|
CFL Fund |
Commercial
Gift Fund* |
Supporting
Organization
at CFL |
Private
Foundation |
| Philanthropic Services Available |
|
|
|
|
| Grantmaking strategy assistance |
CFL provides |
No |
CFL provides |
Responsibility
of PF |
| Information on community issues |
CFL provides |
No |
CFL provides |
Responsiblity
of PF |
Peer networking and education
programs with local and national
experts |
CFL provides |
No |
CFL Provides |
Responsibility of PF |
| Administration |
|
|
|
|
| Set-up time |
A few days |
A few days |
6-9 months |
6-9 months |
| Start-up costs |
None |
None |
Varies; may include legal and accounting fees |
Varies; may include legal and accounting fees |
| Initial gift minimum |
$100** |
$5,000 |
$2,000,000 |
$5-10 million*** |
| Minimum payout (5% req.) |
No |
No |
No |
Yes |
| Ongoing requirements: |
|
|
|
|
Separate tax
return |
No |
No |
Yes |
Yes |
Recordkeeping/
Accounting |
No |
No |
Yes |
Yes |
| Excise tax on investments |
No |
No |
No |
Yes - up to 2% |
| Governance & Oversight |
CFL Board of Directors |
Commercial Gift Fund board makes final decision |
Independent Board of Directors, named by CFL |
Independent Board of Directors |
| Investment Decisions |
Advice; CFL Board makes final decisions+ |
Advice, Gift Fund Board makes final decisions |
Directed by SO Board of Directors |
Directed by PF Board of Directors |
| Administrative Support |
CFL professional staff |
Gift fund staff |
Responsibility of SO Board; may utilize CFL staff or hire own |
Responsibility of PF Board; may hire staff |
Income Tax Deduction Limit
(Percentage of Adjusted Gross
Income) |
|
|
|
|
| Cash Gift |
50% |
50% |
50% |
30% |
Appreciated Property - publicly
traded (long-term) |
30% - Fair Market Value (FMV) |
30% - FMV |
30% - FMV |
20% - FMV |
| Appreciated Property - closely held |
30% - FMV |
30% - FMV |
30% - FMV |
20% - cost basis |
| Grantmaking |
|
|
|
|
| Able to make anonymous grants |
Yes |
Yes |
No |
No |
| Donor control of grantmaking |
Recommendations for approval of CFL Board of Directors+ |
Recommendations for approval by Gift Fund Board of Directors |
Direction by SO Board of Directors |
Direction by PF Board of Directors |
