Your Giving Journey Part 2: Supporting Your Philanthropy

Your Giving Journey Part 2: Supporting Your Philanthropy

by Diane Silva, Director, Philanthropy

Diane Silva

Last time we looked at ways you can start a fund with LCF while taking advantage of the tax benefits each giving strategy offers. As we gear up for 2020, I’d now like to cover how LCF support’s you after you’ve decided to start your charitable legacy with us.

Low Cost

Starting and managing a private foundation can be both time consuming and costly. Start-up legal fees can be over $7,000 and the ongoing administrative costs, which includes CRA reporting, receipting, legal fees, insurance and staff, can make having a private foundation prohibitively expensive.

With London Community Foundation, there are no start-up costs and our incredibly low administration fee means your money is going to the community instead of legal fees and insurance premiums. Since you can start a fund with a gift of any size, LCF makes philanthropy accessible to everyone.

Flexibility

Do you have the ability to give now due to a liquid event or surprise financial windfall, but aren’t quite sure what you want to give to? Don’t worry! You can start a fund now, receive your charitable tax receipt, and start accumulating grant dollars while you decide. Your fund will be up and running in as little as a week and you can begin granting to a registered charity at any time. Annual grant dollars can also be “saved up” from year to year if you’re trying to save up for a bigger commitment that is on the horizon.

Succession Planning

Whether you’re a single donor, a family, a non-profit or a corporation, our succession planning ensures that your money is not only safe, but carrying on your legacy and supporting the causes you want after your gone or no longer able to direct the funds yourself. You can decide if you want your fund to remain multi-generational or you can map out a plan that specifically outlines your intentions.

Privacy

Private foundations often require certain information be made public. At LCF, we offer you as much anonymity or public recognition as you wish. Don’t want to be solicited directly for donations or be on multiple email lists? We can also act as a buffer between you and the charitable organizations you give to.

Additional Support

Besides our comprehensive financial and administrative support, we offer our fundholders a variety of additional services:

• Customized fund web-pages, complete with an embedded donation form.

• Donor events, where you can meet and network with other LCF fundholders.

• Annual fund statements, so you can keep track of your fund balance and granting.

And a wealth of community knowledge for you to draw upon to make your giving strategic and impactful, which we’ll be covering in depth in Part 3!