There’s no need to debate which is better – giving or receiving – because with an Income Annuity you can do both. By making an annuity agreement with the Community Foundation of Volusia & Flagler, you make a gift, increase your income and slice your tax bill all at once. Here are the prime reasons to consider a charitable Income Annuity:
- Income for life
- Simplicity and flexibility
- Tax savings
- Long term benevolence to the community
FIND OUT MORE: Download the Income Annuity Brochure
What are the Types of Funds Donors Create?
Donors with every kind of philanthropic interest find that a fund in the United Way’s Community Foundation is a simple and flexible way to accomplish their charitable objectives. A fund can be established by an individual or family of donors, in honor of someone, or to benefit a charitable organization. Most funds are managed as perpetual endowments, meaning only the income, not the principal, is regularly disbursed.
The Fund serves as a separate endowment managed by the United Way Community Foundation of Volusia-Flagler Counties. It exists as a dedicated fund initiative within the Community Foundation, governed and protected by the corporate structure of the United Way which was formed as a 501 (C)(3) public charity under the Internal Revenue Code.
The Community Foundation offers six types of funds:
- Unrestricted Funds: The most popular giving format, donors find that an unrestricted fund in the Foundation is a simple and effective way to provide resources to support varied grantmaking initiatives in the community.
- Field of Interest Funds: These types of funds are established by donors who wish to contribute to an area of concern (i.e. youth, family welfare, etc.) but who do not want to designate a particular organization. The Foundation makes grants that meet current needs in the chosen field.
- Scholarship Funds: Contributors can create endowed scholarship funds to honor or memorialize an individual or serve a purpose important to the donor. Income from the endowment provides scholarships each year.
- Donor Restricted Funds: A Donor Restricted Fund can be tailored for a donor who wants to support one or more specific organizations. The principal is irrevocably held by the Foundation, with earnings distributed in perpetuity in accordance with instructions of the donor.
- Donor Advised Funds: These are basically unrestricted funds, but donors have the privilege of suggesting the organizations to receive distributions of subsequent net income. Upon death of the donor, principal and income are irrevocably placed in the Foundation’s general fund.
- Partnership Program: As a service of the Foundation, this program helps qualified non-profit organizations maximize investment yields on their endowment and reserve funds.