Gift of Business Interests Creates Future Good

 

 

Jay and Olga Faison

Jay Faison worked over many years to build a startup company into a thriving business opportunity. Along with his wife, Olga, he now intends to leverage that success to build another — this time as a philanthropist. The couple’s commitment to the community and savvy business sense led to their contribution of closely held interests in Jay's company to create a philanthropic legacy. Working in partnership with their professional advisors and through our newly established subsidiary, Community Investments Foundation, Foundation For The Carolinas provided an innovative solution to accept and manage this complex gift until the time is right to turn it into a charitable investment in the community.

More than 90 percent of American wealth lies in illiquid assets, such as family owned businesses. To help entrepreneurs and business owners reach their philanthropic and financial goals, FFTC developed an innovative way for business owners and entrepreneurs to unlock their potential for philanthropy. In 2012, FFTC launched Community Investments Foundation, uniquely designed to help business owners maximize their own charitable opportunities while reducing tax liability. Community Investments Foundation accepts gifts of closely held business interests, such as membership interests in LLCs, limited partnership interests and closely held stock, and turns these gifts into support for the causes our clients value most.

By gifting closely held business interests, clients like Jay can increase support for their favorite philanthropic interests, leverage business continuity opportunities, maximize a current income tax deduction, and avoid or reduce capital gains and future estate taxes. When the time is right in the company’s life cycle, these donated assets are used to establish a charitable gift fund at Foundation For The Carolinas that supports the client’s most valued causes and increases philanthropic impact. Tax efficient and easy to establish, gifts to Community Investments Foundation maximize our clients’ investments in business and philanthropy.


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Click here to learn more about Community Investments Foundation.