Frank and Carol Hennessey
Serving As Convener – Collaborator – Catalyst
BUILDING COMMUNITY THROUGH PHILANTHROPIC GIVING
“We are extremely fortunate to have had a successful and rewarding career, which has provided us the means to establish a Family Foundation. Of more importance, we have been blessed with three tremendous kids who understand the importance of family and community…by truly caring…and by wanting to make a positive difference in areas of interest in their lives… This Foundation [is] a way of bringing family together in pursuit of areas of common interest. It is also reflective of our deep felt belief in the power and importance of family.”
Frank and Carol Hennessey Founding Chairman The Community Foundation for Ocala Marion County
Ocala Marion County is known for its caring spirit, the hallmark of charitable giving. The Community Foundation connects donors to the causes they support and creates access for non-profits to the donors who support them. With focused giving, the Community Foundation creates real impact and leverage for charitable funding in a time of greater needs and scarcer resources. Through the generosity of our donors we are building community by investing in the arts and culture, economic development, education/scholarships and social services—all with the goal of economic vitality and sustainability.
Virginia Esposito President National Center for Family Philanthropy
BOARD OF DIRECTORS Frank Hennessey Bob Reilly Barbara Fitos Richard Bianculli William Chambers Susan Gilliland Jon Kurtz Dr. Lawrence McChesney Whitfield Palmer, Jr.
“Family philanthropy is growing through community foundations and these donor families face many of the same opportunities and challenges that families giving through private foundations do...Building a positive experience that engages more than one generation at a time, finding ways to channel a family’s history and values into effective giving and learning how to build on the unique resources that families bring to givingthese are among the questions we hear from donor families...”
Founding Chairman Vice Chairman/Co-Founder/Treasurer Vice Chairman/Secretary James Schneider Michael Siboni Joan Stearns Cynthia VanHeyde Richard Watts Chester Weber
For additional information: Barbara Fitos, Executive Director 116 S. Magnolia Avenue,Suite 3, Ocala, FL 34471 (352) 507-8116 [email protected] • www.ocalafoundation.org
Establishing a Family Foundation Fund with the Community Foundation for Ocala Marion County Family Foundations have existed for generations and their legacy impact continues today. Yet accompanying continued growth is greater complexity, competition and regulation. Coupled with changing family circumstances, this new environment can prove overwhelming and burdensome from an administrative, investment and grant making perspective. The Community Foundation for Ocala Marion County offers a viable alternative for those with existing Family Foundations or for those seeking to establish a Family Foundation of legacy giving – The Family Foundation Fund. Characteristics & Features: • Designated Family Foundation Fund Name
COMPARING THE BENEFITS OF A FAMILY FOUNDATION FUND WITH THE COMMUNITY FOUNDATION WITH THOSE OF A PRIVATE FOUNDATION FAMILY FOUNDATION FUND Legal Entity
Donor Named Portfolio Fund Separate legal entity must within the family of managed be established funds
IRS Tax Status
Public Charity
Private Foundation
Method of Obtaining Tax Status from IRS
Named Portfolio Fund assumes 501 (c)(3) public charity status of Community Foundation
Must apply for 501 (c)(3) status from IRS
Charitable Deduction Limitations on Cash Gifts
Annual limitation is 50% of adjusted gross income (AGI). Gifts in excess of limitation may be carried forward.
Annual limitation is 30% of AGI. Gifts in excess of limitation may be carried forward
Charitable Deduction Limitations on Publicly Traded Securities
Annual limitation is 30% of AGI. Gifts are valued at fair market value of the security. Gifts in excess of limitation may be carried forward.
Annual limitation is 20% of AGI. Gifts are valued at fair market
Valuation of Gifts other than Cash and Publicly Traded Securities
Fair market value
Donor's basis (Cost)
Tax Return Filing Requirements
None for Portfolio Fund; fund is included in the annual Form 990 filed by the Community Foundation.
Federal Form 990-PF must be filed by the last day of the fifth month following the Private Foundation's fiscal year end.
Taxes Paid
None
2% excise tax is paid on net investment income. Additional excise tax may be owed if annual charitable expenditures do not meet IRS 5% requirement.
IRS Requirement for Minimum Annual Grants/ Charitable Expenditures
None
5% of fair market value of assets
• Minimum Opening Contribution Recommended - $100,000 • Provide All Administrative Services Including: record keeping, accounting, IRS reporting, compliance requirements and satisfying all fiduciary responsibilities • Provide Complete Investment Management Services – Fund will be part of the Community Foundation’s professionally managed, diversified portfolio with access to investment options typically not available to individual, smaller investors* • Assistance in formulating Family Foundation Fund Charitable Goals and Grantmaking Priorities
Share the gift of giving and restore the joy of giving through your Family Foundation by allowing the Community Foundation to take care of all of the administrative tasks for you!
JOIN US TODAY AND SHARE YOUR WEALTH-WISDOM-WORK FOR THE GREATER GOOD OF OCALA/MARION COUNTY
PRIVATE FOUNDATION
BUILDING COMMUNITY THROUGH PHILANTHROPIC GIVING
“We are extremely fortunate to have had a successful and rewarding career, which has provided us the means to establish a Family Foundation. Of more importance, we have been blessed with three tremendous kids who understand the importance of family and community…by truly caring…and by wanting to make a positive difference in areas of interest in their lives… This Foundation [is] a way of bringing family together in pursuit of areas of common interest. It is also reflective of our deep felt belief in the power and importance of family.”
Frank and Carol Hennessey Founding Chairman The Community Foundation for Ocala Marion County
Ocala Marion County is known for its caring spirit, the hallmark of charitable giving. The Community Foundation connects donors to the causes they support and creates access for non-profits to the donors who support them. With focused giving, the Community Foundation creates real impact and leverage for charitable funding in a time of greater needs and scarcer resources. Through the generosity of our donors we are building community by investing in the arts and culture, economic development, education/scholarships and social services—all with the goal of economic vitality and sustainability.
Virginia Esposito President National Center for Family Philanthropy
BOARD OF DIRECTORS Frank Hennessey Bob Reilly Barbara Fitos Richard Bianculli William Chambers Susan Gilliland Jon Kurtz Dr. Lawrence McChesney Whitfield Palmer, Jr.
“Family philanthropy is growing through community foundations and these donor families face many of the same opportunities and challenges that families giving through private foundations do...Building a positive experience that engages more than one generation at a time, finding ways to channel a family’s history and values into effective giving and learning how to build on the unique resources that families bring to givingthese are among the questions we hear from donor families...”
Founding Chairman Vice Chairman/Co-Founder/Treasurer Vice Chairman/Secretary James Schneider Michael Siboni Joan Stearns Cynthia VanHeyde Richard Watts Chester Weber
For additional information: Barbara Fitos, Executive Director 116 S. Magnolia Avenue,Suite 3, Ocala, FL 34471 (352) 507-8116 [email protected] • www.ocalafoundation.org
Establishing a Family Foundation Fund with the Community Foundation for Ocala Marion County Family Foundations have existed for generations and their legacy impact continues today. Yet accompanying continued growth is greater complexity, competition and regulation. Coupled with changing family circumstances, this new environment can prove overwhelming and burdensome from an administrative, investment and grant making perspective. The Community Foundation for Ocala Marion County offers a viable alternative for those with existing Family Foundations or for those seeking to establish a Family Foundation of legacy giving – The Family Foundation Fund. Characteristics & Features: • Designated Family Foundation Fund Name
COMPARING THE BENEFITS OF A FAMILY FOUNDATION FUND WITH THE COMMUNITY FOUNDATION WITH THOSE OF A PRIVATE FOUNDATION FAMILY FOUNDATION FUND Legal Entity
Donor Named Portfolio Fund Separate legal entity must within the family of managed be established funds
IRS Tax Status
Public Charity
Private Foundation
Method of Obtaining Tax Status from IRS
Named Portfolio Fund assumes 501 (c)(3) public charity status of Community Foundation
Must apply for 501 (c)(3) status from IRS
Charitable Deduction Limitations on Cash Gifts
Annual limitation is 50% of adjusted gross income (AGI). Gifts in excess of limitation may be carried forward.
Annual limitation is 30% of AGI. Gifts in excess of limitation may be carried forward
Charitable Deduction Limitations on Publicly Traded Securities
Annual limitation is 30% of AGI. Gifts are valued at fair market value of the security. Gifts in excess of limitation may be carried forward.
Annual limitation is 20% of AGI. Gifts are valued at fair market
Valuation of Gifts other than Cash and Publicly Traded Securities
Fair market value
Donor's basis (Cost)
Tax Return Filing Requirements
None for Portfolio Fund; fund is included in the annual Form 990 filed by the Community Foundation.
Federal Form 990-PF must be filed by the last day of the fifth month following the Private Foundation's fiscal year end.
Taxes Paid
None
2% excise tax is paid on net investment income. Additional excise tax may be owed if annual charitable expenditures do not meet IRS 5% requirement.
IRS Requirement for Minimum Annual Grants/ Charitable Expenditures
None
5% of fair market value of assets
• Minimum Opening Contribution Recommended - $100,000 • Provide All Administrative Services Including: record keeping, accounting, IRS reporting, compliance requirements and satisfying all fiduciary responsibilities • Provide Complete Investment Management Services – Fund will be part of the Community Foundation’s professionally managed, diversified portfolio with access to investment options typically not available to individual, smaller investors* • Assistance in formulating Family Foundation Fund Charitable Goals and Grantmaking Priorities
Share the gift of giving and restore the joy of giving through your Family Foundation by allowing the Community Foundation to take care of all of the administrative tasks for you!
JOIN US TODAY AND SHARE YOUR WEALTH-WISDOM-WORK FOR THE GREATER GOOD OF OCALA/MARION COUNTY
PRIVATE FOUNDATION
