The New Canaan Community Foundation is classified by the Internal Revenue Service (IRS) as a not-for-profit 501(c)3 public charity. As such, all contributions to the Foundation are deductible to the greatest extent allowed by law.
There are several tax benefits to establishing a fund with a Community Foundation. We encourage you to seek the advice of your professional advisor as to how a fund will impact your philanthropic giving.
- Cash contributions are fully deductible up to 50% of adjusted gross income
(vs . 30% with private foundations)
- The deduction for cash contributions that exceed 50% of your adjusted gross
income may be spread over a five year period to get the full deduction
- No excise tax imposed (vs. 2% of net investment income for private foundations)
- Gifts of appreciated securities and/or property are deductible up to 30% of adjusted gross
inc ome and may also be spread over a five year period to get the full deduction
- No capital gains taxes are paid on gifts of appreciated securities and/or property
donated to the Foundation