Create a Fund
Once donors have decided to establish a Fund with the Community Foundation, the process is simple.
Step 1
Contact the Community Foundation to discuss the donor’s charitable objectives. Click here to view our Giving Guide
Step 2
With the assistance of an estate planning professional, if desired by donors, the Community Foundation will establish a Fund. It is important to have donors identify the type of Fund desired.
- If the Funds established are Donor Advised, the name(s) of the eligible advisor(s) should be indicated.
- If the Funds are Field of Interest, the area(s) of interest should be listed.
- If they are Donor Designated Funds, the donors should name the charities to be benefited.
The document is signed by the donors and kept by the Community Foundation.
Step 3
The donors make an irrevocable gift to the Foundation to create a Fund.
Step 4
The president of the Foundation’s Board of Directors will sign the document and return a copy, along with an acknowledgement letter, to the donors. This letter serves as receipt, to be retained for the donors’ tax records. (Note: regardless of the number of current or future distributions from the Fund, the donor needs only this one letter for tax purposes.)
Step 5
The Community Foundation begins to serve the donors’ charitable objectives.
The Foundation is dedicated to strengthening relationships among charitable organizations, donors, and concerned citizens who want to invest in our region’s future.
Types of Funds
Agency Fund
An agency endowment or stewardship fund is an easy way for your nonprofit organization to establish an endowment, eliminate the administrative burden, and increase your ability to handle large and complex gifts. Your agency fund benefits for participation in the Community Foundation of North Central Florida’s investment pool while our experienced staff helps develop planned giving programs and assists with administrative details.
Donor Advised Fund
Keep giving personal, long after you’ve made your gift. Establish a fund, and make ongoing suggestions for how grants from that fund are used to improve life in our community. The donor can suggest distribution at any time to qualifying charitable organizations.
Field of Interest Funds
You identify your personal interest when making your gift; our board awards grants to community organizations and programs that are making a difference in the area you select. Your gift stays flexible enough to meet community needs in your interest area—even as they change over time.
Designated Fund
The beneficiary (or beneficiaries) are designated at the time the fund is established.
Scholarships
The fund may name a specific type of award, a specific institution, or it may be broad in its awards.
Unrestricted Funds
The fund is named for its founder, and the Community Foundation has discretion over its use.
Ways to Give
Almost any asset can be contributed to create a fund. The Community Foundation can work with donors to utilize the following assets to make lifetime or testamentary gifts.
Cash
Gifts of cash are the easiest way to give. You can make a donation to any fund at the community foundation and receive the maximum tax advantage under federal law.
To wire a gift of cash please contact us for specific instructions.
To make a gift using a check, make the check payable to CFNCF, write the name of the fund you want to donate to in the memo line and mail your check to:
Community Foundation of North Central Florida
3919 W. Newberry Road, Suite 3
Gainesville, FL 32607
Credit Card
The “Donate Online“ button allows you to select which fund or field of interest you would like to donate to. Simply add the fund(s) you wish to support to your cart and click “Check Out” to process the gift.
Securities
Gifts of appreciated securities can provide significant tax benefits to a donor. Securities that are held for more than one year are deductible at their full fair market value and avoid recognition of capital gain. Donors’ charitable income tax deductions are limited to 30% of adjusted gross income. Any excess can be carried forward for five years. Donors of securities should have their brokers contact the Community Foundation for disposition instructions.
Life Insurance
Making gifts of life insurance policies and naming a foundation as beneficiary of a policy are techniques frequently overlooked by donors. Depending on the type of policy, donors can receive substantial benefits and fulfill their charitable objectives.
Bequest
Donors may create or add to a permanent fund through a bequest. The Community Foundation and the donors’ Named Fund can be named as the residuary beneficiary of the donors’ estate, as the recipient of a stated sum or contingent bequest, or as the ultimate recipient of the assets of a charitable remainder trust.
Real Estate
Gifts of real estate are an effective way to fulfill a donor’s charitable objective.
Charitable Remainder Trust
This specialized type of trust, which can be funded with almost any asset, pays an annuity to the donor, the donor’s spouse, or almost any person, for life or a fixed number of years. There are two types of Charitable Remainder Trusts: the Annuity Trust, which pays the same amount every year, and the Unitrust, which pays an amount based on the value of the trust assets, re-valued each year and thus can provide a hedge against inflation. Once the annuity terminates, the remaining trust assets are distributed to the Community Foundation. Those assets can be used to establish a named fund for the donor or for any other purpose the donor specifies. A Charitable Remainder Trust provides an immediate income tax deduction, even though the Community Foundation may not actually receive the benefits of the trust for many years.
Charitable Lead Trust
The opposite of the Charitable Remainder Trust, the Community Foundation receives an annual annuity for a specific term of years, at the termination of which the remaining assets are distributed either to the donor or to the donor’s named beneficiary. Charitable Lead Trusts are often used to reduce, and frequently eliminate, estate tax.
Transfer of Private Foundations
Some organizations can transfer assets to establish a permanent, named fund or supporting organization of the Community Foundation. In either case, the private foundation’s name and philanthropic goals can be retained. No tax or penalty is assessed on such transfers.