WORKING WITH THE COMMUNITY FOUNDATION
PROFESSIONAL ADVISORS
Unparalleled PAGE1
BENEFITS OF A COMMUNITY FOUNDATION
WHETHER YOU ARE an attorney, estate planner, accountant or financial advisor, you always have your clients' best interests at heart. So do we.
For more than 20 years, The Community Foundation of Harrisonburg and Rockingham County has worked hand-in-hand with our community's professional advisors to assist their clients in achieving their charitable goals. Our experienced staff works with advisors to create giving strategies that are meaningful and tax efficient for clients. As a behind-the-scenes philanthropic partner, we also handle all the administrative work so advisors can focus on relationship building and meeting clients' other goals.
WHY ADVISORS PARTNER WITH THE COMMUNITY FOUNDATION
Cost-free resource for charitable planning
Tax-efficient Advisor may continue to manage assets
Respect your role as clients' trusted advisor
Trustworthy
Simplification of paperwork
Knowledgeable
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
We are a Center for Philanthropy
and accountable Enhancing your hardearned relationships
giving
Accept a wide range of gifts service
DISCUSSING CHARITABLE GIVING WITH CLIENTS
EVERYONE WINS WHEN THE CONVERSATION TURNS TO PHILANTHROPY
In a 2018 survey by the U.S. Trust, more than 70% of advisors said talking with their clients about philanthropy helps them deepen their relationships and grow their business. And for good reason: Clients rely on you to help them make sound personal and financial decisions, and charitable giving is no exception. By starting a conversation about your clients' values and goals, you can build a meaningful relationship that will last for generations.
IDEAL SITUATIONS TO DISCUSS CHARITABLE GIVING WITH YOUR CLIENTS:
When they have substantial IRA/401(k) assets
When they're working on year-end tax planning
When they have highly appreciated assets
When they're selling a business, house, or major asset
When they want or need an alternative to a private foundation
When they want to leave a legacy
When they are actively involved with a particular charity
When they simply want to give back to the community they call home
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
PAGE2
BENEFITS OF CHARITABLE FUNDS
A CHARITABLE FUND at a community foundation is a smart choice for individuals, families, or organizations that want a strategic but simple approach to their long-term philanthropic giving. Some donors wish to be actively involved in grantmaking, while others prefer to convey their charitable intent and let the foundation carry out grantmaking on their behalf. A variety of fund types offer flexibility for donors, allowing them to choose their level of involvement.
Most funds require an initial tax-deductible donation of $5,000. Your client may name the fund or remain anonymous. Our staff encourages advisor involvement with us and their client to assist the client in making the most tax advantageous decisions. Working together we'll identify the best way for your client to achieve their charitable goals.
TAX DEDUCTIBILITY STRATEGIC GIVING LEGACY
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
LOCAL SERVICE NO ADMINISTRATION
BENEFITS OF A CHARITABLE FUND
PAGE3
TYPES OF GIFTS
THE COMMUNITY FOUNDATION accepts a variety of gifts.
Cash Equivalent
Private Stock
Publicly Traded Stocks and Bonds
Life Insurance Policy
LLC and Limited Partnership Interests
IRA RMDs and QCDs or Beneficiary Designation
Transfer of a Private Foundation
Planned Gifts through Wills and Trusts
Real Estate
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
PAGE4
IRA REQUIRED MINIMUM DISTRIBUTIONS (RMDs) / CHARITABLE IRA ROLLOVER DONATIONS (aka QCDs)
RMDs ARE BACK
Did your client skip the required minimum distribution (RMD) for 2020 because of the CARES Act waiver? RMDs are once again required for people aged 72 and up. Your client may not need any or all of the RMD.
Making a qualified charitable distribution QCD to TCFHR can satisfy your RMD and result in tax savings!
QCD VS. TRADITIONAL IRA WITHDRAWAL
Traditional IRA Withdrawal
Withdraw money from your Traditional IRA
Send some amount to charity
Enter full withdrawal amount as income on your tax return
Enter the charitable amount as an itemized deduction on your tax form
Using a QCD
Instruct your Traditional IRA custodian to send the charitable distribution directly to TCFHR.
Amount is not taxed as income and not included in Adjusted Gross Income.
This amount is not taxed as income but is included in Adjusted Gross Income, affecting a host of tax-related items, such as Medicare premium and surtaxes and your state taxes.
*Up to 100,000 in IRA funds can be counted as QCD's annually, or $200,000 for a couple.
*RMDs can be used to establish a scholarship, a designated fund, or area of interest fund.
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
PAGE5
INVESTMENT OPTIONS
THE COMMUNITY FOUNDATION
recognizes the importance of longstanding relationships
between clients and their investment managers. When an individual, family, nonprofit or company establishes a fund, the donor can request their investment advisor to manage the assets.
* Investment advisors must be approved by TCFHR to manage funds and must comply with TCFHR's Investment Policy and follow reporting requirements.
OPTIONS
1. Work with my professional financial advisor
American Funds - Moderate Growth and Income (under $250,000)
Advisor Fee 12b-1
Individually Managed Account ($250,000 or more)
Advisor Fee agreed upon with advisor and TCFHR
2. TCFHR Investment Pool
The Community Foundation Why I work with
“Working with TCFHR has been a true delight for me in my professional career They have made it easy for my team and me to assist clients in donating funds to their favorite charitable organizations. In addition, I have been able to witness first-hand the benefits for my clients when using TCFHR as a means for passing on wealth to various non-profits. TCFHR has become an important investment vehicle for many of my clients to manage wealth at any stage of their life ”
- Michael C Gochenour Executive Vice President/Wealth Management Financial Advisor Lantz & Gochenour Investment Group
Janney Montgomery Scott
CHARITABLE GIVING FOR OUR COMMUNITY PROFESSIONAL ADVISORS
PAGE6 Please see most up to date Professional Advisors list at our website: www.tcfhr.org.
P O Box 1068
Harrisonburg, VA 22803
540-432-3863 www.tcfhr.org
The Community Foundation ABOUT
The Community Foundation of Harrisonburg and Rockingham County is a local nonprofit organization that seeks to understand individual, family, business and private foundation interests in order to establish funds to support their charitable goals. Additionally, the Community Foundation provides valuable services, resources, and educational opportunities for nonprofit organizations so that each enhances their capabilities as stewards of their missions for the benefit of our community.
Most donors use TCFHR for one main reason - Trust.
TCFHR is audited every year.
TCFHR is a Nationally Certified community foundation documenting sound practices.
TCFHR is led by an outstanding Board of community members.
TCFHR has a seasoned management team.
Thank You to our Keystones. See full list at www.tcfhr.org/keystones/.
STAFF
The Community Foundation of Harrisonburg and Rockingham County
Amanda C. Bomfim Director of Mktg. and Initiatives amanda@tcfhr org Tammy J. Duxbury Director of Accounting tammy@tcfhr org Amy E. Lemmons Grants Manager & Acct. Asst. amy@tcfhr org Ann B. Siciliano Director of Program Services ann@tcfhr org
Revlan S. Hill Executive Director revlan@tcfhr org
ConfirmedinCompliance withNationalStandardsfor US CommunityFoundations