Have you ever wanted to start your own foundation or charity? Perhaps there was already a charity close to your heart, an issue you’ve always felt strongly about, or even something which involves a family member or friend?
Well heres a great idea I stumpled upon – you can now start your own private and personal foundation, complete with website, with easy ways for people to donate online. And you need much money to do it. Read on:
At Independent Charities of America, you can now set up your own personal, private, online foundation.
Through a simple process, you will be able to:
* Deposit contributions to your own foundation by credit card, check, or securities transfer at any time. The deposits you make to your foundation are charitable gifts, fully tax deductible to the extent permitted by law at the time you make the deposit.
* Nominate gift distributions from your foundation to charities, churches, or schools of your choice at any time. You are not limited to the charities found on this site.
* Accept email “proposals” from charities seeking funds, an option you can turn on or off at any time.
* To see an example of how this works, you can take the tour at the organization’s website here.
Frequently Asked Questions
Q: What is the required contribution to my donor advised fund?
A: Your initial contribution to open a donor advised fund is $250. There is no minimum requirement for subsequent contributions.
Q: How often may I contribute to my fund?
A: As often as you like.
Q: What is the minimum requirement for recommending grants from my fund?
A: $25.00 per recipient.
Q: How do I receive a receipt for my contribution to my fund?
A: A receipt is issued by email. The summary report of all transactions in your account is also printable.
Q: May I allow funds to accumulate in my account in order to grow into a substantial amount?
A: Yes, and many donors do so. You can wait up to five years between deposits and nominations, providing you nominate at least 5% of the balance every year.
Q: Can someone other than myself or my family make a contribution to be credited to my personal/family foundation?
A: Yes, they can.
Q: If our club creates a foundation, who will get the tax deduction?
A: The club itself, if the club is the entity that makes the gift to ICA. The members receive the tax deduction if it is the individual members who make the gift to ICA.
Q: Can I contribute non-cash or non-stock gifts, such as real estate?
A: No, ICA can only accept check, credit card, or securities contributions.
Q: Can someone other than myself make nominations for distributions from my fund?
A: Yes, anyone with whom you share your email address and Personal Giving Number.
Q: I’m an employer. Can I have an at-work fund drive using the ICA system and let my employees fund their accounts by payroll deduction?
A: Yes. The employer needs to make special arrangements with ICA to facilitate reporting. This is easily done. Inquire by email to [email protected].
Originally posted on July 30, 2010 @ 12:40 pm