As your go-to resource for charitable giving techniques, the NoCo Foundation team pays close attention to best practices in addressing the broad range of your clients’ charitable intentions to support near-term and long-term community needs. This includes tracking legal developments that could broadly impact philanthropy, specific giving vehicles, and everything in between.
For example, we pay attention to the IRS’s plan to increase audits of wealthy taxpayers so that our team is better positioned to help you and your clients understand the requirements of valuing gifts to charity. We’re also gearing up to help you and your clients incorporate charitable giving vehicles as a way to blunt the potential impact of the anticipated estate tax exemption sunset.
Another issue at the forefront of philanthropy is the IRS’s proposed regulations of donor advised funds. Our own President and CEO, Kristin Todd, participated in the U.S. Treasury public hearings in early May. It was inspiring to hear so many community foundation leaders share their recommendations, urging that any new regulations do not disrupt the positive and productive working relationships between community foundations and advisors helping their clients achieve philanthropic goals. You can review the public hearing transcript here.
At this point, no one can predict what will happen with the proposed regulations—whether and how they will be revised or when they might become effective, if ever. As always, our team is staying on top of the issues, and we will keep you informed.
Of course, a donor advised fund is just one of many types of funds your clients can establish at the NoCo Foundation. We offer donor advised funds, endowment funds, field-of-interest funds, scholarship funds, designated funds, and a wide range of planned giving and legacy options for clients wanting to invest in the community’s long-term needs.
Donor advised funds are popular because they allow your client to make a tax-deductible transfer of cash or marketable securities that is immediately eligible for a charitable deduction. The client can then recommend gifts to favorite charitable causes from the fund to meet community needs as they emerge.
What’s especially rewarding for our team is to work with professional advisors and their clients to explore a diversified portfolio of giving vehicles. It’s possible a client’s portfolio would include a donor advised fund, in addition to one or more of a variety of other tools, such as a bequest, unrestricted gift, charitable trust, and endowment gift. Above all, we are confident in our ability to work collaboratively with you and other advisors for years to come to help fulfill your clients’ philanthropic wishes. Thank you for the opportunity to work together!
The team at the NoCo Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. If you have questions or want to know more about how our team can help you, reach out at development@nocofoundation.org
