Simplicity: A gift to the Foundation will simplify your charitable giving. One contribution may address a number of different needs and benefit many charitable organizations in the community.
Convenience: Most Funds can be established in one brief meeting with our Executive Director. Afterward, the donor retains the satisfaction of giving, while the Foundation takes care of the administration of the Fund.
Tax Benefits: Because the Wayne County Community Foundation is a public foundation under federal tax law, your contribution qualifies for maximum deductibility for income, gift, and estate tax purposes. Subject to specific IRS rules and regulations regarding the deductibility of charitable donations, a charitable contribution to a Fund at the Foundation is ordinarily tax deductible to the donor for income tax purposes in the year such donation is made. Subject to such rules, contributions to the Foundation of appreciated stock and securities can be claimed as income tax deductions at fair market value as of the date of such contribution (as opposed to original cost basis). Stocks and securities held as part of a Fund at the Foundation are not subject to income tax since the Foundation is a tax-exempt charitable entity.
Security: Assets of the Foundation are managed by investment professionals at well-respected institutions. The investment policy is designed to balance equity protection with growth and income. The Investment Committee of the Board of Trustees regularly monitors all of the Foundation's investments.
Accountability: A volunteer Board of Trustees, composed of seventeen experienced community leaders, oversees Foundation management and use of funds. Annual reviews through the filing of tax returns, quarterly reports to Fund advisors, publication of an Annual Report, and careful selection of Board members ensure continued use of funds for the good of greater Wayne County.
Permanence: A gift to the Foundation may establish, or be added to, an endowment Fund from which only the income is distributed. The principal of each endowment gift is permanently retained and invested to provide a continuing stream of charitable income for the future.
Economy: The Foundation operates economically for the benefit of all of its funds. Administrative expenses are covered by a modest charge on the income of each Fund and donations made to help meet expenses. All Funds share the cost of the administration and the cost and risk of the investment of Foundation assets.
Contribute to an Existing Fund
You can make a contribution of any size simply by writing a check to the Wayne County Community Foundation. You can also donate appreciated assets to the Foundation, which will avoid the capital gains tax that would be imposed if you sold the asset.
If your gift is for the general charitable needs of the community, it will be placed in the General Fund. If you have special charitable purposes in mind, you can direct your gift to any of our Funds which meet those purposes.
Establish a New Fund
With a gift of $10,000 or more, you can establish a new Fund with its own charitable purposes. When you create a Fund, you have the right to name the Fund, determine the property to be given, and select the type of Fund that best suits your purpose. You may contact the Foundation offices for specific information about creating a Fund. The eight types of Funds administered by the Foundation are:
With a gift of $20,000 or more, you can establish a new Scholarship Fund with its own criteria:
With a gift of $2,000 or more, you can establish a new Acorn Fund with its own criteria. This Acorn Fund will grow with your annual contribution of $1,000 or more until the fund matures. The fund matures when the $10,000 or $20,000 level has been reached, which is determined by the type of fund you are interested in establishing from the above list.
Transfer A Private Foundation
Assets may be transferred from a private foundation to a named Fund within the Wayne County Community Foundation. The identity and purposes of the transferring foundation can be retained, and family or corporate members can continue to serve as Fund advisors.
Set up a Supporting Organization
You, your family or a private foundation may create a supporting organization, a special Fund, with its own grantmaking ability and Board of Trustees. The supporting organization takes advantage of the Foundation's professional staff assistance, administrative services and favorable tax status.
Plan for a Deferred Gift
A deferred gift means that you or someone named by you can receive a lifetime of income from your irrevocable future gift to the Foundation. This offers a triple advantage: you receive a tax deduction now for a gift you make later; you remove assets from your estate now, avoiding estate taxes on the gifted assets; and you may be able to increase your current spendable income. You can use the following types of deferred gifts to create a Fund at the Foundation: gift of life insurance, charitable remainder trusts, charitable lead trusts, and charitable gift annuities.
Make A Bequest In Your Will
You can designate the Foundation as a beneficiary of your estate, to receive a certain dollar amount or as a residuary or contingent beneficiary. Such bequests are free of estate and inheritance taxes. Your attorney may want to consult us regarding the proper wording of your will in order to carry out your charitable purposes.
Designate the Foundation as a Beneficiary of Your IRA
Naming the Foundation as the beneficiary of your IRA or other qualified plan can save both estate and income taxes, while benefiting the charity of your choice.
For your convenience, you may download the Make a Contribution form below. If you have any questions, please contact our office by e-mail or by phone.
