establishment of a Donor Advised Fund at Cummings Foundation, Inc. is the easiest
way for charitably inclined individuals to accomplish philanthropic goals, without
assuming the considerable burdens associated with creating their own private foundations.
of spending valuable time and resources completing the administrative tasks necessary
to operate a charitable entity, donors are able to concentrate on identifying
deserving causes and organizations for their charitable contributions. Cummings
Foundation completes all of the paperwork, tax reporting, accounting, and legal
work necessary to establish and maintain a charitable fund on behalf of the donor.
Cummings Foundation takes care of the "back office" functions of operating
a charitable fund, donors are encouraged to actively participate in all other
aspects of fund management. Donors are able to name their fund, receive quarterly
updates as to the investment performance of their assets, designate recipients
for their charitable contributions, and participate in the allocation of such contributions.
Cummings Foundation staff member will meet with each donor to devise a personalized
plan that meets
to the donor's personal wishes as to the timing, amount, and recipients of planned
Donor Advised Fund can be established with a minimum contribution of $25,000.
Donors are required only to complete a simple, one-page
application form. Then, donors will be contacted
by a staff member from Cummings Foundation, who along with the donor's attorney
or financial advisor, will facilitate the transfer of the donor's cash, securities
or real property to Cummings Foundation's common investment pool.
common investment pool is made up of the combined funds of Cummings Foundation
and all other Donor Advised Funds. Third-party investment professionals manage
the common investment pool, and donors receive the corresponding benefits of greater
security, the prospect of higher performance, and lower investment fees. Cummings
Foundation's asset base, excluding Donor Advised Funds, is currently in excess
of $900 million.
generally are able to take advantage of the considerable tax benefits of charitable
giving immediately upon contributing assets to their Donor Advised Funds. As these
benefits are not dependent upon immediate disbursement of the funds in the vast majority of cases, donors are able to take
the maximum level of deductions for charitable giving while their assets appreciate
in the common investment pool. As these disbursements from the Donor Advised
Funds will not affect donors' tax positions, there is a high degree of flexibility
in structuring the timing of charitable disbursements .
Foundation will work with all donors to achieve their philanthropic objectives.
From the most actively involved, discerning donors, to those with only a general
idea as to where they would like to direct their charitable contributions, the
Foundation's staff will design and implement a personalized charitable giving
example, if a donor were to approach Cummings Foundation with only a general desire
to contribute to an organization that supports the protection of wildlife, Foundation
staff members could identify a number of worthy candidates, work with the donor
to select the appropriate charity or charities to receive the contribution(s)
and then facilitate the transfer of funds. Throughout the process, Foundation
staff would be available to answer questions, provide information, and research
donors' areas of interest.
Advised Funds provide individuals, couples, families and groups with an efficient,
effective, and flexible mechanism for making charitable contributions. Let Cummings
Foundation handle all of the paperwork and administrative inconveniences that
take valuable time and resources away from the achievement of your charitable
Tax Benefits In nearly all cases, donors are able to take advantage of
the considerable tax benefits associated with charitable giving immediately, and
then support their favorite charitable causes by making grants into the future,
all according to their own timetable. Cummings Foundation will work with each
donor and his or her personal attorney or financial advisor to design the most
advantageous method of donating assets for tax purposes. Donors will most likely
enjoy the following considerable tax benefits from charitable giving:
An immediate income tax deduction for contributions to the Donor Advised
No capital gains tax on contributions of appreciated assets
to the Donor Advised Fund and no assessment of capital gains tax upon the proceeds
of a subsequent sale of such assets by the Fund.
Tax exemption for any income generated
by or growth of the assets contributed to the Donor Advised Fund.
Estate tax exemption for the assets contributed to the Donor Advised Fund as they are effectively
immediately removed from the donor's estate.
Growth Potential Cummings Foundation invests funds with the
ultimate goal of increasing their value to provide for many years of productive
Flexible Giving A donor's focus should be on fulfilling
philanthropic goals and deciding which nonprofit organizations, schools, or
government organizations to support. Establishing a Donor Advised
Fund and designating grants through Cummings Foundation make the process simple
Stewardship Cummings Foundation provides consolidated
record keeping, tax reporting, and detailed updates as to the investment performance
of assets under management.
Longevity A Donor Advised Fund allows
donors to build a legacy of philanthropy. Responsibility for the fund can be shared
by a family and passed on to heirs.
can I find additional information?
Please call Joel B. Swets of
Cummings Foundation at
781-935-8000 to request additional information.