Transferring a private foundation to a fund at the Community Foundation of Tampa Bay
allows your clients to remain involved with their fund, but with the benefit of having someone else handle the administrative and filing duties.
PRIVATE FOUNDATION
DONOR ADVISED FUND Within
The Community Foundation of Tampa Bay
Tax Status
Must establish separate
tax-exempt status as a
private foundation
Shares public charity
status with the
Community Foundation
Legal Identity
Separate nonprofit
organization
[Donor's Choice of Name] Fund within the Community Foundation of Tampa Bay
Administration
Detailed annual filing
with IRS; must establish
and manage all
administrative
procedures
All recordkeeping and accounting carried out by the Community Foundation of Tampa Bay
Charitable Deduction for
Cash Gifts
30% of adjusted gross
income (AGI) in any one
year
50% of adjusted gross
income (AGI) in any one
year
Charitable Deduction for
Gifts of Long-Term
Capital Gain
Deduction for full
market value, limited to
20% of AGI for
appreciated property
Deduction for full
market value, limited to
30% of AGI for
appreciated property
Practical Minimum Size
$3-$5 million and up
$10,000
Annual Costs
$_________________
Fill in annual operating
costs; typically
includes legal and
accounting fees,
insurance, office space,
staff, equipment and
miscellaneous
No cost to establish; administrative cost of 1% annually on market value of fund
Annual Taxes
Generally income tax
exempt, but subject to
excise tax up to 2% of
net investment gain
including capital gain
No cost to establish;
administrative cost of
1% annually on market
value of fund
Control
Trustees have complete
control and
responsibility for
distributions and asset
management
Donor Advisor may make grant recommendations
Grantmaking Expertise
Professional staff, if
any (unusual for a small
foundation)
Community Foundation of Tampa Bay staff assistance to review and monitor proposals
Payout Requirement
Grants must equal 5% of
corpus annually
None
Taxation of Investment
Income
2% annually
None
Annual Tax Filings and
Returns
Separate tax and
information return must
be filed with required
schedules
None
Investments
Must research,
establish, and manage
own investment vehicles
Foundation manages the
investment portfolio
with oversight from an
investment committee and
an investment consulting
firm
Fiduciary Responsibility
Private foundation board
has full fiduciary
responsibility
Foundation fulfills
fiduciary responsibility
Liability and Risk
Coverage must be
provided by private
foundation
Foundation covers
liability and risk
Privacy
Disclosure information
is found on publicly
available form 990-PF
Confirmed in Compliance With National Standards for U.S. Community Foundations Community Foundation of Tampa Bay, Inc. | 550 North Reo Street, Suite 301 | Tampa, FL 33609 | 813.282.1975 | Fax 813.282.3119 Privacy Policy | (C) 2010 Copyright Community Foundation of Tampa Bay. Designed bySulzer Design Group
Confirmed in Compliance With National Standards for U.S. Community Foundations