Many attorneys, accountants, financial planners, brokers, insurance agents, estate planners and other professionals work with the Community Foundation of Elmira-Corning and the Finger Lakes, Inc. to help clients meet their charitable goals. We offer a range of services that match donors’ interests with their tax planning requirements.
Why Work with a Foundation?
Because we work closely with nonprofit organizations across our region, the Community Foundation has a deep understanding of community needs and the groups that address them. We also know which nonprofits operate most effectively. We can help you identify charitable opportunities and tailor a giving strategy for each client, based on the impact that he or she wants to make.
When your client establishes a fund with the Community Foundation, we manage all the administrative details, including investment, accounting, audit and tax returns. Donors can focus on the inspiring part of philanthropy, directing their gifts according to their interests and passions.
As an established organization with long experience, we can ensure that any fund we manage will continue to help the community, according to your client’s wishes, far into the future. We also offer strong economies of scale, since our fund holders share the services of one administrative staff and one group of investment advisors. Our funds spend less on overhead than independent foundations, allowing donors to direct more support to their causes.
Our job is to make life easier for professional advisors. We can help you explain the benefits of different charitable programs to your clients, and we are always available to answer your questions about different options for giving.
How to Partner with Us
As you talk with your client about his or her financial and philanthropic interests, the Foundation provides whatever support you need. We advise you about options for charitable planning, offer insights on community needs and local nonprofits, help you to optimize tax advantages for your client and assist in creating a strategy to fulfill your client’s wishes.
Along with funds, you can work with us on many other charitable instruments for your clients. For instance, a client can directly transfer assets to the Foundation, make a bequest in a will, designate the Foundation as a beneficiary in a retirement plan or life insurance policy, give through a charitable gift annuity or establish a charitable trust.
Starting a Charitable Conversation
When you talk with a client, don’t hesitate to bring up the subject of charitable giving. Many people expect this topic to come up during meetings with their advisors. If it doesn’t, they may assume that giving isn’t appropriate to their situation. Then the client and the community miss an important opportunity.
When clients make key decisions in their lives—perhaps to sell a business, plan for retirement or update a will—that often opens the way for crafting a plan for charitable giving. Clients may also express interest in particular causes or organizations. You can help by staying alert to opportunities and then mapping out possible solutions. The Foundation can make recommendations and help you and your client explore the full range of options.
Our Investment Strategy
The Community Foundation’s long-term investment goal is to achieve an annualized return of 7.5%. The majority of our assets are invested in equity or equity-like securities, with fixed income securities used to lower the short-term volatility and provide income stability during market downturns. Non pass-through fund fees are 1% for fund balances up to $1 million and .75% on balances in excess of $1 million.
If you are looking for new ways to invest your clients’ funds, we would love to talk to you about all of the resources available through the Foundation. Contact us to start the charitable conversation today.
Our financial statement can be found in the annual reports on our publications page.