Estate planning attorney Ron Johnson calls The Community Foundation “the ideal organization to partner with professionally.” In fact, he often advises clients to dissolve family foundations and establish a Foundation fund instead. When asked about the benefits, he readily lists three:
No red tape. The Community Foundation does all the paperwork for you.
- Simpler tax returns. Family foundations must file very complicated tax returns. The Community Foundation does that for you.
- Flexibility. Family foundations are required to donate 5% of their funds annually. During market downturns, making a contribution of that size can significantly impact your principal. With a Donor Advised Fund at The Community Foundation, no annual allocations are required.
As Johnson puts it, “It’s a win-win proposition.” His belief in the benefits of the Foundation and the impact it is making in the community have led him to serve on the Foundation’s Board of Directors and on two key committees, one for Professional Advisors and another for Finance and Administration. Former Board Chair David Sprinkle says, “Ron has made a tremendous impact with his work. We owe him a debt of gratitude.”