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Supporting Foundations
What is a Supporting Foundation?
A
Supporting Foundation is a separate corporate entity established
in accordance with IRS regulations and operated in furtherance
of the purposes of the Jewish Community Foundation. Recognized
as a public charity, it receives all of the tax benefits of
a public charity and is an excellent alternative to a private
foundation.
How Do You Set it Up?
- You give a minimum gift of $250,000 in cash,
stock or other property, and file the necessary documents
to create a non-profit corporation.
- A governing Board is selected, which is chosen by you
and may include members of your family and other community
members who are selected to serve by the Jewish Community
Foundation.
What are the Benefits of a Supporting Foundation?
- You get benefits similar to those of a private
foundation, including significant organizational influence
and an entity with perpetual life, capable of serving as
the charitable vehicle for future generations of your family
- You avoid the excise tax and deduction limitations imposed
on private foundations
- There is no minimum distribution requirement, so you
may control the timing and size of grants
- As a separate corporate entity operated in furtherance
of the purposes of the Jewish Community Foundation, the
Board of a Supporting Foundation has a great deal of flexibility
in making grants. The Supporting Foundation may also make
its own investment decisions and retain its own investment
advisors, subject to annual review by the Jewish Community
Foundation’s Investment Committee, for the protection
of the Supporting Foundation’s favorable tax status
- All reporting and record-keeping
is performed by the Jewish Community Foundation.
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