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
Private Foundation
Public Charity
Legal Identity
Separate nonprofit organization
[Donor's Choice of Name] Fund within the Community Foundation of Tampa Bay
Administration
Detailed annual filing with IRS
All recordkeeping and accounting carried out by the Community Foundation of Tampa Bay
Deductibility of Gifts
Deductibility:
Up to 20% of AGI
for appreciated marketable securities
30% of AGI* for cash
Deductibility: 30% AGI* for appreciated property
50% AGI* for cash
Cost
$_________________
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
Control
Trustees have complete control and responsibility for distributions and asset management
Donor Advisor may make grant recommendations
Taxation of Investment Income
Generally 2% annually
None
Payout Requirement
Grants must equal 5% of corpus annually
None
Grantmaking Expertise
Professional staff, if any
(unusual for a small foundation)
Community Foundation of Tampa Bay staff assistance to review and monitor proposals
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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) 2007 Copyright Community Foundation of Tampa Bay. Designed bySulzer Design Group
Confirmed in Compliance With National Standards for U.S. Community Foundations