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Frequently Asked Questions

Why was the Community Foundation created?

The Saint Paul’s Community Foundation was created to empower people to grow in every aspect of their lives in order for them to be the person they were created to be.  The belief of making a positive difference in the lives of people makes strong communities.

What specific geographic area does the Community Foundation serve?

The Community Foundation serves the City of Richmond and its surrounding Counties.

Why does the Community Foundation offer programs?

The Community Foundation offers programs because it recognizes that impacting lives of community members of the Richmond Metropolitan Area will improve communities for years to come.

How is the Community Foundation funded?

The contributions and gifts made to the Community Foundation support the funding of the foundation.  The Community Foundation does not receive any government funding.

Who contributes to the Community Foundation?

Gifts come to the Community Foundation from individuals, families, groups, civic organizations and businesses.  Contributions in any amount are appreciated.

Are all gifts and contributions tax deductible?

The Community Foundation is a 501(c)(3) organization and all donations are deductible as a charitable gift for federal income tax purposes. 

Will gifts and/or contributions made to the Community Foundation only be used for the Community Foundation’s purposes and/or programs?

Yes, all gifts and/or contributions made to the Community Foundation will only be used for the purposes and/or programs of the foundation.

Can gifts made to the Community Foundation be designated for a specific purpose or program of the Community Foundation by the contributor?

Yes, gifts made to the Community Foundation can be designated for a specific purpose or program of the foundation.

Who administers the Community Foundation?

The Board oversees the administrative decisions and programs of the Community Foundation.  All Board Members are volunteers and are not paid to serve on the Board.

What does the Community Foundation invest in?

The Community Foundation invests in higher education, mentorships, financial wellness and promotes life stability.

Stock & Mutal Funds

Usually, a gift of appreciated stock or mutual fund shares can qualify for an income tax deduction equal to its current market value, and there is no capital gain tax when the fund shares are sold by the Community Foundation. See the procedures for the transfer of stock.

Real Estate or Personal Property

Consider a gift of real estate to make a substantial outright or planned gift. Gifts of valuable items like jewelry, antiques, or art can also create charitable legacies.

Assets from a Foundation

A private foundation can continue to achieve their philanthropic objectives while taking advantage of cost-savings, regulatory, administrative and excise tax burdens by using a donor advised fund.

IRA’s & Retirement Funds

Lessen the impact of income, estate and generation-skipping taxes on a family’s inheritance by naming the Community Foundation as the beneficiary.

Life Insurance

A donor can deduct insurance premiums by assigning a life insurance policy to the Community Foundation as owner and beneficiary. When the policy is redeemed, a permanent fund is created to support the donor’s charitable goals.

Planned Gifts

The simplest way to make a planned gift is to leave a gift in your will (bequest), but we can provide expert advice to you and/or your professional advisor regarding gifts that help you make a gift now, but provide income for life (e.g. charitable gift annuities and charitable remainder trusts).

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