Private foundations that transfer assets to the NCCF can enjoy immediate relief – from excise taxes, complicated reporting requirements and administrative costs. You will find that more of your financial assets may be directed to your charitable goals with a comparable level of grantmaking flexibility.
Dissolving a private foundation does not need to be complicated, especially if you work with an experienced attorney or CPA. Some donors have dissolved private foundations themselves. Check out our FAQs document for more conversion details.
Once obligations are satisfied, the development team at NCCF will prepare a fund agreement that spells out the terms of the new endowment, reflecting its purpose, noting any restrictions and identifying its advisors. There are many advantages to a donor advised fund including:
- Simple, centralized and flexible giving options that can address immediate charitable interests and future philanthropic goals
- Identification with your family, business, cause or interest through your fund’s name can continue, and anonymity is also an option
- Full and complete accountability in the form of detailed quarterly fund statements and other communications
- Administrative ease and reduced fees; 1.5% of the fund’s average balance is charged annually
- Professional services for investments, fund management, legal counsel, accounting and marketing
- Grantmaking expertise and knowledge of our state’s local communities
- Increased giving power through market gains, additional contributions and the benefits of pooled resources
- Lasting impact: the NCCF will administer your fund in perpetuity