Frequently Asked Questions
What is The Community Foundation?
The Community Foundation of West Chester/Liberty
is a “vehicle” in
which donors may achieve their charitable goals. The Foundation serves
the West Chester and Liberty Township areas to improve the quality of life
for its residents. The vision of the Foundation is to serve as a leader
and resource for philanthropy; build and permanently hold a growing endowment
for the community’s changing needs; provide flexible and cost-effective
ways for donors to improve their community now and into the future; promote
collaboration among local funding organizations and service providers to
address community needs; and, make grants and provide counsel and assistance
that will have significant impact upon the residents of West Chester
and Liberty Townships.
Is The Community Foundation a "charity" itself?
The Foundation is a tax-exempt 501(c)3 charitable organization. Our primary
role is to serve as a vehicle in which our donors can achieve their charitable
giving desires.
Are my gifts tax deductible?
The Community Foundation qualifies for the maximum
tax deductions provided by the Internal Revenue Service. It is classified
as "tax exempt" under
Section 501(c)(3) of the Internal Revenue Code; as a "publicly-supported
organization" under Section 170(b)(I)(A)(vi); and as "not
a private foundation" under Section 509(A).
What assets can be contributed to a fund?
- Outright gifts of cash, real estate, securities
and/or personal property.
- Bequests by will of cash or property.
- Memorial or honorarium assets in tribute to a
friend or loved one.
- Life insurance or retirement plan assets naming The
Community Foundation as beneficiary.
- Private foundation transfers in which the private foundation
transfers its assets to The Foundation while retaining its name and purpose.
|
