Frequently Asked Questions

 

Q: What is the Community Foundation for Palm Beach and Martin Counties?

Q: What is a "community" foundation?

Q: Is The Community Foundation the only community foundation?

Q: Who sets up a charitable fund at the Community Foundation?

Q: What are the advantages of donating to the Community Foundation?

Q: What is the difference between setting up a charitable fund through my investment firm and establishing a charitable fund at the Community Foundation?

Q: What is the difference between setting up a private foundation and creating a donor-advised fund at the Community Foundation?

Q: How do I open a charitable fund?

 


Q: What is the Community Foundation for Palm Beach and Martin Counties?

A: The Community Foundation improves our communities through the power of giving.  We help create a legacy of philanthropy that’s easy to manage.  We provide leadership that makes grantmaking more effective.  We provide stewardship that helps philanthropy endure

 


Q: What is a "community" foundation?

A: A community foundation is a tax-exempt, nonprofit, autonomous, publicly supported, nonsectarian philanthropic institution with a long term goal of building permanent, named component funds established by many separate donors for the broad-based charitable benefit of the residents of a defined geographic area, typically no larger than a state.

 


Q: Is The Community Foundation the only community foundation?

A: We are one of the oldest community foundations in the State of Florida and among over 700 community foundations in the United States, all dedicated to serving their community’s needs. View other community foundations across the United States.

 


Q: Who sets up a charitable fund at the Community Foundation?

A: Most funds managed at the Community Foundation are set up by individuals, some wealthy, others of more modest means. What they  have in common is a desire to give back to their community — whether it’s honoring the memory of someone they loved, setting up a scholarship fund to help students in need, protecting the environment, supporting local arts organizations or funding any other charitable cause imaginable. 

 


Q: What are the advantages of donating to the Community Foundation?

A: The Community Foundation allows you to establish a customized charitable fund without being burdened by the tax liabilities and administrative hassles associated with setting up a private foundation. Everyone who creates a fund can personalize their giving. At the same time, funds are pooled for investment management purposes to minimize costs and achieve a greater return, making it possible for a smaller individual fund to enjoy the same economies of scale as a large independent foundation.  We offer flexibility, convenience, tax advantages, long-term stability, expertise in financial management and grantmaking, and credibility.

 


Q: What is the difference between setting up a charitable fund through my investment firm and establishing a charitable fund at the Community Foundation?

A:At the Community Foundation, we provide much more than the check writing services of a gift fund at a brokerage house. One of the most significant advantages to setting up a fund with us is our philanthropic services team, which provides custom research on a nonprofit organization or issue area at your request. Our staff will also meet with you individually to help develop a strategic approach to grantmaking.

 


Q: What is the difference between setting up a private foundation and creating a donor-advised fund at the Community Foundation?

A: The Community Trust offers the advantages of a private foundation without most of the expense and hassle. We can handle all aspects of grantmaking and reporting, and advise you on smart and effective grantmaking.  

Some of our donors also have private foundations. They use a fund here to support causes and nonprofits that are outside the general focus of the private foundation. 

As a public charity, we offer donors tax deductions that are often superior to those accorded private foundation donors.

 


Q: How do I open a charitable fund?

A: It's easy and fast. You decide the type of fund that’s best for you. You think about your charitable priorities, how much you want to give, and name the fund.  The gift may be made now or by will.