Establishing a scholarship or private foundation can be a wonderful way to leave a legacy and fulfill philanthropic goals. However, private foundations and scholarships can have complex tax reporting requirements that often lead to errors and loss of value. Whether an individual, a family, a foundation or a corporation, 1st Source, as trustee, can help reduce tax liabilities, preserve value and alleviate the stress of managing a private foundation by navigating the requirements of maintaining tax-exempt status on our clients’ behalf.
Founding a donor-advised fund is a consideration for donors that may provide significant tax benefits. 1st Source is partnering with Renaissance Philanthropic Solutions Group to provide the 1st Source Bank Donor-Advised Fund Program. We can help simplify the process of donating cash, stock or other assets to the fund where it can be invested and grow tax-free. This Program offers a convenient vehicle for clients to make irrevocable charitable contributions, receive an immediate tax deduction and then recommend grants to qualified organizations whenever it fits in your schedule of giving. Additional contributions can be made to the Program when needed.
Watch Kurt Thompson, CPA and Justin Cohee, JD discuss charitable giving strategies.
|Not FDIC Insured||Not Bank Guaranteed|
|May Lose Value||Not a Bank Deposit|
|Not Insured by any Federal Government Agency|