The Pinellas Community Foundation is time and cost saving alternative to a private or family foundation. The Foundation assumes all of the administrative and reporting requirements and helps the donor to avoid or decrease all the extensive legal costs and paper work. This type of fund can be created in a day versus several months.
A fund with the Foundation offers many advantages, along with greater charitable tax benefits. For example, gifts of cash or ordinary property to the Foundation are deductible up to 50% of adjusted gross income (AGI). Gifts to private or family foundations are deductible only to 30% of AGI. Similarly, gifts of appreciated property to community foundations can be credited for 30% compared to 20% for a private foundation. There are no excise taxes on community foundations as there are on private foundations and community foundations do not have a requirement that a certain percentage must be distributed each year.
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