The Coral Gables Community Foundation provides an easy, effective and highly personal approach to giving through establishing a fund. We offer a variety of giving tools to help individuals, families, and businesses achieve their charitable goals and give back to the causes and community they care about most.
By establishing a fund at the Foundation, you will:
- Start your charitable giving journey by giving today to ensure your legacy tomorrow
- Receive support from Foundation staff on every aspect of your charitable plan from consulting to identifying worthy recipients
- Support the causes that matter to you
- Recommend grants to your favorite organizations through your fund
- Benefit from tax benefits through affiliating with the Foundation
- Make your intentions into investments and begin your legacy today
To start a Fund, all you need is to:
- Decide your charitable goals
- Choose the type of fund you would like to open
- Consult with a Foundation’s professional estate panner if desired
- Determine what types of assets you will donate to establish your fund. We are able to accept all types of gifts, from small to large and complex.
- Name your fund and purpose
- Sign your fund agreement
Other benefits of establishing a Fund:
- Funding is flexible: you may use a check, cash, appreciated stock, marketable securities, or a wire transfer. Gifts to the Foundation may also be in the form of cash, property, stock, etc. Please click here to request wire transfer information.
- You can receive tax benefits in the year your gift is made.
- Your Gift, and all future earnings from your Gifts, can be a permanent source of community capital, helping you do good work forever.
Why not start my own private foundation?
If you are considering establishing a private foundation, we encourage you to open a Donor Advised Fund at the Foundation. It is a simple, less expensive alternative that allows you to experience the joy of giving immediately or down the road.
A Donor Advised Fund provides the donor tax advantages, fewer administrative requirements, no minimum required payout and the option of anonymity. With a Donor Advised Fund, we handle all the administrative, accounting and reporting requirements for you.
Click here for an infographic on a Donor Advised Fund vs a Private Foundation.
Guidelines & Specifics
- We recommend that Donor-Advised Funds open with a minimum of $10,000, and maintain a minimum account balance of $10,000.
- Donors may appoint a successor(s) to designate Gifts from the Fund.
- Gifts may be designated for IRS-qualified charities only. A specific purpose or allocation can be included in the transmittal letter that accompanies each Fund disbursement.
- Gifts may not be used for any private benefit, such as: school tuition, dues or memberships, benefit tickets, fundraising dinners, your time or services, gifts to individuals, goods bought at auction, or to fulfill pledges.
- Forms to establish a charitable fund are available from the Foundation team. Contact us here.
A Charitable Fund vs a Private Foundation
CGCF Charitable Fund
Private Foundation
Thousands of dollars for legal and accounting expenses and filing fees
Thousands of dollars for legal and accounting expenses and filing fees
Thousands of dollars for legal and accounting expenses and filing fees
Immediate tax deduction for donor upon each contribution
Immediate tax deduction for donor upon each contribution
Immediate tax deduction for donor upon each contribution
At least 5% of net asset value annually in distribution requirements. Penalty tax is 30% of undistributed amount.
At least 5% of net asset value annually in distribution requirements. Penalty tax is 30% of undistributed amount.
At least 5% of net asset value annually in distribution requirements. Penalty tax is 30% of undistributed amount.
IRS Reporting handled by the Coral Gables Community Foundation
IRS Reporting handled by the Coral Gables Community Foundation
IRS Reporting handled by the Coral Gables Community Foundation
Tax status is covered by the Coral Gables Community Foundation's 501(c)3 charity status
Tax status is covered by the Coral Gables Community Foundation's 501(c)3 charity status
Tax status is covered by the Coral Gables Community Foundation's 501(c)3 charity status
Foundation Fund Holder recommends grants to qualified non-profit groups
Foundation Fund Holder recommends grants to qualified non-profit groups
Foundation Fund Holder recommends grants to qualified non-profit groups
Fund Holder helps identify and assess grant recipients
Fund Holder helps identify and assess grant recipients
Fund Holder helps identify and assess grant recipients
Donors may remain anonymous, or receive recognition for their generosity by their name
Donors may remain anonymous, or receive recognition for their generosity by their name
Donors may remain anonymous, or receive recognition for their generosity by their name
Must apply to IRS for private foundation tax-exempt status and report annual tax return and provide detailed financial schedules
Must apply to IRS for private foundation tax-exempt status and report annual tax return and provide detailed financial schedules
Must apply to IRS for private foundation tax-exempt status and report annual tax return and provide detailed financial schedules
Types of Funds
Designated Fund
Have a favorite cause? You may choose to direct your gift to a specific nonprofit organization. Help provide ongoing funding for a senior center, museum, or virtually any nonprofit charitable organization. A Designated Fund enables nonprofit organizations to build their endowment and enhance their ability to accept large and complex gifts.
Donor Advised Fund
With a Donor Advised Fund, you can have an ongoing involvement in the use of your gift. You can work with our staff to identify ways of using your fund to address the issues and needs you care about most. Many of the funding options may be established in your name, or in the name of your family, organization, or anyone you wish to honor. All grants distributed from the fund you establish are then awarded to charities in the name of that fund. It’s a great way to always be involved with, and remembered for, your community investment.
We recommend that Donor Advised Accounts be opened with a minimum of $10,000, and a minimum account balance of $10,000 must be maintained.
Fiscal Sponsorship
The Coral Gables Community Foundation allows new, small and limited activity charitable programs that reflect a similar commitment to the goals set forth in our mission, the opportunity to operate under our 501 c(3) non-profit status. As a fiscal sponsor, the Foundation acts as an umbrella non-profit organization for a charitable organization and accepts and administers funds on its behalf. The Foundation is legally responsible for the funds received and insures that the funds are used for charitable purposes, and that donor reporting requirements are met in a timely fashion. Fiscal sponsorship permits your charitable cause to receive tax-deductible donations while we handle the administrative work. This arrangement also minimizes the cost of meeting the record-keeping and reporting requirements imposed by the State and IRS as the Foundation handles these necessary filings. As the fiscal sponsor, the Community Foundation maintains full discretion and control over the funds received for a project and has the right to withdraw support from the project if its original goals are not being accomplished or the grant agreement is not followed.
FIelds of Interest Funds
You can target your gift to address needs in an important area of community life, such as the Arts, Aging, At-Risk Youth, or, you may identify any field of personal interest that is close to your heart. Our Board then awards grants to community organizations or programs that are making a difference in the field you select.
Scholarship Funds
The Community Foundation is well known for its extensive scholarship program. Many donors have created Scholarship Funds as memorials to loved ones and friends. Donors can define the criteria of their funds, awarding students according to a specific high school, field of study, etc.
Unrestricted Funds
With Unrestricted Funds, your gift can address our community’s ever-changing needs. We continually evaluate all aspects of community well-being: arts and culture, economic development, education, environment, health and human services, and more. The flexibility of your unrestricted gift affords enables the Foundation’s program experts to respond to the community’s most-pressing needs, today, and for the unanticipated needs of tomorrow.
Corporate Funds
Your company’s Community Fund can serve as a central vehicle for all of the firm’s philanthropic efforts and can be used to promote and strengthen the company’s commitment to our community. The company receives double promotion of their giving: by the company’s own promotion and the Coral Gables Community Foundation’s promotion of the company’s giving. The company’s Community Fund will serve as a central source to receive and make contributions from and on behalf of the Company, as well as its shareholders, directors, managers and professional support employees.
Non-Endowed vs. Endowed Funds
Funds can be endowed (only the earnings— not the principal — are used to make grants) or non-endowed (distributions can be made from both income and principal).
Endowments are permanent funds established to perpetually carry out the donor’s philanthropic intentions while being invested in the Foundation’s prudent, long-term investment strategy. In essence, endowments are gifts with the most maximized growth and giving.
A non-endowed fund may be converted to an endowment but an endowed fund may not become non-endowed.