Creating a permanent fund in the Long Island Community Foundation is an easy and effective way of making sure the causes you care about will benefit from your generosity forever.
Let us show you ways to balance your family commitments and your philanthropic wishes. You can give what’s left after your heirs are cared for.
We can explain the tax and other benefits of planned gifts. You can:
If you have a private foundation, or are considering one, ask yourself: Who will run it? Who will take care of annual filings? Who will make decisions about grants? About investments? If your answer to any of these is, “I don’t know,” starting a fund in LICF might be the best answer. Many of our donors also choose both, and use their funds in LICF to support causes outside the focus of their private foundations.
Thinking of directing a contribution from your IRA during your lifetime? The “charitable IRA rollover” provision allows you to exclude the IRA distribution from income—instead of taking it into income and claiming a charitable income tax deduction under certain circumstances. Please be aware that under current law, the rollover provision doesn’t apply to contributions from IRAs to private foundations or donor advised funds. If you make the contribution from your IRA to a donor–advised fund, you will have to recognize it in income and claim an income tax deduction. You can, however, take full advantage of the charitable IRA rollover for contributions to our competitive grant funds, including our Annual Fund, Census Equity 2020 Fund, Long Island Sound Stewardship Fund or any of the other collaborative funds we’ve established.
More about the charitable IRA rollover: Donors aged 70-1/2 or older may direct contributions from an IRA directly to a public charity. These distributions count toward the minimum distribution amount, but cannot exceed $100,000 per tax year.