Professional Council FAQs
What is The Columbus Foundation?
The Columbus Foundation is our community's permanent endowment, enabling donors from all walks of life to improve the communities they care about through charitable giving. As a charitable community foundation, we manage and invest charitable funds established by gifts from individuals, families, corporations, and other nonprofit organizations.
What is a community foundation?
A community foundation is a collection of
funds established by a wide range of
donors, including
individuals,
families,
businesses,
nonprofits , and
estate planning. Each fund is a reflection of the charitable interests of the donor. Community foundations make grants to charitable organizations
from these funds to support the work of those charities. There are more than 770 community foundations across the United States.
How are you different from the commercial gift funds like Fidelity?
The Columbus Foundation offers a wider variety of
charitable funds and more options for the investment of the assets of those charitable funds. Also, The Columbus Foundation has a local, professional staff who can provide personalized assistance in the areas of giving and grantmaking.
What is the advantage of a community foundation over a private foundation?
Establishing a
fund at The Columbus Foundation is simply and cheaper than establishing a private foundation. Moreover, the ongoing administration of a private foundation is typically more costly and time-consuming than having a fund at The Columbus Foundation, which handles all administrative tasks
.
What is GiftLaw?
GiftLaw is a web-based gift planning tool for professional advisors interested in charitable gift planning strategies. GiftLaw includes overviews of new legislation and legislative proposals, summaries of recent IRS private letter rulings, recent court decisions, and case of the week presentations. GiftLaw is designed to supplement, but not replace, the consultations you can have with the Foundation's experienced staff on a custom-tailored giving plan for your client.
How do I get my clients started?
Contact an officer in the Foundation's Donor Services and Development Department to discuss the assets for gifting and fund types
that best fit your clients' charitable interests and financial situation. A client may establish a fund with an initial gift of $10,000 or more.
How will the Foundation invest the assets of a charitable fund?
The Foundation works with more than 29 different
investment options serving as its investment agents. The Foundation also has the ability to work with individual investment advisors through a program that the American Funds has established for community foundations.
What are the Foundation’s fees?
The Foundation’s
administrative fees vary with the type of fund that a donor establishes. The Foundation’s investment agents
also charge fees that vary with the investment agent and the investment vehicles used by the investment agent.
Will I have to pay a fee to work with you?
No, the Foundation’s
Donor Services and Development staff welcomes opportunities to discuss with you a custom-tailored charitable giving plan for your clients at no charge.
How can the Foundation fit into my clients' estate plans?
The Foundation will work closely with you and your clients to help facilitate planned gifts of all types through your clients’
estate plans. This work may include the development of a letter of intent from the clients to the Foundation detailing
how your clients would like the Foundation to use their planned gift when the Foundation receives the gift in the future.
Does the Foundation serve as trustee of charitable remainder trusts or charitable lead trusts?
No. The Foundation recommends that donors appoint a qualified bank or trust company or a qualified individual as trustee. Of course, the Foundation welcomes the opportunity to serve as the remainder beneficiary of a charitable remainder trust or the lead beneficiary of a charitable lead trust. As always, we would work with you and your clients to develop a letter of intent as to how such planned gifts will be used.
Can my clients' families be involved in their charitable giving through the Foundation?
The Foundation strongly encourages family philanthropy. We have developed a
Family Philanthropy Toolkit that is resourceful for your
family giving.
If you have any questions, contact a member of our Donor Services team by e-mail. We'll respond to you within the next business day.