Choosing Charities

While people support different charities, the one common denominator among donors is a generous spirit. You want to make a difference. And now you enjoy the power of giving without the hassle of timing, tax concerns, expenses and recordkeeping.

You may recommend grants to any combination of more than 600,000 U.S. charities that qualify as 501(c)(3) organizations under the Internal Revenue Code. Your choices may include religious organizations, hospitals, clinics, homeless and abuse shelters, museums, scout camps, colleges, elementary schools, opera houses, community centers, theatre groups and so many more.

If you’d rather be more general in your giving, you can grant in support of children’s health, the environment, women’s issues or any cause that is important to you. The board will ensure that your gift is used in support of that purpose.

It’s important to remember that your grants cannot be used to fund a private foundation or for political or lobbying purposes and the board retains the right to disapprove recommendations.

The timetable is up to you. Grants can be made at any time – today or 10 years from now – whenever it’s most advantageous for you. And you can take the full tax deduction – up to the limit of the law – immediately.

Unlike private foundations, the Raymond James Charitable Endowment Fund does not ordinarily require individuals to make a 5% distribution annually, however the fund in aggregate must give away 5% of its assets each year.

You will have plenty of time to consider your choices and the fund will be happy to verify the tax-exempt charitable status of the organizations you recommend, thereby protecting you from supporting nonqualified recipients and losing your tax deduction.

And because you have plenty of time to think about your choices, you won’t be hurried into making snap decisions at year-end in order to meet tax deduction deadlines.

Although your charitable contributions are usually fully tax deductible, every individual’s tax situation is unique. Before donating to the fund, you may wish to consult your attorney or accountant with respect to questions about your tax liability.

Making grants

Once you’ve chosen your charities and you’re ready to give, subject to board approval, the Raymond James Charitable Endowment Fund will review recommendations quarterly and make grants from your account in amounts of $250 or more to as many qualified charities as you wish. The fund will send a letter with the grant check recognizing that you recommended the gift, or, if you wish, you can remain anonymous.

Next: Benefits to Consider

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