Supporting Foundations are separate entities from the Columbus Jewish Foundation that have their own tax-exempt status from the Internal Revenue Service. A separate board of trustees, comprised of the donors and representatives of the supported organizations, is appointed to guide investment policies and consider the charitable distributions. Donors enjoy an income tax deduction equivalent to the value of the gifts made. What makes a Supporting Foundation unique is that it is a separate, non-profit entity (like a family private foundation) that qualifies as a public charity because of its direct affiliation with the supported organization. Supporting Foundations enjoy all of the benefits of being classified as a public charity, such as:
- No tax on investment income.
- Gifts of real estate and closely held stock are deductible in full at appraised or market value.
- No restriction on closely held stock.
- Gifts are deductible at higher limits than those made to private foundations.gifts of real estate
For some donors, gifts of real estate may be the most convenient way to make a meaningful gift as they continue to support the work of JewishColumbus and the Columbus Jewish Foundation. There are many methods that donors may use to make gifts of their homes or other real estate through a bequest or, more commonly, through a lifetime transfer, with significant tax benefits.