Donors

Benefits of Working with CFOV

Accessibility & Availability

Unlike some commercial donor advised funds, CFOV is right here in your community. We are available to work with you in person to accomplish your charitable goals.

Tax Benefits

Giving through a community foundation provides donors with the best tax advantages allowable. Because CFOV is a 501(c)(3) organization, gifts are deductible at the highest rate possible, unlike a private foundation. We sometimes have additional tax benefits available through the State of West Virginia.

Community Knowledge

Our staff live here, work here, and give here ourselves. We dedicate much of our work to being involved in the local community and learning about which nonprofit organizations are moving the needle on critical issues. From homelessness to the arts, our local expertise is often relied upon to provide data driven facts to inform your grantmaking.

Affordable Philanthropy

Community Foundation administrative fees are low – the highest being 1.25% annually. What’s better is that these fees stay local, supporting the work of CFOV in the region, not somewhere else in the country.

Endowed Forever

We care about your legacy. CFOV’s endowment is designed to carry out charitable intentions in perpetuity.

Becoming a Donor

The first step in becoming a donor is determining the best type of fund to meet your charitable goals. There are several fund types to choose from:

Fund Types

  • Agency Fund

A fund established by a nonprofit agency for its own benefit, so it may benefit from our investment, accounting and professional services.  The Foundation regularly distributes the available grant dollars from the fund back to the agency for general purposes or special purposes per the fund agreement.  The fund may be endowed or non-endowed based on the agency’s needs.  Additions may be added to the fund by the agency itself or by donors (third-parties).

  • Donor Advised Funds

A fund for individuals, corporate entities, giving “circles” or “clubs,” and social/service organizations who do not have 501(c)(3) status. Funds established through this type of agreement will not have a specific purpose at the time of their establishment, and one or more individuals (or officers, for organizational funds) will be appointed to make recommendations regarding distributions. Recommendations are advisory in nature only – final approval of all distributions rests with the Foundation Board. Donor Advised Funds allow the donor and their successors to make recommendations for grants during their lifetimes to any qualified non-profit organizations.

  • Donor Designated Funds

A fund that provides continuous support to a designated non-profit organization. CFOV has many Donor Designated Funds that provide support to a donor’s place of worship or a non-profit organization that is special to them.

  • Scholarship Funds

A fund that provides a unique way to support students in their community. Scholarship Funds can be specified for a field of study, high school attended, or college attending, and have a funding minimum of $25,000.

  • Field of Interest Funds

A fund designed to support changing needs in the region in a specific field such as children, the elderly, or animal welfare. CFOV staff makes grant recommendations to the Foundation Board based on the interests stated in the fund agreement.

  • Unrestricted Funds

A fund that offers CFOV maximum flexibility to respond to changing needs in the region. Unrestricted Funds are permanently endowed and allow CFOV staff to make grant recommendations to the Foundation Board in response to community needs.

Ways to Give

CFOV accepts gifts of cash as well as appreciated stock. Your professional advisor can help you determine if a gift of appreciated stock is in your best interest. Other gift types that can be facilitated with further discussion include oil & gas royalties, real estate, and even fine art, jewelry, coins, or other complex assets. CFOV can also accept gifts from retirement accounts for all fund types except Donor Advised Funds. Minimum amounts to establish a fund are significantly less than starting a private foundation, making community foundations a viable charitable option for more donors.

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Give now or Give later? Or both?

Some donors may decide to establish a fund as a part of their will or estate plan. If it is your plan to leave a legacy to the region, a permanent endowment held and managed by CFOV could be your way of accomplishing that. We work with individuals, families, and groups to establish funds that will give back to causes that are important to them in perpetuity. We can even establish a fund now with the plan to have it further supported through a planned gift in the future. We also work with your professional advisor on complex planned gifts such as charitable lead trusts, charitable remainder trusts, and other vehicles that can provide tax advantages.

Have a Grant Recommendation?

Requesting a grant from your already-established Donor Advised Fund can be done in two ways: through the Fundholder Portal, or by completing and signing the Donor Advised Fund Grant Request Form and emailing it to debbie@cfov.org. Your request will be promptly considered, and, as appropriate, grants will be made. Grants can be made in the name of the fund or anonymously.

Leaving a Legacy

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Establishing a Legacy Fund at CFOV is a great way to ensure that your philanthropic gift will be carried out just the way you planned it. We encourage those considering a gift through their will or estate plan to involve CFOV early in the planning stages. Our knowledgeable staff with years of experience in local grantmaking, can walk you through how your fund will benefit the community forever.

Your Legacy Agreement will be a guiding document which will ensure proper stewardship of your fund, with the flexibility to change charitable recipients over time. Because you name the Community Foundation in your will or estate plan, you can work with CFOV staff to modify the causes you wish to support without the hassle of revising your legal documents.

Legacy funds can also include next generation advisors if charitable giving is a tradition you would like to pass on.

A variety of assets can be used to establish a Legacy Fund including appreciated stock, life insurance policies, real estate, retirement assets, and charitable remainder trusts.

FAQs

  • How complicated is it to set up a fund?

A fund can be established as soon as terms are defined.  Some funds can be created as quickly as 24 hours.

  • What is the minimum amount to open a fund?

CFOV’s minimum is $10,000 for all fund types except Scholarship Funds, which are $25,000.

  • What if I want to leave something in my will or estate plan for my fund?

That can be done by designating a percentage of your estate or an amount in your will.  Simply make the designation to the Community Foundation for the Ohio Valley and include the fund’s name.  You are also encouraged to use our federal tax identification number of 31-0908698.  For more complex planned giving strategies, please speak with your professional advisor.  If you don’t already have a fund established, talk to us about creating a Legacy Agreement.   A Legacy Agreement is a non-binding agreement that outlines your charitable wishes and provides us with direction for the use of your fund once it receives a gift from your will or estate plan.

  • What organizations can I support with a fund?

Funds can make grants to any 501(c)(3) organization in the United States that is in good standing with the IRS.  When you make a grant request through your donor advised fund, CFOV staff conducts due diligence to be sure the organization is a qualified recipient.

  • My loved one passed away.  How can we honor his/her memory?

Many individuals have established funds through CFOV in memory of loved ones.  It is a great way to honor their legacy.  We recommend thinking about what was important to the person during their lifetime and creating a fund that reflects those interests.  CFOV staff can work with you to personalize this type of philanthropic gift. 

  • What are the advantages of creating a Donor Advised Fund over a private foundation?

There are many benefits to establishing a Donor Advised Fund instead of a private foundation, including:

  • You can establish a donor advised fund much faster than creating a private foundation, which requires the completion of an IRS form and federal approval before a private foundation can be up and running.
  • Because a donor advised fund is a fund of CFOV, it already has nonprofit status, and tax returns are filed by CFOV.
  • Gifts to donor advised funds are tax deductible at a higher rate than gifts to private foundations.
  • Donor advised funds enjoy a low administrative fee, while private foundations must pay for attorneys’ fees, accounting and financial fees, and tax filings.
  • Can I involve my children in my philanthropy?

Yes!  You can name one generation of successor advisors for donor advised funds.

  • How are community foundations regulated?

Community Foundations are registered public charities and are regulated by the IRS.  Each community foundation is governed by a Board of Directors made up of local leaders.  CFOV is audited annually by an independent auditing firm.  Additionally, CFOV is certified by National Standards for Community Foundations.  This elective certification is a peer-reviewed, legal-reviewed process that ensures we are using best practices in our policies and procedures. 

  • Besides opening a fund, is there a way I can be involved in your work?

Absolutely!  Many people support our Community Impact Fund with an annual gift of any size.  The Community Impact Fund allows CFOV to make grants that meet the changing needs of the region through a competitive grant process.  We also raise funds for our summer internship program, CLIP.  Initiatives like the Women’s Giving Circle and the Men’s Giving Circle provide options for those interested in being involved in a group of like-minded philanthropists.

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