The benefits of establishing a fund at Parasol are many. Here's just a few:
Simple & Flexible
Parasol offers a variety of funds to help you realize your charitable giving goals.
Donor Advised Funds
These popular funds provide a convenient and flexible method for individuals, families, groups and businesses who want to be personally involved with their giving. You make contributions to your fund and receive the tax benefit at the time of the deposit. While Parasol invests the charitable assets for growth, you may recommend grants over time to the specific causes and organizations you care about most. Donor advised funds are a positive alternative to a private foundation.
Committee Advised Funds
A committee advised fund is created by a group of people who are partnering with Parasol to realize shared charitable goals. A committee advised fund is subject to the same guidelines as donor advised funds, however, grant recommendation decisions are mutually decided with grant recommendations being provided to Parasol by the Committee Chair.
When faced with a personal loss, family and friends often want a thoughtful way of honoring a loved one. A memorial fund turns memorial gifts into a lasting legacy in your loved one's name. Once the fund is established, you have up to six months from the date of the first gift to reach the minimum gift requirement. For amounts less than the minimum, Parasol staff can work with you to identify an appropriate nonprofit to receive memorial fund contributions directly.
Many donors choose to give the gift of education. Through a scholarship fund you can benefit student education or support a specific institution. The donor may determine the required criteria for scholarships awarded from the fund.
CHARITABLE FUNDS (non-advised)
Donors who wish to support a specific organization(s) can establish a designated fund. These funds may support the organization(s) for a set period of time or in perpetuity. If the original organization ceases to exist, becomes obsolete or is unable to perform according to their charitable purpose, the Parasol Board of Directors is able to redirect the funds to an organization providing similar services without additional administrative costs.
Field of Interest Funds
These funds are established to support particular areas of interest, specific program initiatives, causes or geographic areas. These funds are restricted to a defined area of interest, while remaining somewhat flexible to meet changing situations.
These funds provide Parasol's Board of Directors with the ability to direct funds to support the Tahoe region's greatest and most important needs - benefiting Tahoe now and for generations to come.
Legacy funds may be established through your estate plan. These funds are a way for you to support your favorite charities or causes forever, creating a lasting legacy. Parasol is committed to preserving your charitable intentions along with your legacy.
ALTERNATIVE FUND OPTION
As an alternative to a donor fund or private foundation, you may establish a supporting organization at a fraction of the cost and responsibility. A supporting organization has its own board and grantmaking identity, allowing you to stay personally involved in your charitable giving. A supporting organization enjoys public charity status along with Parasol's donor services support.
There is no better way to power your philanthropy and preserve your charitable giving legacy than endowing your fund at Parasol.
Endowing Your Fund
Albert Einstein once called compound interest "the most powerful force in the universe." By endowing your fund at Parasol you tap that power. Through endowment you ensure lasting impact by preserving your principle gift(s) and making grants from income. Your endowed fund is invested in our Long Term Horizon earning returns that allow you to provide for charitable needs in perpetuity through continued growth. Over time, the amount granted exceeds the original contribution(s) to the fund and all the while your principle remains intact and grows over time.
And Parasol will always be here to protect and preserve your charitable intentions and legacy - forever.
To make your charitable giving convenient, Parasol has the ability to accept a variety of gifts. Your gifts today will support your current charitable giving goals. Additionally, you can take advantage of several estate planning strategies designed to help you make charitable gifts while enjoying tax benefits, preserving economic security for yourself and your loved ones, and creating a legacy of giving.
Cash gifts - checks, credit cards, or actual cash - are the easiest way to give. Because Parasol is a 501(C)3 public charity, contributions qualify for the maximum deductibility for income, gift, and estate tax purposes.
Marketable or Closely Held Securities
Gifts of securities also provide tax advantages. Stock, bonds, or mutual funds may be used to establish a fund or add to an existing fund. The added benefit of giving appreciated securities held for more than one year is the avoidance of the capital gains tax on the appreciated portion of the gift. Gifts of closely held stock enjoy the same tax benefits as publicly traded stock.
Real Estate & Other Complex Gifts
Money is not the only gift option. Real estate, mineral & timber rights, business interests, and tangible personal property all can be used to establish your charitable fund while providing you with tax benefits. Due to the complexity of these items, these types of gifts are subject to review and approval by the Parasol Board of Directors.
Transfers from an Existing Private Foundation
Administering a private foundation under IRS rules can be burdensome and expensive. It is easy and convenient to consolidate a private foundation into a Donor Advised Fund or Supporting Organization at Parasol. Advantages include: anonymity, naming of successor advisors, administrative cost savings and preferred charitable deductibility of additional gifts.
Including a charitable bequest in your will or trust is a simple way to make a lasting gift. You may use the gift to establish a fund or add to an existing fund. Bequests to a fund at Parasol allow your charitable intentions to be carried out in perpetuity and can significantly reduce taxes on your estate.
A retirement plan, such as a profit sharing plan, 401(k), Keogh, 403(b) or IRA, is one of the best types of assets to transfer to a charity. Because it produces taxable income, an heir will pay income tax on disbursements. If you wish to make a charitable bequest, it is usually better to transfer these taxable assets to a tax-exempt charity, such as Parasol, and to transfer assets not subject to income tax to your heirs.
Life insurance can be used to create a charitable gift in one of two ways. First, you can transfer ownership of a policy to Parasol and receive a current income tax deduction in the year the transfer is made. Second, while retaining ownership of a policy, you can name Parasol as the beneficiary of the policy.
Charitable Remainder Trust
A Charitable Remainder Trust is a type of deferred gift created so that you or another beneficiary you designate receives a lifetime income. At the termination of the trust, the assets are transferred to Parasol to support charitable causes.
Charitable Lead Trust
A Charitable Lead Trust provides income to Parasol for a set number of years to support charitable causes. Then, at the end of that period, the remaining balance is distributed to the named beneficiaries of the trust, often with significant tax savings.
Charitable Gift Annuity
Setting up a Charitable Gift Annuity at Parasol allows you to receive a guaranteed income for life and an immediate tax deduction, while leaving a charitable legacy for the community.
Tahoe Legacy Society
This honorary society distinguishes those who intend to leave a legacy to their community through a charitable bequest or other planned gift to the Parasol Tahoe Community Foundation. Members are recognized as special partners in philanthropy and acknowledged for investing in the positive future of the Tahoe region.
Information provided on this website is for educational purposes only. The Parasol Tahoe Community Foundation does not engage in rendering legal, financial or tax advice. Please contact your professional advisor(s) regarding your personal situation.
Establishing your personal donor fund at Parasol is easy. Here’s how:
Aaron Moore, Chair: Former Chief Technology Officer and Board Member of Zephyr Associates, a leading provider of investment analysis software
David Hardie: Chairman and CEO of Hallador Investment Advisors, Inc.
Dean Meiling: Managing Director of Pacific Investment Management Company (PIMCO), retired
Alvaro Pascotto: Private investor as well as a lawyer specializing in private equity and wealth management, tax planning, entertainment and intellectual property. Founder of Kairos Partners SGR S.P.A.
Lisa Petrie: Certified Financial Planner and Managing Director-Investments, Senior Portfolio Manager of the Petrie Group of Wells Fargo Advisors
Ryan Ritchie: Portfolio Manager and wealth planner with a local private investment firm; specialties include global macro research and manager due diligence. Holds a Master of Science in Investment Management from London's Cass Business School.
Elbridge Stuart: Trustee and Treasurer of Stuart Foundation; Former Director of Alternative Investments & Research, Coldstream Capital Management