Donors like you may set up individual funds, in your own name or the name of a loved one, and have essentially as little or as much control as you wish in determining which charities benefit from your fund. Or, you may choose to contribute to a variety of existing funds, set up to serve particular purposes. Each community foundation also has a general endowment fund, the income from which is distributed by the community foundation's board of directors to address needs and opportunities in your community as they change over time. A community foundation is governed by a local board of directors chosen for their knowledge of the community and designed to be representative of a board cross-section of the community. The directors further possess expertise in the many areas of management necessary to carry out the stewardship functions of the foundation.
All contributions are tax deductible to the maximum amount allowable for gifts to a public charity.
Indeed, because community foundation are classified as public charities under the tax code, some donors are able to claim larger tax deductions on gifts to community foundations that they are on gifts to their own private foundation. Whatever your charitable intentions, there are ways to achieve them through your gift to your community foundation. Indiana leads the nation with more than 90 community foundation. Nearly every county or area of the state is served by a community foundation. Thousands of individuals have realized the unique opportunity community foundations offer to fulfill their philanthropic wishes.