There are myriad advantages to giving to a Community versus a Private Foundation Trust, making it a choice that not only benefits its recipients, but its donors as well. For example, the Mount Dora Community Trust has been well-established and successful in its goals for close to four decades. It requires no costly or time-consuming start-up efforts and has no initial IRS tax filing or corporate document requirements.
The Trust is a public non-profit organization exempt from income tax under section 501(c)(3) of the Internal Revenue Code and provides income and estate tax benefits, simplicity in establishing or adding to a fund, professional investment management, cost-effective fund combination, informed philanthropy, public accountability and permanence. Its administrative costs are divided among all funds and overseen by Mount Dora Distribution Committee who understand the immediate and long-term needs of the community.
Cash gifts are tax deductible up to 50% of a donor’s adjusted gross income – the maximum allowable by law – as opposed to the 30% limit imposed on gifts to a private foundation.
Planning a Gift to Mount Dora Community Trust
One-time or annual gifts of any size may be made in the form of cash or securities. Gifts of appreciated stock can provide an extra tax savings advantage. Not only are such gifts generally deductible at their full current value, they may also qualify to bypass the capital gains tax due if the appreciated stock were otherwise sold.
A gift of cash or other property through your will or trust can provide significant estate planning opportunities. Your heirs can benefit and the Mount Dora Community Trust continues your philanthropy in perpetuity, a legacy of your care and concern for Mount Dora and its citizens.
Deferred giving techniques include charitable remainder trusts and charitable lead trusts. With charitable remainder trusts, you or a loved one can receive a lifetime income and, at the death of the income beneficiary, the remainder of the trust passes to the Community Trust.
Charitable lead trusts provide income to the foundation for charitable purposes specified by the donor. After a set number of years, the remaining principal and any appreciation go to children or other beneficiaries named by the donor.