GACF AS YOUR PHILANTHROPIC PARTNER

The Greenville Area Community Foundation’s mission, simply said, is to enhance the quality of life in our area. To do this it will attract and hold permanent endowment funds received from a wide range of donors … people much like your clients who are looking for ways to not only give back to their community but to benefit from the various tax advantages that giving to a community foundation in Michigan offers. GACF not only can manage and invest charitable funds for individuals and families but for businesses and other nonprofit organizations as well.

Today's donors have many options when it comes to charitable giving but an advantage of working through the GACF is that we are in direct contact with our area and know where the needs are. We consider attorneys, accountants, financial planners, insurance agents and other professionals who have relationships with donors to be our valued partners in charitable giving.

We have an outstanding reputation for integrity and service to donors since the inception of GACF in 1989. Our volunteer Board of Trustees represents a cross-section of our community. They work hard to maintain high donor confidence about proper management of charitable gifts. And we've developed unique resources for you to use in helping donors craft their charitable giving plans.

Sometimes clients prefer to remain anonymous and we are glad to work directly with you on their behalf, if that is the case. Please feel free to call us to explore an option or discuss a client’s situation. Even if this does not result in a charitable gift through GACF, we want to hear from you. No question will go unanswered. And if it’s a question we’ve not addressed before we will find the answer for you and your client.

In summary, how can we help you and your client?

We can help identify your clients’ charitable giving interests and motivations
We can provide information on community needs—and on the local agencies and programs that make a difference in the areas your clients care about most
We can deliver grant making expertise and a range of administrative services related to charitable giving
We can offer many tax benefits for your clients
And the entire experience is developed uniquely for each individual donor based on their philanthropic interests.

Want to learn more? Here are answers to some frequently asked questions.

Why should I talk to my clients about charitable giving? And when does it make sense to suggest a charitable gift?

Identifying your client's philanthropic interests is a wonderful way to deepen your client's trust and strengthen your relationship. It is also an opportunity to develop initial contact with future heirs. To determine your clients’ knowledge of philanthropy and uncover any motivation for charitable giving, you might start with questions like these:

What has been the most satisfying charitable gift you have ever made? Why?
Have you volunteered anywhere? Which volunteer experience has been the most rewarding?

Which core value would you like to express through your giving?
What are your greatest concerns when you think of the challenges facing our community?
Are any of these the focus of your current giving or future giving plans?
What have you learned about your giving? Would you do anything differently if you could?
Is there a history of philanthropy in your family? Would you like to emulate it or would you like to change it?
Are you interested in getting your children and grandchildren involved or are they already?
What would you like to accomplish with your giving?
If I could help you plan for the financial health of yourself and any heirs, would you consider giving back to your community through a community foundation?

Philanthropy is a very special decision. As a professional advisor, you can help your client realize their charitable objectives by asking these questions, explaining options and suggesting solutions and by listening for charitable giving opportunities. Interest and benefits to making significant gifts often arise when clients are making major business, personal, and financial decisions. Our staff can work with you and your client to recommend the best charitable solution.

How do I know if giving through the GACF is right for my clients?

If your clients ….

Care deeply about their local community … and give to more than one charitable cause?
If they are interested in creating a personal or family legacy in their community?
Would like to stay personally involved – as well as future generations - in the decision making regarding the projects or programs supported by their gift dollars?
If they want to receive maximum tax benefit for charitable contributions under federal law?
If the cost and administrative complexity of creating a private foundation is a concern?
And they place priority on sound financial management …

Then working through GACF is right for your clients and we would love to help you introduce them to us.

How is GACF different from commercial charitable gift funds like Fidelity or others?

GACF is in the business of connecting donors with the causes they care about most.
We are a cost-effective and hassle-free alternative to private foundations.
We will work diligently with donors to help them achieve a wide range of charitable giving objectives.
We accept a wide variety of assets
We have a number of different fund types
We offer more giving options for a lesser fee, and
With the State of Michigan Community Foundation Tax Credit donors can maximize their giving.
But again most importantly, we're local to this community and much better positioned to connect your clients to the causes they care about most!

What are the tax benefits for my clients if they give through the Greenville Area Community Foundation?

The Greenville Area Community Foundation offers the maximum charitable tax advantages available by law. The State of Michigan is unique in that it offers a tax credit for gifts to community foundations much like gifts to public libraries, NPR etc. (Learn more by visiting the donating link on this website.) And because of the nature of community foundations, we are not subject to the taxes and regulations affecting private foundations and we have greater flexibility on matters such as minimum payout.

How can I recommend a nonprofit gift without recommending a specific nonprofit to my clients?

By recommending giving through the GACF, you offer your clients a single, simple solution to all of their philanthropic intents. A community foundation is a trusted vehicle your clients can use to address the issues they care about most, while gaining maximum tax benefit under state and federal law. We are here to support all non-profit organizations as well as other foundations in our area. One way we can help you help your client achieve their charitable goals would be by setting up a charitable endowment fund in your client’s name. There are also many other giving options that we would be glad to discuss with you and your client.

How can my client provide support for a favorite charity through the GACF?

There are two great options for supporting a favorite charity. They include starting a Donor Advised or Designated fund.

A Donor Advised fund gives individuals, families or businesses the opportunity to participate in the grant making process by recommending nonprofits and programs to receive grants. This is a personal and highly effective, yet simple, way to give.

A Designated fund provides the opportunity for the donor to identify a specific nonprofit organization that will benefit from the grants each year or the funding can be retained for future use.

In both instances, the Community Foundation handles all of the administration, record keeping, and financial statements for the funds.

How does a Donor Advised fund work?

A Donor Advised fund with the Greenville Area Community Foundation will give your client the opportunity to take part in the grant making process without the work and expense of operating a private foundation. A Donor Advised fund can be started with a minimum gift of $10,000. Each year, your client will have the opportunity to recommend nonprofits to receive grants, which then are approved by our Board of Trustees. Again, all of the paperwork, record keeping and administration are handled by GACF. This is a great way for your client to involve their children and grandchildren in family philanthropy and to address the ever changing needs of our area by making the fund unrestricted. For more information about these types of endowment funds or others, contact the GACF office.

What is the minimum gift required to start a fund? And what type of assets can be used to start a fund?

The minimum for establishing a fund with the GACF is $10,000. But we do offer a fund building option. Contact the GACF office for more details.

GACF has the ability to accept a range of assets including:

Cash
Stocks and bonds
Real estate
Personal Property, such as jewelry and artwork
Life insurance policies
IRA assets

How does my client start a fund?

It is easy to help your client establish a named charitable fund. Use the following steps as a guide.

Help your client decide what type of contribution he/she/they would like to use to establish the fund. Donors can contribute cash, securities or other property.
Next select a name for the fund. Your client can use their own name, the name of a family member or anything of their choosing.
Fund advisors such as the client and spouse and/or successor advisors such as the children or grandchildren should be designated.
And finally a fund agreement will need to be developed, customized and signed by the donor and GACF so future foundation staff and Trustees have a governing document to help guide the ongoing intent of the fund.

Once the fund is established, the donor(s) may add to the fund in any amount with any gift at any time, can specify how grants are to be acknowledged (in the name of the fund or anonymously) and if a Donor Advised fund is established the donor may be involved with the grant making experience.

Can my client name a successor to the fund?

Yes, your client can name a successor or successors to the fund. But if they chose not to name a successor, or after the named successor’s death, the Community Foundation’s Board of Trustees will continue to use the funds in accordance with your client’s wishes.

Want to learn more?

Besides contacting the GACF office, there are several places to turn for resources in West Michigan. Grand Valley State University’s Dorothy A. Johnson Center for Philanthropy and Nonprofit Leadership is one and is an excellent resource for discovering more about nonprofits and community data.

There are many resources on the Internet but we are not in a position to recommend one over another. And you probably have access to your own resources or you could just do a search using the word philanthropy. Many of the online resources would provide updates on tax and probate laws as well as case studies and discussion forums