Guide to Giving
Why should you give to the Foundation?
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.
How can you give to the Foundation?
Contribute to an Existing Fund
You can make a contribution of any size simply by writing a check to the Wayne County Community Foundation or by making an online contribution. 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 WCCF General Fund, a Community 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:
- Community: you give the Board of Trustees the discretion and responsibility of selecting, year after year, the most appropriate beneficiaries for distributions from your Fund in charitable areas of interest. Community Funds give the Foundation flexibility to respond to the changing needs of the community, to support the creation of innovative responses to community problems, and to enhance the quality of community life. If you want to help Wayne County and its residents thrive, and to make the greatest impact possible with your charitable dollars, now and for many years to come, a Community Fund is right for you.
- Field-of-Interest: you specify the charitable need to be addressed by the Fund, but not the particular organization to receive distributions (e.g., "for the care of the elderly," or "for medical research"). Trustees then make grants on the basis of competitive grant applications to the most appropriate organizations within the specified field of interest. These Funds allow flexibility to meet changing charitable needs in the community.
- Donor Advised: you or your appointed Fund Advisor make recommendations from time to time for distributions from your Fund. All grants are subject to the approval of the Foundation's Board of Trustees.
- Corporate Advised: a business has greater flexibility to support local charitable needs by effective seasonal budgeting, improved cash flow, and reduced administrative overhead.
- Designated: you name the specific charitable organization or institutions to receive distributions from your Fund. You can name one or several organizations, and each year grants will be made to your favorite charities in the amounts or percentages you specify.
- Administrative: you specify that distributions from your Fund be used to help defray the operating expenses of the Foundation, and in this way, assist in the Foundation's charitable efforts.
- Agency Endowment: non-profit organizations establish named Funds. The Foundation provides investment and administrative assistance for these organizations, allowing the organization to concentrate on its charitable mission.
- Capital Campaign: the Foundation collects donations for the benefit of community projects for which an organization needs to raise at least one million dollars.
With a gift of $20,000 or more, you can establish a new Scholarship Fund with its own criteria:
- Scholarship: you establish the criteria to be used by a selection committee in choosing qualified students to receive grants which further their education. You can also specify a school, college, or university to be the beneficiary of your Fund's distributions.
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.
- Acorn Fund: the smaller initial gift of $2,000 encourages multi-generational philanthropy and lessens the threshold to be able to begin. Annual contributions of $1,000 or more will grow the fund until the traditional fund minimums of $10,000 or $20,000 are reached. All administrative fees are waived for Acorn Funds until they mature. Acorn Funds can be named for an individual, family member, or for a designated non-profit organization. With an early start, children can be exposed to the volunteer spirit of the many community groups that work to keep the quality of life here high. And with a smaller initial gift, many of our older citizens can be able to participate in building their legacy; leaving a permanent and lasting difference to their community. It is also a secure way to ensure that charitable bequests are established before death and properly referenced in the donor's will. Once the $10,000 or $20,000 level is reached, grants can be awarded to schools, historical societies, human service agencies, churches, conservation groups, music and arts centers, and others.
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.
If you have any questions, please contact our office.
The Albert "Koby" Kobilarcik Educational Fund was established to honor Koby and his lifetime mission of sharing the Christmas spirit with thousands of people each year and to provide library materials and literacy teaching aids to local elementary level schools.