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What Is The Community Foundation?
The Community Foundation is a publicly supported 501(c)(3) charitable organization that exists to maintain the charitable intent of donors making gifts, allowing immediate and future tax benefits, and to act as a catalyst to help focus local philanthropy on pressing and changing community needs.
The Foundation serves as administrator of what is, in essence, a community endowment, a collection of gifts, large and small, unrestricted and donor advised, given to enhance the quality of life for the citizens of Richmond, Columbia, McDuffie and Burke Counties in Georgia, and Aiken and Edgefield Counties in South Carolina.
The Foundation is a flexible vehicle serving the philanthropic and civic interests of individuals, corporations, and organizations. Those who give to their community through The Community Foundation want the impact of their contributions felt today as well as tomorrow, and know that giving is most effective when it is coordinated as part of a plan to address particular needs.
Many donors are attracted to the tax advantages of giving to the Foundation. For example, an individual can deduct up to 50% of gross income annually. Also, a gift of appreciated stock or real estate allows a donor a tax deduction on the market value of the asset along with the elimination of the capital gains tax.
Other donors desire the income from their assets but want to transfer the benefits of that income to the community after their death or the death of a spouse. For them the Foundation can offer a wide range of planned gift options. These include charitable remainder trusts, annuity and life income plans and life estate agreements. For some individuals, the gift of a life insurance policy is a good way to make a personal gift. Donors often discover that by transferring assets to the Foundation they can actually increase their income while at the same time satisfy their charitable objectives.
Community Foundations are the fastest growing sector in the United States. More than 658 Community Foundations exist across the country with over $31.4 billion in combined assets.
The Community Foundation provides donors an opportunity to make their community a better place to live and work inperpetuum.