How Do I Give Through the Cleveland Foundation?
There are many ways that you can contribute your charitable dollars, now and in the future. From donor-advised funds (which allow you to engage in active grantmaking) to Building Cleveland’s Future fund (which relies on the foundation’s knowledge of the community for grantmaking decisions), our funds allow you to select the manner in which you want to invest in Greater Cleveland.
If You Want to Make an Immediate Impact
Donor-advised funds allow donors to recommend grants that support specific nonprofit organizations. Donors – and their children, if desired – advise or recommend grants from their fund to support nonprofit organizations. Donors can learn about community needs from the foundation’s donor-focused educational seminars and information, and work with foundation staff to create a lasting, impactful philanthropic legacy.
A supporting organization is often used as a more efficient alternative for a private or family foundation. It is a separate nonprofit entity operating in connection with the Cleveland Foundation. Through its own board (on which the donor or donors may serve), a supporting organization determines its investment strategy and grant priorities.
Partnering with the Foundation on Vital Issues
The foundation has created special funds to address important issues facing Greater Cleveland. Donors are invited to participate with the Cleveland Foundation on major initiatives, such as improving public education and promoting economic development.
Building Cleveland’s Future Fund
Critical needs in the community change, often very quickly. This fund enables the foundation to be flexible, responsive, and impactful in meeting those changing needs.
You can create a fund to support a broad area, such as the environment or health care. By naming a program area and not a specific organization, flexibility exists to meet the ever-changing needs of the community.
This special fund is dedicated to nonprofit organizations in Lake and Geauga counties. Grantmaking is directed by an advisory committee of community leaders living in one of those counties.
These funds support individuals pursuing college degrees, technical/vocational training certification, and nontraditional students returning to the work force. They can be named to honor a person, occasion, or place. Donors work with foundation staff to devise selection criteria. Donors may, if desired, also participate on scholarship selection committees with foundation staff and foundation-appointed community volunteers to identify recipients.
You can designate a specific nonprofit organization to receive grants in perpetuity.
Organizations establish these funds to provide financial support in perpetuity and as a conduit for planned gifts.
If You Want to Plan Today to Give Tomorrow
A planned gift is a charitable donation created during your lifetime but not available to the Cleveland Foundation until sometime in the future. Types of planned gifts include:
Bequest by Will
An outright bequest to the Cleveland Foundation is the simplest means for providing for your community.
Life insurance policies can be used to create a fund, or the Cleveland Foundation can be named as the owner of a new policy for a fund to be created at a future time.
IRA or Qualified Plan
Funding a charitable bequest with an IRA or retirement plan can be a very effective way of making a gift with estate tax benefits.
Charitable Gift Annuity
A charitable gift annuity is an annuity for one or two lives, issued by the foundation in exchange for gift property.
Charitable Remainder Trust
A charitable remainder trust offers a gift to the Cleveland Foundation. It provides a current income tax deduction for a future gift.
Charitable Lead Trust
Assets transferred to this trust are eventually returned to the donor or, more typically, to the donor’s children. Income is paid to the foundation annually while the assets are in the trust.
What Can I Give?
A variety of assets can be used to make charitable gifts, including:
Cash gifts are an easy way to make an impact in your community and allow you to give at any time.
Securities, both publicly traded and closely held, can be used to set up a fund.
Real and Personal Property
Gifting real and personal property often allows an individual to contribute more than they may have thought possible.
IRA/Retirement Fund Assets
Retirement assets are most often used as testamentary gifts, creating charitable funds as part of an overall estate plan.
Life insurance makes it possible to make meaningful gifts to the community and to create a fund.
How Do I Decide?
You have a number of options when it comes to your charitable giving. Our staff will work closely with you and your professional advisors to identify a gift that meets your needs.
Charitable Giving Scenarios
|Your Goals||Your Actions||Your Benefits|
|Make a quick and easy gift||Contribute a gift in cash or by check||An income tax deduction and immediate benefit for the community|
|Make a gift with other existing sources||Example: Donate a life insurance policy you no longer need||Current and possible future income tax deductions|
|Defer a gift until after your lifetime||Bequeath cash, property, or a portion of your estate||An estate tax deduction|
|Make a gift while minimizing the impact on taxes and capital gains||Contribute long-term appreciated stock or other securities||A charitable deduction that may reduce capital gains tax|
|Minimize the two-fold taxation on IRA or other employee benefit plans||Designate a fund at the foundation as one of your beneficiaries||May reduce tax liability on assets left to heirs|
|Secure a fixed payment stream and make a gift to benefit charity||Create a charitable gift annuity||Tax benefits and fixed payments for life|
|Receive income today while creating a permanent philanthropic legacy for the future||Create a charitable remainder trust that pays income to you during your lifetime for a designated time period||At maturity, assets benefit the fund you establish to meet the community needs important to you|