The Cortland Community Foundation is a means for anyone to invest in our community’s future, through gifts of any amount. Gifts are accepted from individuals, families, organizations, agencies, corporations, trusts, estates and other foundations. Persons may give money or securities during their lifetime or may name the Cortland Community Foundation in their will or trust as a beneficiary of all, a portion or the remainder of their estate.
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Planned Giving, also called Estate Planning
Donor Advised Funds
Unrestricted Gift
You may make additional contributions of any dollar amount at any time. Your fund may also accept gifts from third parties.
Contributions may be made in the form of cash, stocks, bonds, mutual fund shares, or other securities, a life insurance policy, pension funds, bequests or a charitable trust. Once a contribution is accepted by the Foundation, it is considered an irrevocable charitable donation and is not refundable.
Personal investments in the foundation have provided substantial returns thanks to our skillful portfolio by Tompkins Trust.
Tax Deductions
You should always consult your accountant or tax advisor regarding your personal situation. All contributions made to the Cortland Community Foundation are tax deductible to the fullest extent allowed by law. The deduction is allowed in the tax year that the contribution(s) is made to the Foundation, NOT when the grants are distributed.
Contributions to the Cortland Community Foundation and any earnings related to your contribution are not part of your taxable estate for federal estate tax purposes and are not subject to probate. Amounts contributed to the Donor Advised Fund account are not included in your gift and estate tax unified credit calculation.
Income that accrues to your Donor Advised Fund account belongs to the account and not the account holder(s). Therefore, the account holder(s) is not taxed on this income and cannot claim a charitable deduction when the income is earned or distributed from the account.
Contributions made by cash are eligible for an itemized income tax deduction equal to the amount of your contribution on the date that the contribution is made.
Contributions made by the donation of securities or other tangible goods are eligible for an itemized income tax deduction equal to the mean of the high and low prices of each security on the date that each is received by the Foundation.
Grant Recommendations
As the donor, you can be actively engaged in the grantmaking process. The Cortland Community Foundation gives you the right to advise on distributions from your fund to specific charities. Staff is also available to identify organizations that match your charitable interests
The minimum grant recommendation is $250.00. There is no maximum. Grant recommendations may be submitted once per calendar year to as many organizations as you wish. Grants may be made in the name of your fund or anonymously.
Although the law requires that the ultimate grant making decisions be made by the Foundation’s Board of Directors, it is the board’s intention to fulfill all grant recommendations as long as they meet the Cortland Community Foundation’s grant making guidelines.
Grant Making Guidelines
Grant recommendations may be made by completing a Donor Advised Grant Suggestion form and submitting it to the Foundation. All grant recommendations must be made to qualified U.S. 501(c) 3 public charitable organizations. Grants cannot be made to private foundations. A Donor Advised Fund may pledge a grant payable over an extended period of time to the extent allowed by the spending policy. Account owner(s) and/or donor advisor(s) are encouraged to include the Cortland Community Foundation General Fund in their grant recommendations.
IRS guidelines do not allow grants from Donor Advised Fund accounts to be distributed on behalf of a personal pledge of the account owner, donor or any other party. Nor for any private benefit, such as tuition, scholarships sent to individuals, dues, membership fees, benefit tickets or goods purchased at a benefit auction, etc. Grants cannot be used for lobbying, political contributions or to support a political campaign.
Services Provided
The Cortland Community Foundation will provide account holder(s) with the following services:
Remit checks to approved grant recommended organizations accompanied by a letter indicating the fund where the donation came from and any special instructions regarding the application of the donation per the donor advisor’s request.
Inform the donor advisor of the approved grant recommendations and the date the checks were sent.
Acknowledge receipt of all donations received by the foundation that will serve as the donor’s receipt for tax purposes. Send annual statements of the fund account’s activity, including contributions received, grants disbursed, account fees and earnings.
Send annual statements of the fund account’s activity, including contributions received, grants disbursed, account fees and earning.
Remember: the Cortland Community Foundation is a 501c3 nonprofit organization under the regulations of the Internal Revenue Service. Contributions are tax-deductible to the full extent allowed by law.
Thank you for your interest in helping our community through a gift to the Cortland Community Foundation! It is your generosity that allows us to do what we do. -Cortland Community Foundation Board.