- Do you care deeply about your local community?
- Do you give to more than one charitable cause?
- Are you interested in creating a personal or family legacy in your community?
- Are you considering the creation of a private foundation, but are concerned about cost and administrative complexity?
- Would you like to stay personally involved in the use of your gift dollars?
- Do you want to receive maximum tax benefit for your charitable contributions under federal law?
- Do you place a priority on sound financial management of your contributions?
If you answered yes to any of these questions, you may benefit from knowing more about the Mankato Area Foundation. We’d be happy to help you with achieving your philanthropic goals.
You may always want to consider how specific your interests are. Whether you’re passionate about a particular charity or a general cause will make a big difference in determining the right fund for you.
No matter what your interests or personal situation, our staff is available to work through fund options with you.
- Cash gifts
- Stocks and securities
- Mutual funds
- Life insurance
- Real estate
- Assets of other trusts or of a private foundation
Regardless, the Mankato Area Foundation board of directors reviews and approves all grant distributions, verifying that they are in accordance with IRS guidelines.
Because of their broad base of support, community foundations are classified by the IRS as publicly-supported charities. This gives community foundations tax advantages not enjoyed by private foundations.
Community foundations are also allowed to treat all funds within their control (known as “component funds”) as part of a single corporation. This gives them administrative and investment advantages over private foundations as well.
Private foundations, by contrast, are generally supported by a single individual, family, or business. Rarely does it make sense to establish a private foundation if the principal endowment is not large. Today, of course, the world’s largest foundations – Gates, Ford, Kellogg – are all still private foundations.
For more information on how community foundations differ from private foundations you can view our Comparison Chart.
To view a full list of community foundations throughout the country you can visit the Council on Foundation’s website and access their Community Foundation Locator
The Page Jones Richards Family Fund maintains its focus on family priorities, even as part of the Mankato Area Foundation. Sarah Richards has one word for why her family decided to convert their foundation to a donor-advised fund run by the Mankato Area Foundation: trust.