What Are Community Foundations?
Community foundations are tax-exempt charitable organizations created by and for the people of our communities throughout the United States. These organizations enable people with philanthropic interests to easily and effectively support the issues they care about — immediately or through their wills. Donors can establish a charitable fund at the foundation by contributing a variety of assets and may also recommend grants — in their name, if they choose — to nonprofit groups they want to support. Clients may consider it a mixed blessing to own an equity interest in a private business, restricted stock or stock options. The assets may be valuable, but the value can’t be unlocked without triggering a significant tax event. “Many people assume because a stock is restricted that they are stuck with it and can’t do anything with it,” says Vaughan Henry of Henry & Associates, a Springfield, Ill. consultancy specializing in gifting and estate planning. But donating such assets can generate ex
