The Youngstown Foundation

Financial Advantages


GazeboTax Smart

Becoming a member of The Youngstown Foundation donor family offers an easy way for your clients to accomplish their charitable dreams. As our partner in giving, they receive the simplicity and tax advantages of a public charity combined with the personal recognition, involvement and the flexibility of a private foundation.


Cost Savings

If each individual fund operated independently and had to create our services on its own, the price tag would be enormous. But each of our funds shares the costs of a knowledgeable, service-oriented staff and expert investment managers. The result is significant savings for your clients.


Convenience

We make charitable giving easy. Funds are established with one signed document. At their convenience, donors can make grants, add to their fund, and check balances. The Foundation staff performs due diligence on nonprofit organizations, issues checks and award letters, manages public relations, monitors grant award progress and final community impact. The donor is relieved from all administrative, accounting and legal services as well as shielded from persistent solicitations often associated with charitable giving.


We Know Youngstown

Our professional staff's knowledge of pressing issues and experience with nonprofit organizations throughout the community is superior. We are a local organization with deep roots in this community. We do the hard work for donors by identifying our community's needs and monitoring which organizations are effective, sustainable and innovative in addressing those needs.


We Know Philanthropy

We are experts when it comes to giving, granting and involving family in your work. We can help create the best giving plan and vehicle based on your client’s charitable goals, giving level and time available for philanthropy. We help your clients maximize their charitable gifts.


Customized Charitable Solutions

The Youngstown Foundation has always been a trusted resource for attorneys, financial planners, accountants and philanthropic advisors as they address each client’s unique situation and expectations. We offer them a depth of knowledge about our region and links to resources across the United States. We are active and longstanding members of both the Council on Foundations and the Ohio Grantmakers Forum, accessing the most current information on philanthropic trends and charitable giving.


Asset Management

As Trustee to the Foundation, PNC Institutional Investments provides highly rated fund management— pools assets into a larger portfolio, diversifies investments and ensures lower management fees.


We’re Stable and Sustainable

As caretakers of funds that will long outlast their donors, we understand the nature of permanent legacy. We expect that donors will create funds designated to last well into the future. And if someday the need for the fund no longer exists, our leadership will find the most appropriate alternative that is as close to the original vision is possible.


Taft Technology CenterHelp for Private Foundations

Because Private Foundations can be overwhelming with grantmaking, fiduciary, legal and administrative requirements and responsibilities, many have accessed the benefits of working with The Youngstown Foundation.

Contributions to The Youngstown Foundation
Private Foundation Trustees often have difficulty deciding on a sufficient number of grants to meet the annual 5% payout requirement:
  • Contributions from a Private Foundation to The Youngstown Foundation are qualifying contributions to satisfy their minimum distribution requirements.
  • Grants from Private Foundations to The Youngstown Foundation are not “taxable” expenditures and not subject to expenditure responsibility requirements. Thus, a Private Foundation may establish an advised fund and meet its distribution requirements while enjoying the advantages of a Donor Advised Fund.


Challenges for Private Foundations
Over time, Private Foundations develop the following concerns:
  • The original purpose of the foundation no longer has the urgency it once did.
  • As operating costs increase and government regulations multiply, financial factors make it difficult for the foundation to operate effectively.
  • The foundation’s board has lost members through resignation and death, and has found it difficult to attract new members.
  • Future generations will not continue to fulfill the founder’s charitable interests.
  • The founder desires that his/her children focus on the family’s philanthropy, not on the foundation’s investments and administration.


The Youngstown Foundation Provides a Sensitive Alternative
Transfer Private Foundation Assets to The Youngstown Foundation:
  • Follow The Youngstown Foundation’s simple process to establish a Donor Advised Fund with the same distribution criteria as the Private Foundation.
  • Work with The Youngstown Foundation to appoint an advisory committee that will carry out the grant review processes, previously carried out by the Board of the Private Foundation.
  • Transfer the assets of the Private Foundation to the Donor Advised Fund. Once assets are transferred the fund becomes active and grants can be awarded.
  • At the end of the fiscal year of the Private Foundation, submit a final 990 to the IRS, informing them that the Private Foundation has ceased operation with zero assets.


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If you are a financial advisor and would like to create a legacy benefiting your client, and the community; please contact us by filling out the form, or calling

   Jan Strasfeld, Exec. Director
   Phone: 330-744-0320

 

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