The Standard
Contributions to a community foundation represent irrevocable gifts subject to the legal and fiduciary control of the community foundation's governing body.
Underlying Rationale
Strengthens the community foundation’s ability to respond to the long term and future needs of its community. Required by various sections of the tax code and regulations, including enabling funds to be included as component funds of the community foundation, allowing gifts to be counted towards public support and enabling donors to claim a deduction for their contributions.
Potential Outcomes
Donors receive favorable tax treatment of their gifts.
Assures the donor that funds given will be responsibly overseen.
Foundation is not in the position of being unable to fulfill donors objectives.
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