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Give Types of Funds Private Foundation?
Private Foundation?
Do I Need One?
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| After 20 years, Bob & Betsy Cutler dissolved their private foundation and transferred the assets to a DAF in 2008. "It was getting to be a lot of paperwork...We have great regard for the Foundation and knew that it would be well looked after there." |
Creating a private foundation requires a significant initial investment as well as ongoing management and compliance with IRS and legal regulations.
The Community Foundation, on the other hand, simplifies philanthropy. You can create a Donor Advised Fund with a simple (and free!) agreement and a contribution of $10,000, a fraction of what's needed for a private foundation. No further paperwork, no fiduciary responsibilities, no IRS or investment worries...you're free to focus on the good things you want to do.
This chart summarizes some of the key distinctions between a private foundation, a Donor Advised Fund, and the hybrid Supporting Organization. Questions about what's right for you? Contact Bob Chapla at 231.332.4111 or bchapla@cffmc.org.
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