About

What is the Community Foundation of Washington County, Maryland?
The Community Foundation of Washington County is a not-for-profit organization that manages funds contributed by members of the community, and makes annual grants to local charities and non-profit organizations.

What are the Advantages of Using the Foundation's Services?
The Foundation provides flexibility for donors to meet their charitable interests and needs, including:

Expert investment management and safeguards
Numerous ways to honor others, and
Significant tax deductibility, in most instances.

Using the services of the CFWC is a way to give a gift that keeps on giving. Your gift will enhance the quality of life in the greater Washington County area now and in the future.

What is a Fund?
Funds are the building blocks of the Foundation. The Foundation is a collection of separate funds, each with its own donors and charitable purposes. In a sense, Funds are like individual Foundations, except administration, investment management, program support and trustee oversight are shared, significantly reducing costs.

I Want to Use the Foundation's Services. What Choices Do I Have?
A gift may be given to an existing Fund, or used to establish a new Fund.

Giving is easy and can be accomplished with a variety of tax-deductible gifts:
Cash Securities Bequests Trusts
Real Estate Life Insurance Charitable Gift Annuities

Gifts to all existing funds are always accepted, or with a minimum gift of $5,000, a new fund can be established and named according to your preference.

Why Not Give Directly to My Favorite Charity or Non-Profit Organization?
Most charities are experienced in serving the public, but are not experienced in investment management and oversight.

Do they have investment policies that are designed to provide an income, while providing for growth and avoiding the erosion of buying power due to inflation?

Are there absolute safeguards in place that protect the principal from being invaded for emergencies or by a future spendthrift board of directors?

The Community Foundation can provide experienced, competent management in all of these areas:

While some larger charities have a development staff, many smaller ones don't. The Community Foundation can offer assistance with sophisticated gift plans such as charitable remainder trusts.
Many donors wish to support several charities. The Community Foundation can setup a single endowment fund that supports several charities. Our flexibility ensures that all of your charitable wishes will be met.
Most of us believe that our favorite charities will continue to serve our community forever. Sadly, history has shown us that this is not always the case. The Community Foundation has the built-in flexibility to redirect funds to a similar purpose if the named beneficiary ceases to exist. This flexibility assures that your legacy endures forever, and could never be used to pay off the debts of a agency in financial trouble.

How do I establish a New Fund?
Endowment Funds may be established by individuals, families, corporations, financial institutions, probate courts, bequests, private foundations, and charitable organizations. Donors may choose how they wish Funds to be distributed. Each Fund becomes a permanent part of the Foundation.

Define your charitable and financial objectives. Consider how you want your gift to be used, whether or not you want future family members involved, whether or not you want income from a trust during your lifetime, how much involvement you want in making grant choices.
Select the type of Fund that matches your charitable interests: Community Fund, Field of Interest Fun, Donor Advised Fund, Designated Fund, Scholarship Fund, Non-endowed Donor Advised Fund, Memorial Fund, etc.
Decide how much you want to contribute to the charity for this year or over the next several years or determine how much you might set aside as a permanent Fund to generate annual income for charitable giving. Of course, you and your descendants can add to the Fund at any time.
Choose a name for your Fund. Many donors choose a family name, but you can use any name that is meaningful to you.
Determine which asset you will use in creating your Fund: cash, securities (publicly traded or closely held), real estate, or tangible personal property such as art, antiques, or jewelry. Assets with a low cost basis are often wise choices since they offer maximum tax advantages: you pay no capital gains tax and receive a favorable income-tax deduction. You may also want to review assets inside your qualified retirement plan for possible charitable use.
Decide if a charitable trust would benefit you. Options include: (1) you can provide income for a determined number of years to you or someone you chose; and (2) you can provide your favorite charities with gifts in perpetuity after the death of the last beneficiary.
Consider including a directive in your will that allots a percentage of your estate to a specific existing fund, or a fund that you establish to meet your charitable interests in perpetuity.

With the help of the Community Foundation, you can join others who have perpetuated their giving. We will be happy to work with you and your lawyer, accountant, life insurance agent, or financial planner to explore these and other options to find the type of gift and approach that works best for you.

We welcome inquiries from you or your advisor(s).