A Supporting Foundation is a nonprofit charitable corporation established in accordance with IRS regulations. Recognized as a public charity because of its legal affiliation with the Jewish Community Foundation, it receives the maximum tax benefits under law and is an excellent alternative to a private foundation.
- A Supporting Foundation may be established with a minimum gift of $250,000 in cash, stock or other property. Necessary documents are filed to create a non-profit corporation.
- Together with the Foundation, you can create a governing Board, which may include members of your family and other community members who are selected by the Jewish Community Foundation.
Some benefits of a Supporting Foundation at the Jewish Community Foundation:
- You receive 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 the Board controls the timing and size of grants.
- As a separate charity, 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.
Ed & Ellen Rose
“For Ellen and me, one of the greatest rewards is to see the positive impact that our charitable contributions can have in our lifetime. Through our example, we hope to instill the joy of philanthropy in our children and grandchildren. It was a true delight to see my granddaughter Jessica assume a role of leadership on the Edward S. Rose Family Supporting Foundation board. We hope our commitment to funding programs for children and the whole Jewish community will have a positive impact on generations to come. We thank the Jewish Community Foundation for enabling us to embark on a lifetime of giving.”
For more giving stories, visit Portraits of Generosity