BY STEVE DINNEN
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Private or community—the choice is yours when it comes to setting up a charitable foundation.
Those two types of foundations have different tax-savings features. And they have different expense loads and distribution requirements.
Both are established by a family or individual (there are separate foundations for companies). There is no minimum contribution with either. But there is a difference in the tax break. A cash gift to a community foundation can offset as much as 60 percent of your adjusted gross income (AGI), while capital gains property (stocks, typically) merit a 30 percent deduction. With a private foundation, the cash deduction is limited to 30 percent of AGI and the capital gain portion is 20 percent.
Regarding distributions, there is no annual payout required of a community foundation. A private foundation typically has to pay out 5 percent of its assets annually.
Don’t do this on your own—call in lawyers and tax experts for guidance on how best to put your charitable efforts into play.
Those two types of foundations have different tax-savings features. And they have different expense loads and distribution requirements.
Both are established by a family or individual (there are separate foundations for companies). There is no minimum contribution with either. But there is a difference in the tax break. A cash gift to a community foundation can offset as much as 60 percent of your adjusted gross income (AGI), while capital gains property (stocks, typically) merit a 30 percent deduction. With a private foundation, the cash deduction is limited to 30 percent of AGI and the capital gain portion is 20 percent.
Regarding distributions, there is no annual payout required of a community foundation. A private foundation typically has to pay out 5 percent of its assets annually.
Don’t do this on your own—call in lawyers and tax experts for guidance on how best to put your charitable efforts into play.
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