Resources for Professional Advisors
Clients expect professional advisors to provide the same level of expert advice about philanthropy as they do regarding estate planning, trust or financial services. Clients even expect their advisors to bring up charitable giving as part of the planning conversation.
When talking with a client about the sale of a business, closely held stock, an inheritance, or other complex transactions, advisors often suggest philanthropy as a solution. Unity Foundation of La Porte County can help facilitate these matters.
Many La Porte County philanthropists recommend Unity as the best choice because of our experienced staff, range of giving options, capacity to accept complicated assets and deep community knowledge.
Brian C. Merrill, Harbour Trust
Jamie Miller, Unity Foundation & Sarah Brown, Edward Jones
Frequently Asked Questions
What is the Difference Between Using Unity Foundation and Establishing a Private Foundation?
|Unity Foundation Advised Fund||Private or Corporate Foundation|
|Tax Exempt?||501(c)(3) status||Not established|
|Funds Required||$5,000 minimum||Experts recommend $1 million minimum|
|Donor’s Role in Selecting Grants||Donor, family or his/her Advisory Committee recommends grants||Donor specifies grants|
|Tax Deductibility of Gifts||Maximum for donor allowed by law||Limited tax deductibility|
|Federal Approvals, Restrictions, Special Taxes||
|Language for Making Gifts and Creation of Funds||In place||Must create|
|Tax Return (State & IRS)||Included as part of Unity’s||Must prepare|
|Contact with Potential Grantees||Unity Foundation provides at donor’s request||Donor must provide|
|Public Recognition for Donor||Optional at donor’s request, fund may be in donor’s name or donor may remain anonymous.||Must provide or rely on grantee organization|
|Director/Officer Liability||Covered||May be needed|
|Investment of Assets||
||Need to obtain|
|Organization Overhead||1% fee (asset value)||Substantial cost plus 1 or 2% Federal excise tax on income|