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.
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
The “Donate Online“ button will take you to Network for Good where the initial screen will indicate your contribution is being made to the Community Foundation of North Central Florida. In the Designation field, please state the Fund or Purpose of the donation.
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.
Gifts of real estate are an effective way to fulfill a donor’s charitable objective.
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.
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.
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.