For individuals and families who choose to practice their philanthropy through a private foundation, The Community Foundation of Harrisonburg & Rockingham County can be a valuable partner. With extensive grant-making experience and local community knowledge, TCFHR is uniquely equipped to provide a variety of services for local private foundations.
We offer three options:
Option 1: Converting a Private Foundation to a Named Fund
Rollover your private foundation into a named advised fund and let our staff help you achieve your charitable goals. Your new fund can maintain the same name and continue your giving without the burdensome administrative costs, IRS requirements, compliance regulations and excise tax payments associated with a private foundation.
Option 2: Donate the 5% Payout to an Advised Fund or to The Community Endowment
As a public charity, The Community Foundation of Harrisonburg & Rockingham County can accept a “qualifying distribution” from your private foundation to help fulfill your annual payout requirement. The 5% payout can be placed in an advised fund and distributed or placed in the Community Endowment for the overall betterment of Harrisonburg and Rockingham County.
Option 3: Research and Information
Be sure to take advantage of the Community Needs process to learn about the needs of local nonprofit organizations. The Community Foundation of Harrisonburg & Rockingham County can also share with you more detailed information on Community Needs or research other nonprofit organizations in or outside our local area.
When is the right time to make a change?
Each expression of philanthropy is unique. It begins for different reasons, and for different reasons it changes over time. Let us know how we can help you preserve the goals of your private foundation.