There are a number of ways to give through the Foundation and a variety of ways to structure new funds. Some funds help address pressing social and human service needs throughout the county. Others provide scholarships and help promote a range of educational opportunities.
There are permanent and temporary funds; funds restricted to a specific purpose or organization; and funds that are set up to be used where the need is greatest. Essentially, a fund at the Foundation can be set up for nearly any charitable purpose … and with respect to a donor’s particular interests.
And - because the Foundation is a public charity - most gifts qualify the donor for a charitable tax deduction.
Additionally, the Foundation is well-suited to facilitate testamentary gifts, gift annuities, and charitable trusts that often are part of a donor’s estate or tax planning.
An endowment fund is a living memorial that can carry your family name. It creates a pool of charitable assets that provides enduring charitable support. Endowments may be started by an individual, a corporation or a specific community. Donors may choose one of five ways to have their contributions administered:
Unrestricted - The donor allows the Foundation Board of Directors the freedom to respond to emerging needs within the community.
Donor Advised - The donor may suggest possible grant recipients to the Foundation each year. Download Donor Suggestion Form (word) (pdf)
Field of Interest - A field of interest fund allows the donor to direct their giving as narrowly or as broadly as they choose. The donor may specify an area of interest - such as the arts, education or health care - but leaves the selection of the specific recipients to the discretion of the Foundation Board of Directors.
Restricted - The donor may name one or more agencies or institutions to receive grants.
Scholarship & Award - The donor outlines the criteria for receiving these funds and the Foundation works with the Honors and Awards Committee of the schools involved to assure that the donor's wishes are met.
Securities - with appreciated securities, donors can often be more philanthropic than they ever thought possible. Consider donating securities to a fund established with the Foundation. You will receive the maximum tax deduction for the securities’ full market value and enjoy a five year carry over if the amount is larger than you can use in one year.
Legacies and Other Plans
Under certain circumstances, providing for a gift in your will or life insurance policy can create a larger charitable fund than might otherwise be possible with your current assets. The Foundation is experienced at handling even the most complex bequests. With the Wayne County, Indiana, Foundation Inc. (our legal name) as the irrevocable owner and beneficiary, the premiums paid on an insurance policy are tax deductible gifts. (Check with your tax adviser to confirm tax deductibility.)
Real Property – You can donate all or part ownership in your real estate to the Foundation, and establish a permanent fund with the income or sale proceeds from the property. After carefully evaluating your property, we can advise you on how best to contribute the real estate.
Business Interests - Did you know that you can convert some or all of your ownership or interest in a privately held business to support your philanthropic purposes? Through the Foundation you can sell your ownership back to the business, a family member or another purchaser. Proceeds from the sale create a permanent fund. The Foundation will help evaluate the property, qualify the sale, focus your philanthropic goals and fulfill your charitable wishes in the future.
If you are a trustee of a private foundation and find your job getting too difficult to manage, you can transfer your foundation into the Wayne County Foundation. By transferring your assets to the Foundation, you can be assured intelligent grant making will continue in the name of your foundation for generations to come. And, because we are a public charity, the excise taxes levied against private foundations are not applicable. We also take care of all the governmental paperwork. So you are left with the comfort of knowing that your foundation's work will continue in perpetuity as intended.
You may also transfer part of your foundation’s assets to the Wayne County Foundation by establishing a fund at the Foundation and arranging for part of the year's current income to be contributed to your fund. The arrangement can continue indefinitely, allowing the trustees a chance to become familiar with us until they are ready to take full advantage of the Foundation services.
Through the Wayne County Foundation, donors have the opportunity to preserve and strengthen the community we all cherish.
The information presented here, correct at the time of publication, is subject to change. Please consult your financial advisor before making any decisions regarding charitable contributions to this or other charities.
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