Community Foundations

Requirements and Restrictions

Donors establish individually named funds. Donors can oversee grant making activities of their funds. The foundation files one federal and one state report for all of its funds.

Federal Tax

The Foundation is exempt from most federal and state taxes.

Tax Deductions

Donor receives 100% fair market value charitable deduction for gifts of publicly traded stock, closely-held stock, real estate, and other long-term capital gain property. Gifts of cash are deductible up to 50% of the donor’s adjusted gross income with a five-year carryover for any excess. The fair market value of gifts for appreciated securities or real estate are deductible up to 30% of the donor’s adjusted gross income.

Pay-Out Requirement

No IRS requirement that any amount be paid out annually in grants.