What Is The Westchester Community Foundation?

The Westchester Community Foundation (WCF) is one of 650 community foundations around the nation:

• The WCF manages and administers charitable funds for individuals, families, and businesses, allowing donors to focus on their philanthropy, not on the paperwork.
• The WCF had awarded millions of dollars in grants to support nonprofit organizations located throughout Westchester, the country and the world.

WCF has been helping make a big difference in Westchester since 1975.

Why Consider A Fund In WCF?

Charitable giving through a fund in the WCF offers donors maximum tax benefits without the bother of administration. The WCF staff performs all of the administrative work - bookkeeping, accounting, and check writing - and assures that only bona fide charities are supported. The New York Community Trust oversees investment of the WCF funds in order to generate income for charitable giving now and into the future.

A gift of $5,000 starts a fund.

The WCF accepts a broad range of assets.

In addition to cash and securities traded on major exchanges, the WCF accepts closely held stock, CRT's, CLT's, retirement plan assets, interests in limited partnerships, literature copyrights, motion picture and television rights, life insurance, IRA's and the assets or annual payout of a private foundation.

More economical than a private foundation

When the costs of establishing and maintaining a private foundation outweigh its philanthropic and tax benefits, a fund in the WCF might make better sense for a client.

• As a public charity, the WCF can receive a broader array of assets and affords greater tax benefits.
• WCF fees are low, much lower than the costs of administering a private foundation, and The New York Community Trust oversees the investment of the funds.
• No matter the size of the initial gift, whether $5,000 or $5 million, the donor gains access to the WCF and Trust staffs to perform all administrative functions associated with philanthropy, including the diligence to ensure that only bona fide nonprofit organizations are supported.
• The WCF offers a range of fund types that afford varying levels of donor participation to suit your clients' inclinations.
• Donors may appoint successor advisors to carry philanthropy into the next generation.
• In a year of unprecedented gain, a client may open a fund that allows charitable giving from both income and fund principal. By authorizing use of both income and principal for grantmaking, donors can enjoy the benefits of philanthropy even in sparer years.
• Unlike the time and effort required to establish a private foundation, setting up a WCF fund can be accomplished by a simple letter agreement. The savings to donors are considerable, both in set-up and ongoing administrative fees.

The benefits of charitable giving though a WCF fund accrue, no matter the size of the initial gift. All WCF donors gain: immediate and favorable tax advantages; investment and management of funds by The New York Community Trust; freedom from the burden of filing annual reports with the IRS and New York State Office of Charities; and relief from excise taxes, and a mandatory annual payout.

More advantageous than a commercial gift fund

In addition to investment and fund management, unlike most commercial gift funds, WCF donors have the added bonus of access to an entire staff knowledgeable about the local nonprofit sector. Even donors with a well-articulated philanthropic vision benefit from the WCF staff's expertise. Through forums, newsletters, and site visits, WCF donors can learn more about the region, its nonprofit community, and its changing needs.

WCF is one of 650 community foundations and a member of the Council of Foundations, which permits access to a network of information about nonprofit organizations and issues throughout the country.

Investment strategies to enhance donors' giving

WCF donors benefit from the affiliation with The New York Community Trust with investment management services to assure that assets are wisely invested. Managing nearly $2 billion in assets in over 1700 funds allows The New York Community Trust to keep its administrative fees low, much lower than commercial philanthropic funds. Donors are given investment choices - preserving fund size, anticipating growth of the endowment, or making funds immediately available for grants.

The WCF staff and board have deep roots in the Westchester community, bringing their education, experience, and knowledge to help donors refine and implement their individual philanthropic goals. WCF staff have earned college and advances degrees, and have years of relevant experience. They bring to this work an understanding of public policy and the ability to see "the big picture," examine nonprofit credentials, assess the efficacy of local problem-solving efforts, and help initiate new and innovative collaborations to solve emerging problems. Many WCF donors have come to rely on staff to research and recommend charities for support.

WCF advisory board members are experienced philanthropists, educators, business and professional leaders, and community activists from throughout the County who use their acumen to guide the work of the WCF.

Donors giving through a fund in the WCF need not be limited to Westchester charities. A fund in the WCF allows donors to support the organizations and causes they hold dear in their community throughout the United States

WCF staff and Jane Wilton, General Counsel at the NYCT - 212-686-0010, ext. 379 - - are available to answer any technical, legal questions you might have.

Services To Professional Advisors

WCF sponsors continuing education programs for professional advisors providing valuable updates on important issues in the practice area of trusts and estates. Continuing education credits are available to attorneys. Three times a year The New York Community Trust issues its Professional Notes, which update professional advisors on current issues affecting their practice. Also available is a booklet - Creating A Fund Here - that includes the technical language needed to create a variety of instruments for current and deferred giving, and giving by will or trust.