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What is The Peninsula Community Foundation of Virginia?
The Peninsula Community Foundation of Virginia is a nonprofit community
foundation founded in 2003 that manages and invests charitable funds for
individuals, families, businesses and other nonprofit organizations.
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How is it different from a commercial gift fund?
The Foundation offers more charitable options at the same, or lower,
service charges than commercial gift funds. The Foundation also has
staff members who know their community and its needs so they can help
connect you to causes and interests.
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What advantages will I enjoy with a fund at The Peninsula
Community Foundation of Virginia?
With its public charity status, the Foundation offers the maximum tax
advantage allowed by federal tax laws. Your contribution to a Foundation
fund may receive a higher deduction than the same gift to a private
foundation.
In addition, our staff provides personalized attention to help you
fulfill your philanthropic wishes.
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What types of assets can I use to create a fund or add to an
existing fund?
Options include cash, securities, real estate, retirement accounts,
insurance policies and interests in privately held corporations and
limited partnerships. In addition, collectibles such as stamp
collections are assets that can be sold to create a fund.
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Are there options if I cannot afford to part with assets or
income at the present time?
Absolutely. You can make a bequest through your will or trust. You can
also select a charitable gift annuity or charitable remainder trust,
which provide income and current year tax deductions. Some arrangements
can help provide current income, help diversify a portfolio and avoid
capital gains, gift or estate taxes.
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How are investments managed?
Through our relationships with local investment managers, our permanent funds
are invested in diversified
investment portfolios. Please call 757-327-0862 for a copy of our investment policy and procedure or
click here to contact our Executive Director, Jana Murphy.
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What amount is needed to start a fund?
You can create a named gift fund with an initial contribution of
$5,000, with the intent to increase the amount to $25,000 during a specific
period of time. You can also contribute any amount to the Foundation’s
Unrestricted Fund, which provides funds for grantmaking to a wide array of
nonprofit organizations. You can also add any amount to an existing fund
at the Foundation.
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How are grants made from funds?
With donor advised funds, you or your fund advisors communicate with the
Foundation regularly to recommend grants to charities. With Restricted funds that name specific nonprofit recipients, we make grants annually
to the organizations named. Field of interest and Unrestricted funds are
distributed through the Foundation’s competitive grantmaking program. We
award grants quarterly from these funds to nonprofit organizations that
benefit the residents of southeastern Virginia.
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How will scholarships be awarded from funds?
When we have funds available for scholarships, our scholarship staff
will accept applications directly from students. They will also work
with guidance counselors and advisors at area schools to help identify
students needing scholarship assistance. Recipients will be selected on
the basis of financial need, academic achievement and initiative. Our
staff will work to find candidates meeting those criteria. Scholarship
checks will be written to specific schools, colleges and universities
and earmarked for specific students. Students will be able to apply
directly to the Foundation for scholarship funding.
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Would establishing a private foundation make sense for me?
A private foundation works for some people, but it can involve months of
paperwork to establish. It then can become an ongoing administrative
burden. Private foundations can be expensive to administer and have
rules and regulations some donors find limiting. For example, a private
foundation must file a separate tax return, pay excise tax and meet an
annual payout requirement. For a comparison chart on private foundations
and The Peninsula Community Foundation of Virginia,
click here.
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Can my family stay involved in my fund?
Absolutely. With a donor advised fund you can include specific family
members by naming them as donor advisors who recommend grants from the
fund. When establishing advised funds, you may add up to one succeeding
generation as donor advisors.
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Can I keep my donations anonymous?
Yes. The Foundation respects all requests for privacy. You can
choose to give your funds a name that does not reveal your identity. You
can also request that grants from your funds remain anonymous.
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Can a nonprofit organization create a fund to benefit itself?
Yes. Other nonprofits are encouraged to explore starting organizational
funds at the Foundation. These funds ensure fiscal perpetuity and gain
investment expertise for an organization’s endowment. Grants are made
directly to the designated organizations from their funds each year.
Individual donors can also create a fund to benefit a specific nonprofit
organization.
