Third Quarter 2013
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Remember Donor Advised Funds at Year-End
By Joshua W. Rednik, Executive Director
Last year, I had the privilege of working with several donors on creating new Donor Advised Funds (DAFs). Some were motivated by uncertainty in the tax planning world while others were motivated by a desire for the best way to manage their philanthropy. The creation of a DAF at the Jewish Community Foundation provided a solution for both concerns.
When a donor creates a DAF, he or she retains the right to recommend to JCF that we make grants from the Fund to any qualified 501(c)(3) charity. Donors establish DAFs for a variety of reasons, including removing assets from their estate, streamlining the work required to support multiple charities, and/or creating a fund through which multiple generations of their family can work together on their philanthropy.
Some of the families who established DAFs last year wanted to reduce their potential future tax exposure but were not sure where they wanted to give. By creating a DAF, they received a tax deduction for the full amount of their gift for 2012, while retaining the right to suggest in the future that grants be made to charities of their choosing.
Another family was considering creating a private family foundation but didn’t want to take on the start-up expense or ongoing administrative responsibilities. They created a DAF because it afforded them the opportunity to work on their philanthropy as a family, while using JCF as a partner for administrative, investment, and related responsibilities.
Finally, I worked with a family who contributed appreciated securities to create a DAF, thereby avoiding the capital gains taxes they would have faced had they sold the securities themselves.
DAF holders can make additional donations to their Fund — and suggest grant recommendations — throughout the life of the fund. They can also recommend how funds are allocated among JCF's investment pools.
A DAF isn't right for everyone, but can help many reduce their taxes, avoid the hassles of establishing a private foundation, and provide a way for families to collaborate on grant recommendations. To learn more, please call me at (973) 929-3060.
And while it may seem early to be thinking about year-end planning — after all, we just ushered in the Jewish new year of 5774 — the end of 2013 is on the horizon, so there is no better time than the present.
Got Camp? GMW does!
By Eileen Heltzer, Development Officer
Just three years since the Jewish Community Foundation of Greater MetroWest NJ (JCF) launched our community's Jewish Camp Enterprise, JCF is proud that it has received a record-breaking commitment from the Paula and Jerry Gottesman Family Supporting Foundation (a JCF supporting foundation).
The new $5 million commitment is a transformative gift to support the largest endowed community-based Jewish camp program in North America. Thanks to the support of the Paula and Jerry Gottesman Family Supporting Foundation -- and many other donors -- the Jewish Camp Enterprise will be able to strengthen current efforts to encourage families from Greater MetroWest to send their children to Jewish overnight camp.
According to the Foundation for Jewish Camp (FJC), adults who attended overnight Jewish camp as children are 30% more likely to donate to a Jewish federation, 37% more likely to light candles regularly for Shabbat, 45% more likely to attend synagogue at least once a month, and 55% more likely to feel emotionally attached to Israel. Jeremy Fingerman, FJC chief executive officer, told the New Jersey Jewish News that the endowment will "set the standard for others across North America."
Greater MetroWest is already a leader in FJC's "One Happy Camper" program, which has provided over 1,000 incentive grants of $1,000 each to families for their child's first overnight Jewish camp experience. The program is also working to address affordability and the transition from Jewish day camps to overnight camps.
This is just one of the innovative ways JCF is strengthening Jewish connection, community, and continuity. To stay connected to JCF, "Like"us on Facebook. For free, personalized guidance on finding the best Jewish overnight camp for your child or grandchild, visit www.onehappycampernj.org or call Tracy Levine, One Happy Camper NJ manager, at (973) 929-2970.