FAQ
What is The Columbus Foundation?
Founded in 1943, we are the community’s permanent charitable endowment, enabling donors from all walks of life to improve the communities they care about through current and future charitable giving. We serve as the trusted philanthropic advisor to more than 1,800 individuals, families, and businesses that want to help others through the most effective philanthropy possible.
What is a community foundation?
A community foundation is a collection of funds established by a wide range of donors . Each fund is a reflection of the charitable interests of the donor. According to the donors’ wishes, community foundations make grants to nonprofit organizations from these funds to support the work of those charities. There are more than 770 community foundations across the United States and we rank among the top ten in terms of assets.
Who typically works with The Columbus Foundation?
TCF works with a variety of individuals, families, businesses, and nonprofit organizations. There is no one “type” of person we work with. TCF donors are students, retirees, business owners, teachers, railroad workers, attorneys, and to name a few. We work with donors who live in Columbus neighborhoods, donors who live in surrounding counties, and donors who live in 30 different states
Does my client have to support TCF with their contribution?
Your client can give to the causes he or she cares about by partnering with TCF.By creating a unique charitable fund, donors are able to make a grant to any nonprofit 501(c)(3) charitable organization located anywhere in the world. Many of our donors support nonprofits where they grew up or where they have retired.
How are you different from the commercial gift funds like Fidelity?
TCF offers a wider variety of charitable funds and more options for the investment of the assets of those charitable funds. Also, TCF has a local, professional staff that 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 simpler 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.
How do I get my clients started?
Contact us at dsd@columbusfoundation.org or call 614/251-4000 to reach one of our officers who can review 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?
We offer more than 28 different investment options serving as 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, our 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.
