The Foundation works with you and your client to establish the type of fund that best serves the donor s intent. Because the Maine Community Foundation is a public charity under federal tax law, contributions to the Foundation qualify for maximum deductibility for income, gift, and estate tax purposes. Those who create Donor Advised funds, in addition to receiving tax benefits in the year the gift is made, may recommend distributions from the Fund in that year as well as in future years. Accountability Ensuring that contributed funds are used both in accordance with the donor s directions and for public benefit is of primary importance at the Foundation. An independent professional audit is made annually and all grants are publicly disclosed.
Donors receive annual statements detailing their fund s activity.
Professional Fund Management A committee whose members have extensive experience in the investment and financial services industry oversees Maine Community Foundation investments. The Committee is responsible for setting investment policy and strategy, hiring outside professional managers, and monitoring investment performance against industry benchmarks. Maine Community Foundation invests its assets for total return in compliance with the Uniform Management of Institutional Funds Act. This act allows institutions to consider both income and capital appreciation in determining annual monies available for distribution, and encourages long-term investment strategies that are less susceptible to sudden shifts in interest rates and market valuations. As a vehicle for philanthropy, community foundations are extremely flexible.