Private foundations
A private foundation can be a useful tool if you or your family want to commit a significant portion of your wealth and personal focus to charitable causes. Private foundations are an effective way to:
- Maximize your philanthropic impact as well as your level of personal satisfaction.
- Easily integrate your giving with your overall wealth and estate plan.
- Take advantage of income tax and gift tax deductions.
A private foundation provides you with a tax-exempt entity that’s wholly dedicated to your giving. You’ll have full control over the management and distribution of your assets—in the form of grantmaking activities—and can appoint family members and others to serve as the foundation’s board of directors, officers or trustees. Bank of America’s private foundation services can help you achieve your philanthropic vision with:
- Strategic planning to help define the purposes you want to serve.
- Guidance on structuring your grantmaking programs, including proposal review, site visits and other due diligence functions.
- Full oversight of foundation administration and management to ensure that all regulatory and fiduciary requirements are satisfied.
- Portfolio management to ensure you have sufficient assets to fund your mission and meet spending needs.
Whether you want to establish a new foundation or offload the administrative burden of an existing one, Bank of America has the services and expertise to help you realize your personal philanthropic vision, allowing you to give in the ways most meaningful to you.
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