LICF is an operating division of the New York Community Trust (NYCT) — one the country’s oldest and largest community foundations, with assets in excess of $2 billion and consisting of almost 1,800 individual charitable funds. The NYCT has been helping charitable individuals, businesses, and private foundations with their philanthropy since 1924. We make philanthropy convenient, professional, and lasting.
The Long Island Community Foundation is one of more than 700 community foundations around the nation:
We manage and administer charitable funds for individuals, families, and businesses, allowing donors to focus on their philanthropy, not on the paperwork.
We award millions of dollars in grants to support nonprofit organizations located throughout Long Island, the region, and the country.
How are the Long Island Community Foundation and The New York Community Trust related?
The Long Island Community Foundation is an operating division of The New York Community Trust, the largest community foundation in the country. Established in 1978, the LICF — guided by a BOARD OF ADVISORS composed of community leaders — provides donors with maximum tax savings, professional staff support, in-depth knowledge of Long Island, and permanence within the community. LICF donors benefit from the investment and financial management services of The New York Community Trust, a 85-year-old institution with assets exceeding $2 billion.
What is the difference between The New York Community Trust and Community Funds, Inc.?
What is known to the public as “The New York Community Trust,” is in fact two organizations. The first, The New York Community Trust, is organized as an unincorporated association of trusts. Each component fund is held in trust with a bank trustee that is a member of our Trustees Committee, and every gift instrument incorporates by reference The Resolution and Declaration of Trust creating “The New York Community Trust” (the R&D).
The second entity is Community Funds, Inc., a New York not-for-profit corporation. No bank trustee is required; rather, component funds are invested by money managers retained and overseen by our distinguished Investment Subcommittee.
The two entities share a board and staff and operate as one. They file a combined Form 990 with the Internal Revenue Service.
A fund in LICF or a private foundation—or both?
The Long Island Community Foundation offers the advantages of a private foundation without most of the expense and hassle. Professionally staffed, LICF can handle all aspects of grantmaking and reporting, and advise donors on smart and effective grantmaking. Many of our donors also have private 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 local 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.
As a public charity, LICF offers donors tax deductions that are often superior to those accorded private foundation donors. Read more >>
What kinds of funds can I set up?
We offer four types of funds:
Unrestricted funds leave discretion to The Trust's governing board to use the donor's gift to meet contemporary needs, forever.
In a field-of-interest fund, we make grants to nonprofits to tackle issues of concern to the donor, such as child and family welfare, youth, education, or health policy.
A donor-advised fund is an unrestricted fund legally, but the donor recommends the organizations to receive grants.
Designated funds name specific nonprofits to receive grants, subject always to our board's variance power, which ensures that the fund remains relevant over time.
How do I open a fund?
It's easy to set up a fund at LICF. You decide the type of fund that’s best for you. You think about your charitable priorities, how much you want to give, and name the fund. Then you establish the fund. The gift may be made now or by will. Click here for instructions.
How much do I need to set up a fund?
We have funds that were started with $75 million, but our minimum is $5,000, which is also the minimum amount that must be maintained in the fund. There is no maximum. We do not charge a set-up fee.
What kind of assets may I use to open a fund?
Funds may be established with the following:
Cash,
Securities traded on major exchanges,
Closely held stock,
Mutual fund shares,
Retirement plan assets,
Interests in limited partnerships,
Literature copyrights, and movie and television rights.
We are skilled at evaluating unusual assets and have the flexibility to accommodate them when suitable for charity.
What are the fees?
All funds in The Trust, regardless of type or size, are assessed the same annual administrative fee. Currently, the fee is 2.5 percent of grants paid or 1/2 of one percent (or 50 basis points) of the fund’s market value, whichever is greater. The fee is based on market value and taken in quarterly installments. If the fee collected by the end of the year is less than 2.5% of grants paid, then the difference will be withdrawn during the first quarter of the following year.
We also use another mechanism to keep our fees low. The income generated by each fund is put into the fund's grantmaking account (disbursing account). However, the interest earned on balances waiting to be distributed to grantees is used to defray The Trust's administrative expenses.
The minimum annual fee is $100.
The fee on an individual grant of $500,000 or more is 1%. Investment fees are modest.
I need to set up a fund quickly. How long will it take?
We can open a donor-advised fund in less than one business day.
May I select the name of the fund?
Of course. The donor always chooses the name of the fund, typically using their own names or names of individuals to be honored or memorialized. Donors who prefer anonymity can choose a general name.
How long does the fund have to remain open?
Five years is our minimum, but we hope that donors will consider making their funds a permanent resource for charity.
Can I change how my fund is invested?
From time to time, as circumstances warrant, you may request us to change the investment, but please remember, as personal as our service may seem, the money you have given us to establish a fund legally becomes our money, and while mindful of your interests or concerns, our decision on appropriate investment vehicles must remain the final one. For more information on how we invest, please click here. If you would like to discuss changing how your fund is invested, please
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May I make a grant to an organization that is in a foreign country?
We do not make grants to nonprofits outside the United States. Many major foreign organizations have established "American Friends of..." and these, because they are based in the U.S. and follow regulations governing U.S. charities, are often good substitutes for direct support. Proposed legislation may make it impossible to make foreign grants from donor-advised funds.
How We've Helped
Instrumental in the start up of well-known organizations
Interfaith Nutrition Network The INN (Interfaith Nutrition Network) addresses the issues of hunger and homelessness on Long Island by providing food, shelter, long-term housing, and supportive services in a dignified and respectful manner for those who seek our help. We are a not-for-profit, volunteer-based organization with a dedicated staff, a broad base of community support and a commitment to educate the public about these issues.
Creating a Fund 
