This weekend, we’ll roll the clocks forward for daylight saving time. The seasonal time change also presents a moment to look ahead. If you’re interested in moving forward on your philanthropic vision, there is an array of giving vehicles at the Cleveland Foundation to help you spring toward your greatest charitable impact.
Establishing a fund puts your charitable dollars to work right away. And depending on how active you want to be in the management of those dollars, you can choose from a variety of fund types tailored to help you achieve your philanthropic goals:
- Donor Advised Fund – Establishing a Donor Advised Fund with an initial gift of cash, securities or a combination of assets affords you an immediate tax deduction. These funds allow you to make grant recommendations and set the grantmaking priorities from year to year.
- Named Fund – If you’d prefer to be less active in the day-to-day grantmaking decisions, you can establish a Named Fund where you specify a grant recipient up-front or simply designate a more general field of interest—like the arts or education—that you’d like to support.
- Supporting Organization – Creating a Supporting Organization also allows you to remain active as a grantmaker. In this more structured approach, your fund will operate similar to a private foundation—you’ll appoint a board of directors and create a philanthropic plan.
Learn more about these funds and others at the Cleveland Foundation that can help you make an immediate philanthropic impact.
There are also plenty of philanthropic vehicles to amplify your impact over time and help ensure that the causes and organizations you feel passionately about can thrive in the future. Different planned giving options can help you manage your estate or even provide income for you while simultaneously serving your philanthropic mission.
- Bequest – An outright bequest is a simple, straightforward way to provide for your community and establish a philanthropic legacy by making a direct gift to charity from your estate.
- Charitable Gift Annuity – Establishing a Charitable Gift Annuity offers immediate and long-term benefits by giving you a tax deduction and providing income now while you support organizations of your choosing.
- Charitable Remainder Trust – One or more nonprofits can benefit from your Charitable Remainder Trust, and you’ll also receive an immediate tax deduction for the future value of the gift, as well as payments based on a percentage of its value or a fixed amount.
Learn more about how the Cleveland Foundation can help you provide for the community in the future.