Gifts We Accept
A variety of assets may be used to create or add to a fund at the Community Foundation. Please note that the Community Foundation Gift Acceptance Policies govern the acceptance of all gifts.
Gifts of Cash
The Community Foundation will accept an outright gift of cash of any amount, although gifts to establish a separate fund at the Community Foundation must meet the minimum funding requirement, which is currently $25,000 (except for scholarship, organization, Charitable Checking AccountsSM, and charitable investor funds). Checks should be made payable to: “Rochester Area Community Foundation – (Name of Fund)”. Our mailing address is:
Rochester Area Community Foundation
500 East Ave.
Rochester, NY 14607
Gifts of Other Assets
Publicly Traded Securities
The Community Foundation will accept gifts of publicly traded stocks and bonds at fair market values as determined under Internal Revenue Service rules. As a general rule, gifts of publicly traded securities will be sold as soon as possible and the fund established will be credited with the proceeds from the sale after commissions and expenses, if any.
Gifts of publicly traded stock held at a brokerage can be electronically transferred to the Foundation. Stock held in certificate form must be delivered to the Foundation office. Please note: Due to privacy regulations, many brokerage firms will pass a stock gift along to the Foundation without disclosing the donor’s name. Call 585.271.4100 or send an email with the stock name and number of shares so that the gift can be processed correctly.
DTC Instructions Delivery Instructions:
State Street Bank & Trust Co.
FBO: Rochester Area Community Foundation
DTC # 0997
Agent Bank ID: 26022
Account: #Z34B (for Charitable Checking Account)
Account: #Z33A (for an Endowment Fund)
Account: #Z33B (for an Expenditure Fund or immediate grantmaking)
Mutual Funds, ETFs, and Individual Bonds
Gifts of mutual funds, exchange-related funds (ETFs), or individual bonds via the Depository Trust Company (aka “a DTC transfer”) should be directed to our Charles Schwab account. Delivery instructions for the sending firm follow:
- Charles Schwab & Co., Inc., IS Document Control, P.O. Box 982600, El Paso, TX 79998- 2600
- Client Name: Rochester Area Community Foundation (Tax ID 23-7250641)
- FBO: [Fund and/or donor name]
- Account Number: 7345-5428
- DTC Number: 0164, Code 40
NOTE: Mutual funds are identified by a name and a five-character ticker symbol (e.g. Vanguard Balanced Index Fund, Investor Shares, symbol VBINX). All mutual fund ticker symbols end in the letter “X.” Exchange-Traded Funds (ETFs) are identified by a name and a three- or four-character symbol (e.g. Vanguard Total Stock Market ETF, symbol VTI). Symbols for individual bonds are more involved, for example, “Aa2/AA, GENERAL ELEC CAP CORP MTN BE, Non-Callable, NYBE, GE 7.375, 01-19-2010.”
Real Estate, Property
Proposed gifts of real estate must have a fair market value of $50,000 or more to be considered, and most properties require an appraisal and inspection. Proposals are reviewed by the president and approved by the board of directors of the Community Foundation. For more details, please see our Policy and Guidelines Relating to Gifts of Real Estate.
Closely Held Stock, Limited Liability Companies, and Partnership Interest
Proposed gifts of closely held stock, limited liability companies, and partnership interests must be reviewed and approved by the president and must satisfy the requirements of the Community Foundation’s separate Policies and Guidelines Relating to Gifts of Partnership Interests and Gifts of Closely Held Stock.
In general, the Community Foundation will only accept contributions of limited partnership interests. The Foundation cannot accept general partnership interests, due to the exposure to claims of creditors and other liabilities. The Community Foundation will only accept interests in passive, investment-type partnerships, such as those holding rental real estate, stocks, bonds, and other investments. We cannot accept interests in partnerships that carry on an active, for-profit business.
Individual Retirement Account Rollover
Individuals who are 70½ are permitted to roll over up to $100,000 from an Individual Retirement Account (IRA) directly to charity. The funds contributed are excluded from gross income and can satisfy a required minimum distribution. Please note that IRA Charitable Rollovers cannot be made to donor-advised funds at the Community Foundation.
Life Insurance Policies
The Community Foundation may accept gifts of existing or new insurance. Prior to accepting a policy, the Community Foundation and donor must agree that the plan as presented fits the needs of both parties.
Mortgages and Notes
Gifts of mortgages, promissory notes and similar installment obligations will be accepted only in exceptional circumstances.
Tangible Personal Property
Tangible Personal property may be accepted as a gift with certain caveats: the property must be saleable; the donor must agree that the property can be sold (unless the Community Foundation agrees to use the property for a purpose related to its exempt purposes, which is usually unlikely); and the donor must obtain a qualified appraisal of the property complying with IRS regulations. Most gifts of personal property are deductible only at cost basis.
A “bargain sale” is a sale of property to the Community Foundation for an amount less than the property’s current fair market value. The excess of the value over the sales price represents a contribution. The Community Foundation, upon approval of its president and legal counsel, may purchase property on a bargain sale basis. The amount of the allowable deduction for a bargain sale will be subject to the rules of the Internal Revenue Service relating to bargain sales.