Advantages of working with Iredell County Community Foundation
You can establish funds with a variety of assets, including cash, appreciated securities, life insurance, real estate and private foundation transfers.
We're recognized by the Internal Revenue Service as a publicly supported charity. You'll receive substantial tax benefits for income, gift and estate tax purposes.
Setting up a fund with the Foundation is less costly and time consuming than handling details on your own. We do the necessary paperwork and record keeping.
Your charitable objectives will be carried out in perpetuity.
Professional Management and Accountability
All assets are managed by professional managers monitored by our Board of Directors' Investment Committee.
We retain an independent auditor–Cherry, Bekaert & Holland, L.L.P. to conduct an independent audit that is reviewed by our Board of Directors' Audit Committee to ensure fiscal responsibility. You can obtain a copy of the audit by contacting the Foundation at 704.973.4500 or 800.973.7244.
Flexible Gift Acceptance
In addition to cash, additional donation possibilities include:
Appreciated public securities
Contributions of appreciated family business entities (e.g., closely-held stock and limited partnership interests)
For more information, see Assets Accepted and Tax Considerations.
Investment Options to Increase Your Gift Fund
The Foundation offers a wide range of investment pools and managers for qualified Gift Funds. We work with you to develop an investment approach that offers the best potential to match the time horizons and cash needs consistent with your objectives. The Foundation works with an investment consultant to evaluate managers and provide ongoing monitoring to ensure sound financial management.
Customized Philanthropic Counsel
We are flexible and responsive to your unique needs. We make it easy for you to be highly strategic in using your contributions for maximum community impact.
Simplified and Consolidated Charitable Giving
The Foundation offers you the convenience of supporting multiple charities through a single gift. And our staff handles all the paperwork, from the transfer of assets and Gift Fund maintenance to tax reporting and record keeping. You receive confirmation of all transactions, including contributions to the Fund and grants to charities.
Community foundation: Easier, less expensive to establish. The Foundation allows you to start a fund quickly at little or no cost.
Private foundation: Requires you to create or maintain a separate organization, apply for exempt status, pay excise taxes and legal expenses.
Advantages of choosing your community foundation over a private foundation:
Community foundation: Larger cash deductions allowed. Because the Foundation is a public charity, you may deduct up to 50% of your adjusted gross income for gifts of cash.
Private foundation: With a private foundation you can deduct only 30% of your adjusted gross income.
Community foundation: Fair market value may be deducted for appreciated gifts. You may deduct 100% of the fair market value of publicly traded securities, closely held stock and real estate given to the Foundation with a maximum deduction of 30% of your adjusted gross income.
Private foundation: Allows you to deduct gifts of closely held stock and real estate only at your cost basis, with a maximum deduction of 20% of your adjusted gross income.
Community foundation: No tax imposed on investment income. The Foundation pays no federal excise tax on its investment income.
Private foundation: A private foundation pays up to 2% federal excise tax on the net investment income.
Community foundation: No minimum distribution is required. The Foundation has no minimum distribution requirement and may accumulate funds if so desired.
Private foundation: A private foundation must annually distribute at least 5% of its net investment assets, regardless of whether such an amount is actually earned.
Community foundation: Fewer ownership restrictions apply. The Foundation may hold any portion of equity interest in a business, such as a closely held corporation.
Private foundation: A private foundation cannot own more than 20% equity interest in a business.
Community foundation: Fewer reporting requirements. The Foundation takes care of all reporting requirements for all of its funds.
Private foundation: With a private foundation, a higher level of reporting to the IRS is required.
Community foundation: Donors can remain anonymous. The Foundation allows you to retain your anonymity if you desire.
Private foundation: A private foundation must make publicly available the identity of any substantial contributor.
Community foundation: Fewer investment restrictions apply. The Foundation has great flexibility with its investment strategies.
Private Foundation: A private foundation may not make certain types of investments.