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The Long Island Community Foundation is a division of The New York Community Trust, one of the largest community foundation in the country with over $2 billion in assets.

What Is The Long Island Community Foundation?

The Long Island Community Foundation is one of 650 community foundations around the nation:

The LICF manages and administers charitable funds for individuals, families, and businesses, allowing donors to focus on their philanthropy, not on the paperwork.
The LICF awards millions of dollars in grants to support nonprofit organizations located throughout Long Island, the country, and the world.

For 25 years, the LICF has been helping Long Islanders make a difference.

Why Consider A Fund In The LICF?

Charitable giving through a fund in the LICF offers donors maximum tax benefits without the bother of administration. The LICF staff performs all of the administrative work - bookkeeping, accounting, and check writing -- and assures that only bona fide charities are supported. The New York Community Trust oversees investment of the LICF funds in order to generate income for charitable giving now and into the future.

A gift of $5,000 or more starts a fund.

A fund in the LICF accepts a broad range of assets.

In addition to cash and publicly traded securities, the LICF accepts contributions of closely held or restricted stock, copyrights, and paid up life insurance interests upon a case-by-case review of those assets. In addition, through one of our bank trustees, we will consider gifts of real estate. Transfers of assets held in IRA's and Keoghs also will be accepted.

More economical than a private foundation
When the costs of establishing and maintaining a private foundation outweigh its philanthropic and tax benefits, a fund in the LICF might make better sense for a client.

As a public charity, the LICF can receive a broader array of assets and affords greater tax benefits.
LICF fees are low, much lower than the costs of administering a private foundation, and The New York Community Trust oversees the investments of the funds.
No matter the size of the initial gift, whether $5,000 or $5 million, the donor gains access to the LICF and Trust staffs to perform all administrative functions associated with philanthropy, including due diligence to ensure that only bona fide nonprofit organizations are supported.
The LICF offers a range of fund types that afford varying levels of donor participation to suit your client's inclinations.
Donors may appoint successor advisors to carry philanthropy into the next generation.
In a year of unprecedented gain, a client may open a fund that allows charitable giving from both income and fund principal. By authorizing use of both income and principal for grantmaking, donors can enjoy the benefits of philanthropy even in sparer years.
Unlike the time and effort required to establish a private foundation, setting up an LICF fund can be accomplished by a simple letter agreement. The savings to donors are considerable, both in set-up and on-going administrative fees.

The benefits of charitable giving through an LICF fund accrue, no matter the size of the initial gift. All LICF donors gain: immediate and favorable tax advantages; investment and management of funds by The New York Community Trust; freedom from the burden of filing annual reports with the IRS and New York State Office of Charities; and relief from excise taxes, penalty taxes, and a mandatory annual payout.

More advantageous than a commercial gift fund
In addition to investment and fund management, unlike most commercial gift funds, LICF donors have the added bonus of access to an entire staff knowledgeable about the local nonprofit sector. Even donors with a well-articulated philanthropic vision benefit from the LICF staff's expertise. Through forums, newsletters, and site visits, LICF donors can learn more about the region, its nonprofit community, and its changing needs.

The LICF is one of 650 community foundations and a member of the Council of Foundations, which permits access to a network of information about nonprofit organizations and issues throughout the country.

Although it's the "Long Island" Community Foundation, donors may direct their philanthropy nationally and internationally as well as locally.

Investment strategies to enhance donors' giving
LICF donors benefit from the affiliation with The New York Community Trust with investment management services to assure that assets are wisely invested. Managing $1.8 billion in assets in over 1700 funds allows The New York Community Trust to keep its administrative fees low, much lower than commercial philanthropic funds. Donors are given investment choices - preserving fund size, anticipating growth of the endowment, or making funds immediately available for grants.

The LICF staff and board have deep roots in the Long Island community, bringing their education, experience, and knowledge to help donors refine and implement their individual philanthropic goals. LICF staff have earned college and advanced degrees in social work, education, law, public administration, urban policy, history, and nonprofit management. They bring to this work an understanding of public policy and the ability to see "the big picture," examine nonprofit credentials, assess the efficacy of local problem-solving efforts, and help initiate new and innovative collaborations to solve emerging regional problems. Many LICF donors have come to rely on staff to research and recommend charities for support.

LICF advisory board members are experienced philanthropists, educators, business and professional leaders, and community activists from across Nassau and Suffolk who use their acumen to guide the work of the LICF.

Donor giving through a fund in the LICF need not be limited to Long Island charities. A fund in the LICF allows donors to support the organizations and causes they hold dear on Long Island, throughout the United States, and abroad.

LICF staff and Jane Wilton, General Counsel at the NYCT - 212 686-0010, ext. 379 -- are available to answer any technical, legal questions you might have.

Services To Professional Advisors

Each year the LICF hosts a continuing education program for professional advisors providing valuable updates on important issues in the practice area of trusts and estates. Continuing education credits are available to both attorneys and accountants. Three times a year The New York Community Trust issues its PROFESSIONAL NOTES, which update professional advisors on current issues affecting their practice. Also available is a booklet - CREATING A FUND HERE - that includes the technical language needed to create a variety of instruments for current and deferred giving, and giving by Will or trust.