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The Donor Bill of Rights
The Southfield Community Foundation is committed to the principles outlined by
The Donor Bill of Rights.
What Is a "Community"
Foundation?
A community foundation is a tax-exempt, nonprofit, autonomous, publicly supported, non-sectarian philanthorpic institution with a long-term goal of building permanent, named component funds established by many separate donors for the broad-based charitable benefit of the residents of a defined geographic area, typically no larger than a state.
The Southfield Community Foundation was established in 1989 to enhance the quality of life for those who work and live in Southfield and Lathrup Village. We are certified as a community foundation by the State of Michigan. The Foundation enables people like you to establish professionally managed
charitable funds whose assets will grow over time. You and your family and colleagues are encouraged to continue giving to the fund to help it grow even faster. Grants will be awarded from your fund to support charitable needs in accordance with your interests.
Like all community foundations, we are
overseen by a volunteer board
of leading citizens and run by professionals with expertise
in knowing our community's needs. We go beyond simply
making grants that advance charitable activities: we
also identify current and emerging issues and help our
region prepare for the future.
It's for these reasons that community
foundatoins represent one of the fastest growing areas
of philanthropy. When charitably minded people like
you seek suitable ways to give, we can help you make
a difference.
All gifts to permanent
funds at the Southfield Community Foundation qualify
for both Federal charitable tax deductions and the Michigan
Tax Credit, significantly reducing the out-of-pocket
cost for your gift.
How Does It Work?
The community foundation idea is simple:
Anyone may use it to give something back to the community.
Assets that you donate to the foundtion
create one of several types of funds to support your
charitable goals. We offer you a full menu of planned
giving opetions to tailor your gift.
You can create a fund in honor of someone
you love or to celebrate a special event. You can direct
your gift broadly or narrowly to issues you care about
or to wherever the needs are greatest. However you give,
your gift can change lives -- today and in the future.
We use professionals to invest and manage
our assets. Our board is made up of local citizens who
know the community. And our staff can help you create
the gift that makes the difference you want.
We offer you power and flexibility in
charitable giving without the legal paperwork, time
and expenses associated with running your own private
foundation. We can help you set up a fund that will
maximize both your tax advantaes and your impact in
the community--now and forever.
Here are some ways we can help you:
- Managing the fund, overseeing its
investment and maintaining tax records
- Filing tax returns and providing
an independent audit
- Providing the services of experienced
grantmakers who know the community, its needs and
its organizations
- Ensuring that grants are always awarded
in the name of your fund
- Issuing regular financial reports
detailing the status of your fund
How Do I Create A Fund?
1. Decide When To Give
You can create your fund now,
establish it in your will, or create it through a trust
arrangement that benefits your family as well as charity.
You may give in honor of an anniversary, to celebrate
a special event or to support a cause. Tax deductions
are earned at the time of your gift, while grants awarded
from your fund will continue into the future.
2. Decide What To Give
Almost any kind of asset can
be used to start your fund, such as cash, publicly traded
securities, closely held stock, interests in limited
partnerships, real estate, life insurance, tangible
personal property and private foundaton assets. We can
also discuss other options with you, such as bequests,
charitable remainder unitrusts, charitable remainder
annuity trusts, charitable lead trusts, pooled income
funds, charitable gift annuities, life income and deferred
charitable gift annuities.
3. Choose the Name for Your Fund
Many of our funds are named
for the donor or the donor's family or as a memorial
to someone special. Every grant from the fund will carry
this name. If you prefer anonymity, you may choose a
name that reflects your fund's charitable purposes.
4. Choose a Type
of Fund
We offer a variety of funds
that are flexible to meet our donor's different charitable
interests
Who Manages our Money?
The Foundation's Board of Trustees has chosen UBS Financial Services for the professional management of its portfolio in accordance to the Foundation's Investment Policy.
What is Variance Power?
The Foundation's Bylaws specify that Board of Trustees shall have the power to modify any restriction or condition on the distributin of funds for any specified charitable purposes or to specified organizations, if in their sole judgment (without the approval of any trustee, custodian, or agent), such restriction or condition becomes, in effect unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the Southfield and/or Lathrup Village communities, or other specified recipients.
This policy protects the integrity of the donors philanthropic gift as it relates to charitable tax deductions and enables the Trustees to respond to changing needs and conditions. Each new fund is established by a Fund Agreement signed by the donor or representative of the fund raising group and the Executive Director of the Foundation. This agreement is approved by the Board of Trustees. It is the intent of the Board to follow the fund agreement provisions whenever possible and resport to the Variance Power only as a last resort to resolve issues described above.
Why Choose Us?
We Know Our Community. When you
choose to invest n the future of our community, you
want to work with someone who knows the territory. The
broad cross-section of leaders who guide our work lends
valuable insight that will help your charitable giving
achieve maximum results.
We Help You Achieve Superior Tax
Benefits. Since the IRS considers us a public charity,
contributions are eligible for the highest available
tax deductions. In most cases, these tax benefits outweigh
using your assets to establish your own private foundation.
We Make Set-up and Administration
Easy. Establishing a fund can be done in less time
than it takes to open a bank account. We take care of
all the administrative and grantmaking activities, eliminating
the need for your to set up a separate institution,
formulate policies, file innumberable forms and monitor
the status of grant recipients. We save you precious
time and money.
We Share Your Interests. We are
here to help you become connected to the issues you
care about most. Your charitable interests and priorities
are important to us because committed, caring citizens
are so important to our community's well-being.
We Care About the Future. By
setting up a fund, you have the ideal opportunity to
create a legacy for you and for our area.
Go Ahead. Make A Difference!
By establishing a fund with us, you'll
know your gifts are in good hands. Our staff can help
you identify where your gifts will best benefit the
community.
The result is a lasting legacy that
addresses the needs of today and the challenges of tomorrow,
establishes a tradition of philanthropy and ensures
that your fund will develop community capital to improve
the quality of life now and well into the future.
we are your premier local source for
comprehensive charitable gift planning. To learn more
about establishing a fund, please contact Warren E.
Goodell at 248-796-4190
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