Professional advisors play an important role in helping Wichita County Community Foundation meet the ongoing needs of western Kansas through philanthropy. You and other colleagues are in a unique position not only to serve the charitable needs of clients but also to significantly affect the quality of life in the area. Funds established today at the Community Foundation will provide a critical stream of income to meet changing needs in the decades to come.
In this section of our website, you will find information designed to help you understand how the Wichita County Community Foundation, in partnership with the Western Kansas Community Foundation, assists donors in connecting their passion with purpose.
What are community foundations?
Community foundations are tax-exempt public charities serving thousands of people who share a common interest—improving the quality of life in their area. Individuals, families, businesses, and organizations create permanent charitable funds that help their region meet local challenges.
What do donors get from having a fund in a community foundation?
Donors can help design gift plans that achieve their philanthropic passions, meet diverse economic situations within the area, and maximize their tax deductions. They also can take advantage of current trends and important issues in the non-profit arena, get advice on particular charities, and become part of a philanthropic community that increases the effectiveness and impact of their charitable giving.
How do community foundations acquire charitable assets?
Charitable funds are set up in community foundations by both individuals and institutions. They can be established with a wide variety of assets; including cash, real estate, stock, and artwork, to name a few. Gifts come from living donors and through wills. A fund agreement between the Wichita County Community Foundation and donor clearly defines how the fund will function and delineates specifically how funds will be used to benefit the community.
Seven questions for estate and financial planners:
- Do I have clients who care deeply about their local community?
- Do they give to more than one charitable cause?
- Are they interested in creating a personal or family legacy in their community?
- Are they considering the creation of a private foundation, but concerned about cost and administrative complexity?
- Would they like to stay personally involved in the use of their gift dollars?
- Do they want to receive maximum tax benefit for their charitable contributions under federal law?
- Do they place a priority on sound financial management of their contributions?
If you answered yes to any of these questions, your clients could benefit from knowing more about the Wichita County Community Foundation. We’d be happy to help you make an introduction.