported through a single contribution in the name of the Fund(s). Starting a Depository Fund at the Foundation offers significant advantages for the applicable charitable organization. Contributions to one of our Depository Funds are fully tax deductible and will be individually receipted and acknowledged by our office staff. The benefiting charity is freed of the burdensome tasks of administering, tracking, and acknowledging the donations. The Union County Foundation also assumes the responsibility for applicable tax reporting. As a result, the involved charity can focus more intently on its core mission and fund raising activities. The Union County Foundation is equipped to accept non-cash assets such as stocks, real estate, and collectables into Depository Funds. Often contributors can avoid significant capital gains taxes on these non-cash contributions. This means the Depository Fund benefits from a larger net contribution then would otherwise be the case if it were subjected to tax. Last but not least, the Depository Fund receives interest credit on its balance while it is growing within the Foundation. As you can see “Depository Funds” are a wonderful way for charitable organizations to begin the process of accumulating financial support for a future project. The Union County Foundation is proud to offer this important service to Union County. The Union County Foundation is equipped to assist your charitable organization with establishing a Depository Fund or in answering questions you may have regarding this or other planned giving instruments. Please call us at 642-9618, email us at commfounduc@imetweb.net, or stop by our Marysville office at 126 N. Main St. We are here to help you.... “preserve your footprint in time.” |
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