Trinidad Community Foundation

Often, people establish a private family foundation because they don't know that in many cases, working through a community foundation offers an easier alternative. In addition to the tax benefits listed below, setting up a fund through the Trinidad Community Foundation has a short turn-around time. Additionally, the staff of the foundation becomes available to help with grants (including facilitating work with families), screen applications and take care of auditing and financial reporting requirements. Many community foundation donors are also pleased by the fact that community foundations have none of the annual payout requirements of a family foundation.

Community foundations combine the tax advantages of a public charity with the lasting quality of a private foundation. Gifts of cash to a community foundation are deductible up to 50% of adjusted gross income versus 30% for a private foundation. Gifts of appreciated long-term capital gain property can be credited for 30% versus 20% for a private foundation. There is no excise tax on community foundations as there can be on private foundations.