The Long Island Community Foundation is a part of the nation's fastest growing form of philanthropy. The LICF is an economic alternative to a private foundation or a commercial gift fund. The Long Island Community Foundation, a division of The New York Community Trust, distributes more than $12 million annually through the 168 charitable funds that Long Island residents and businesses have set up within LICF. If you are thinking about giving, it is an efficient and hassle-free way of giving to a public charity.
The Community Foundation's mission is to build a permanent source of private funding for Long Island's charities. Funds can be named for their donors, for their purposes, or as memorials. The two main types of funds are donor-advised and field-of-interest funds. Donor-advised funds allow donors to participate in the selection of the beneficiaries. Field-of-interest funds enable the Community Foundation to support charitable agencies and organizations within a geographic or charitable area (such as child welfare) specified by the donor. Either way, funds are a great way to create a family legacy and to make a real and lasting difference in the daily life of our community.
In addition to the peace of mind and goodwill of charitable donations, there are several advantages and benefits to creating a fund in the Community Foundation. You will recognize greater tax savings by establishing a fund through the LICF rather than through a private foundation. A fund can be established in less than one day, often with a single page document, whereas a private foundation takes months to establish with lots of expensive paperwork. A fund offers donors maximum tax benefits without the bother of administration. The LICF staff performs all of the administrative work (bookkeeping, accounting, and check writing) and assures that only bona fide charities are supported.
A fund in the Community Foundation is a great way to permanently give back to the community in which you live. A LICF fund allows the joy of giving and the recognition donors expect when they are donating to charity. An experienced estate planning attorney, like the ones at Davidow, Davidow, Siegel and Stern can help assist in any charitable contributions you may want to make.
Log on to the Long Island Community Foundation's website at www.licf.org for more information.