Community vs. Private Foundation
The benefits of working with a community foundation - A Community Foundation makes giving easier with benefits similar to private foundations but without the drawbacks.
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The Greater Grand Island Community Foundation simplifies the donation process, thanks to a dedicated staff, assisting you in creating a clear gift agreement to establish your fund and fulfill your charitable goals.
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A Community Foundation provides efficiency by handling tasks like structuring the foundation, policy creation, asset investment, and tax filings for donors, offering better tax advantages compared to private foundations.
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You have the flexibility to define your fund's charitable purpose according to your preferences, allowing distributions to a diverse range of charitable organizations.
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Donors often name their funds after themselves, the person or group they want to honor, or select a generic name. Grant recipients are informed about the fund's name and donor advisor unless anonymity is requested.
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Many donors involve their children in philanthropy by making them co-advisors or successors to continue the charitable work.
Click here to see our Community V. Private Foundation handout with more details