Why Work with a Community Foundation?
The Long Island Community Foundation offers donors a variety of giving options, accepts a wide variety of assets, and provides the attention of an engaged staff who provide expertise in grantmaking, philanthropic services, and investment management at a modest cost. By working with a community foundation, you maintain the relationship with your clients while getting the support of a dedicated group of professionals.
LICF or a Commercial Donor-Advised Fund?
Donors today have a number of options for their philanthropy. Commercial gift funds (donor-advised vehicles offered by financial firms) offer fast online service and are a convenience for the transactional donor. But because they are national and don't have staff who live in the donor's community, they can't offer donors information about local needs. And because they are essentially online services, there is little in the way of personal service. Community foundations are nonprofit organizations, and because they are geographically based, know about local needs and the organizations that can best fill them.
LICF or a Private Foundation?
Private foundations are another popular option for today's donor, and for some donors they are the right option. But as the Wall Street Journal reported on April 22, 2009, there is an increasing trend toward transferring them to community foundations or commercial gift funds, suggesting that they weren't the correct vehicle in the first place. And the president of the Foundation Center, which recently surveyed family foundations, said: "As these young foundations face transition in leadership from the first to the second generations, questions about sustainability, family capacity or commitment, donor intent, and foundation impact may lead them to consider their options."
Read more about transferring a private foundation to a community foundation.
Private Foundations and Funds in LICF
Many families who set up charitable funds at the Long Island Community Foundation also have private family foundations. Often, the donor uses a fund here to support causes and nonprofits that are outside the general focus of the private foundation. Many set up a fund with us to take advantage of our grant staff, who are expert in a variety of issues and can vet proposals, read financial statements, evaluate programs, study trends, and make grants that address critically important needs. And almost all want to join with other generous Long Islanders who care about our community.