In 1979, the Board of the Southwest Florida Estate Planning Council sponsored the formation of a non-proﬁt corporation to serve as a community foundation for all of Sarasota County.
The purpose of the Community Foundation is to enhance the community’s ability to meet on-going needs. It does this by attracting and managing permanent charitable endowment funds in all areas including the arts, human service, health, education and the environment. It offers many advantages over a private foundation.
The tax position of the Community Foundation is highly favored. Contributions are tax deductible as gifts to a 501 (c)(3) public charity. A donor can have a personal identity by setting up a named fund, or give to any existing fund. A donor may choose a speciﬁc area of charitable interest or allow the Community Foundation to meet changing community needs. Through an advised fund, a donor may even suggest the organization to which a gift might be made.
Through a special master trust, funds may be set up through local trust banks or companies. Each fund enjoys economies of scale which reduces administrative costs while increasing investment opportunity.
Members of the Council are urged to bring the unique advantages of the Community Foundation to the attention of clients interested in using such a vehicle for ﬁnancial, tax, and estate planning.
Further information may be obtained by contacting:
Stewart W. Stearns, President & CEO
Community Foundation of Sarasota County
P.O. Box 49587 Sarasota, FL 34230-6587
Phone: (941) 955-3000