A critical question! Consider your philanthropic goals, the ways you’d like to give your time, the impact you’d like to have in your community and any tax considerations. With those in mind, you’ll be ready to select the appropriate vehicle for your giving.
Those interested in creating a foundation should give careful thought to the kinds of questions below:
- Why are we forming the organization: to give back to the community, create a vehicle for family philanthropy, get involved in solving community issues?
- Who will lead and manage it? Who will serve on the board of directors?
- Is our preference to create a permanent legacy or to set a certain time period to spend down the assets?
- Are we prepared to take on the administration and management, or do we want to delegate that work to staff or other professionals?
- What are the tax consequences (for income, gift and/ or estate taxes)?
These questions are a good starting point – but they do not substitute for professional advice and guidance. Feel free to contact GWP at 412-471-6488 for additional resources and information.