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What happens when I leave a bequest to my fund at The Community Foundation?

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What happens when I leave a bequest to my fund at The Community Foundation?

Many donors and fund holders at The Community Foundation have updated their estate plans to leave a bequest to their donor-advised or other type of fund.

Some bequests take the form of a “specific bequest,” which means that the fund at The Community Foundation receives a specific amount of money from the donor’s probate estate or trust. For example, for a specific bequest, your advisor might include a provision in your will as follows:

I bequeath $15,000 to The Community Foundation (taxpayer ID number and/or mailing address), a tax exempt organization under Internal Revenue Code Section 501(c)(3), to be added to the [Name of Your Fund], a component fund of The Community Foundation, and I direct that this bequest become part of the Fund.

In these situations The Community Foundation will be ready to receive your bequest, typically as soon as the estate is settled.

In other situations, you may want to leave a bequest of a portion of the remainder of your estate after all specific bequests, expenses, and taxes have been paid. These types of bequests are called “residuary” bequests. The language can look something like this:

I leave all the rest and residue of my property, both real and personal, of whatever nature and wherever situated, and assets, including all real and personal property, tangible or intangible, to The Community Foundation (taxpayer ID number and/or mailing address), a tax exempt organization under Internal Revenue Code Section 501(c)(3), to be added to the [Name of Your Fund], a component fund of The Community Foundation, and I direct that this bequest become part of the Fund.

Because the amount of a residuary bequest cannot be determined until all of the assets in an estate have been identified and valued, and all expenses and taxes have been paid, the designated charity (in this example, your fund at The Community Foundation) will not receive the full amount of a residuary bequest until the estate is completely settled. Typically, however, the estate’s personal representative or trustee will make what is known as a “partial distribution” to the residuary beneficiary (or beneficiaries as the case may be), as soon as the personal representative has enough information about the assets and liabilities to confidently do so.

When you leave a residuary bequest to your fund at The Community Foundation, our team will be involved at various steps during the administration of your estate until final distribution. For example, The Community Foundation will receive regular communications about the estate related to assets, expenses, taxes, and periodic accountings. The Community Foundation will execute documents, such as receipts, related to distributions and other estate transactions.

The team at The Community Foundation looks forward to working with you and your advisors to establish bequests to fulfill your charitable legacies.

 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. 

Local Nonprofits Receive 2023 Funding from The Community Foundation

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Local Nonprofits Receive Funding from The Community Foundation

Harrisonburg, VA – Giving season is upon us and The Community Foundation of Harrisonburg and Rockingham County is celebrating. The Community Foundation reports a total of $159,518 will be granted to twelve organizations in their Fall 2023 grants cycle. Programs and projects like ‘Meals on Wheels’ by Valley Program for Aging Services and ‘Operation Free Pet Healthcare’ by Anicira are among the funded grantees. Over 60 organizations submitted applications. “Our grant funding process is difficult, especially because we receive so many wonderful applications each year. All are deserving of funding. We encourage nonprofits to apply for our grants next year as our grant awards will increase substantially.” – Ann Siciliano, Director of Program Services, TCFHR. Fall 2023 grant awards will be distributed to Harrisonburg-Rockingham nonprofit agencies by year end.

2023 TCFHR Competitive Grant Awards:

Fund Grantee Purpose/Project
Community Endowment Valley Program for Aging Services Meals on Wheels
Valley Arts & Culture Fund Oasis Fine Art & Craft Beyond Restaurant Mural
Valley Arts & Culture Fund Rockingham Ballet Theatre Costume Storage Improvement
Janet Sohn Endowed Fund The Salvation Army The Salvation Army Emergency Shelter
Mary Spitzer Etter Endowed Fund Arts Council of the Valley Development of New Arts Council of the Valley Website
Alvin J. Baird, Jr. Program Endowed Fund Blue Ridge Free Clinic, Inc. A Free Clinic Bridge to Health
Alvin J. Baird, Jr. Program Endowed Fund Cross Keys Equine Therapy Parent/Grandparent Caregiver Trauma Group
Earlynn J. Miller Fund for the Arts Arts Council of the Valley ACT ONE
Earlynn J. Miller Fund for the Arts OASIS Fine Art & Craft `Wild and Wonderful – Animals “Captured” in Paint!
Earlynn J. Miller Fund for the Arts Virginia Quilt Museum Creating a multi-purpose space for hands-on learning and programs
Earlynn J. Miller Fund for the Arts Harrisonburg Dance Cooperative Sprung Subfloor
Hildred Neff Memorial Fund Wildlife Center of Virginia Treatment of Sick, Injured, and Orphaned Wildlife from Harrisonburg and Rockingham County
Hildred Neff Memorial Fund Cat’s Cradle Pet Retention for Low-Income and Other Vulnerable Populations
Hildred Neff Memorial Fund Anicira Operation Free Pet Healthcare

Grant distributions come from funds held at TCFHR and are determined by Grants committees. Nonprofit organizations awarded all participated in a competitive application process. Per TCFHR policy, grants are made without regard to factors of gender, race, religion, national origin, or sexual orientation. For more information, visit TCFHR’s website, www.tcfhr.org.

Contact: Ann Siciliano, 540-432-3863 or ann@tcfhr.org

Website: www.tcfhr.org

About The Community Foundation of Harrisonburg & Rockingham County (TCFHR) 

TCFHR makes charitable giving easy, acting in the best interest of our donors and partners to facilitate bold philanthropic initiatives for a stronger, healthier community.

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The Community Foundation Awards $25,000 to….

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The Community Foundation Awards $25,000 to….

Since 1998, twenty-five years ago, The Community Foundation of Harrisonburg and Rockingham County (TCFHR) has been a champion for this community, always thinking of donors’ interests and highlighting area needs. On October 5, TCFHR hosted a celebration for their 25 years of service to the Valley. The evening, set at Explore More Discovery Museum, was filled with joyous conversation and heartening speeches by past and current TCFHR leaders. Donors, professional advisors, partners, board members, past leadership, and staff joined to share our love for the place we call home.

In honor of their 25th anniversary, TCFHR announced to nonprofit organizations in the summer that they would award a special $25,000 grant to a selected nonprofit. Nonprofits who applied to TCFHR’s Giving Back application would be considered. The event committee reviewed 66 worthy applications and selected nine for the full TCFHR Board to consider. The Board then selected the three finalists. It was then the event attendees’ turn to decide. Attendees were integral to the festivities, as they would determine the nonprofit awardee of a $25,000 grant by an anonymous ballot vote.

As the event ended, TCFHR staff announced the nonprofit that received the most votes and would accept the $25,000 award. With a drum roll, TCFHR announced to the group that First Step: A Response to Domestic Violence, Inc. would receive $25,000 towards their project, Emergency Crisis Intervention and Advocacy Services for Survivors of Domestic Violence. At 6:59 PM, Candy Phillips, First Step Executive Director, answered the call. On speakerphone with the audience, Candy heard as the attendees applauded. “We appreciate this. This really means a lot to First Step and everybody here and everyone that we serve. Thank you so much!” – Candy Phillips, on speakerphone.

The Community Foundation would like to thank all their partners for an incredible 25 years. It is an honor and absolute privilege to serve this community, and we appreciate your continued support. Additionally, thank you to Explore More Discovery Museum for providing a beautiful space for our event. THANK YOU!

About The Community Foundation of Harrisonburg & Rockingham County
The Community Foundation of Harrisonburg and Rockingham County makes it easy to give back to the community we love.
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Letter to the Washington Post

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Last week, the Washington Post published a misinformed article about donor-advised funds. The Council on Foundations, with support of community foundations, immediately responded by penning a letter to the editor. The full text of the letter is below.

We hope the Post will consider publishing this letter, but in the meantime we wish to share it with you.

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To the Editor:

Tuesday’s article on donor-advised funds (DAFs) (“Wall Street is sitting on billions meant for American charities,” June 21) provides a laundry list of damaging and inaccurate assertions about DAFs, specifically those created by financial institutions. Community foundations, leading stewards of positive change at the local level, also sponsor DAFs which offer the benefit of being an efficient and less administratively burdensome option for many donors who want to establish philanthropic vehicles.

When donors create DAFs at community foundations, they ensure support for nonprofits and leverage the foundation’s programs, collective giving efforts, and civic leadership to further advance local causes. They are able to address immediate needs and, importantly, long-term efforts.

For more than 100 years, community foundations have partnered with philanthropists to support communities. This includes helping donors identify their giving goals and strategy. DAFs factor into these conversations because of their many benefits. For example, DAFs:

  • Provide flexibility. DAFs allow community foundations to quickly respond to local needs including emergency response efforts.
  • Democratize giving. DAFs require modest financial contributions, making them within the reach of most charitable givers.
  • Connect donors to purpose. DAFs empower individuals to support long-term solutions for tough community issues with the benefit of guidance from professionals.

The real threat to charitable giving is not DAFs but one-sided, mischaracterizations of an important philanthropic vehicle that encourages civic engagement.

Rather than narrowing the breadth of tools available, we should focus on expanding and protecting giving options that help citizens to advance the common good in their communities.

Vikki Spruill, Javier Soto, Randall Royster
Tony Mestres, Hazle Hamilton, Richard Ober
Steve Seleznow, Lorie A. Slutsky, Debbie Wilkerson, Revlan Hill

Ms. Spruill is president and chief executive officer of the Council on Foundations.

Mr. Soto is vice chair of the Council on Foundations’ board of directors and president and chief executive officer of The Miami Foundation.

Mr. Royster is a Council on Foundations’ board of directors member and current past president of the Community Foundations National Standards Board and president and chief executive officer of the Albuquerque Community Foundation.

Mr. Mestres is a Council on Foundations’ board of directors member and president and chief executive officer of The Seattle Foundation.

Ms. Hamilton is president of the Community Foundations National Standards Board and executive vice president of the Community Foundation of Central Georgia.

Mr. Ober is president and chief executive officer of the New Hampshire Charitable Foundation.

Mr. Seleznow is president and chief executive officer of the Arizona Community Foundation.

Ms. Slutsky is president of the New York Community Trust.

Ms. Wilkerson is president and chief executive officer of the Greater Kansas City Community Foundation.

Ms. Revlan Hill is president and chief executive officer of the Community Foundation of Harrisonburg and Rockingham County