Helping you to exceed client expectations . . .
We are finding that our activities are of increasing interest to professional advisors who have clients who would like to find out more about giving back to their community and the most tax efficient way to support their charitable giving.
If you are a lawyer, accountant, financial planner, investment advisor, or have a specific interest in the technical aspects of planned giving, we hope this section will be of assistance in advising your clients.
Community Foundations are an ideal vehicle for philanthropists to provide some structure to their giving and offer a flexible alternative to creating individual trusts or foundations, which can prove complicated to set up and administer. We offer advice and expertise which is designed to help clients make informed charitable investment decisions and engage in important local community issues whilst providing tax benefits.
Whether your client is looking to establish a named family fund through a donation, leave a legacy for the future through a gift in their will or is considering transferring an existing trust, we can work with you and your client to find the best solution.
Find out more about the various ways that we can help you and your clients below and in our Working in partnership with professional advisors document.
- Small trust fund – if the income from an existing fund is relatively low, it may not warrant the expense of administration. By pooling resources, both in fund management and grant administration, the Foundation is able to maximise the impact of whatever capital is available.
- Trustee responsibility – it is generally agreed that the responsibilities assigned to trusteeship are becoming more onerous. Perhaps current trustees no longer want that responsibility, or do not have other trustees to take on the role. It may be that the involvement of the family of the original benefactor is no longer available, or that you, as a professional advisor, are finding that you have little time to devote to being a trustee of a trust fund. In all cases, the Trustees of Norfolk Community Foundation could take on that role.
- The remit remains the same – in considering the transfer of such fund, it is important to stress to your client that we will honour the wishes of the original benefactors, in perpetuity. Norfolk Community Foundation is here to stay and successive Trustees will work to the remit that is agreed at the time of the transfer. Clients can be confident that their wishes will be adhered to, for generations to come.
- The Charity Commission – The Charity Commission does recognise that community foundations provide suitable alternative stewardship of existing trust funds and are helpful in identifying the process required for the transfer.
As each case will be individual, we would be pleased to discuss the transfer of trust funds on behalf of your client.
Trustees of groups facing closure may consider that the work that the Norfolk Community Foundation does to support local communities and individuals is in line with the aims of their group and that a transfer of funds to the Foundation would ensure a worthwhile and effective use of remaining assets. Any group or charity wishing to pursue this should ensure that this action is in compliance with their governing document, and where relevant, has the approval of the Charity Commission. The Foundation welcomes a discussion with charities, voluntary and community groups (or the professional advisors who are acting on their behalf) who would like to find out more about how any funds donated to the Foundation would be put to use and the checks and processes in place, for this to happen.
Please contact Graham Tuttle or Anna Douglas on 01603 623958 if you have any questions or would like further information on how we can help your clients fulfil their philanthropic ambitions.