Frequently Asked Questions about Giving
Are there tax advantages to giving through the Springfield Foundation?
Yes, as a community foundation classified under Section 501(c)(3) of the IRS code, all contributions to the Springfield Foundation are fully tax-deductible in accordance with the law and all applicable rules and regulations. What this means to you:
» You can deduct the optimal value of your gift for tax purposes in a specific and/or particularly advantageous year, yet provide for the distribution of your donations over a course of time.
» You (and your heirs) can avoid punitive estate taxes on gifts made to the community foundation.
» With a gift of appreciated stock to the foundation, you can avoid costly capital gains taxes while realizing the maximum tax-deductibility of your donation.
Compared to many other charitable giving options, and specifically compared to a private foundation, the rules and regulations governing the Springfield Foundation are much less onerous.
How can I start a scholarship fund?
Creating a scholarship fund at the Springfield Foundation enables you to support education in your name or the name of a loved one. While the Foundation prefers flexibility so that it can assist as many students as possible, you may select a field of study, high school, college or other characteristic such as need or merit, as part of the scholarship's eligibility requirements. The Springfield Foundation will see to it that your wishes are carried out by managing the process from application distribution, to selection, to the disbursement of awards.
How can I make a gift of securities?
How you make a gift of securities depends on what kind they are:
Securities Held in a Brokerage Account
Securities held by a broker should be delivered by wire to one of our brokerage accounts.
Use the following information to transfer the stock:
If you will be gifting shares of stock, please use the Springfield Foundation's account with Security National Bank (the gift will be sent to the Northern Trust Co.):
Northern Trust Company DTC# 2669
Park National Bank Custodian Account #17-88268
FBO: The Springfield Foundation Gift Account #A1973
Contact: Hugh W. Barnett, Trust Associate
Springfield Foundation tax ID # is 31-6030764
Please be sure to let us know of your gift prior to transfer. This will ensure that your contribution is directed and acknowledged appropriately and without delay.
For your convenience, the Foundation also maintains accounts at a number of other brokerage firms which can be used to transfer securities gifts to the Foundation. Please contact us if you would like more information about a specific brokerage.
When transferring securities to the Foundation, please let us know prior to the transfer, so that our broker can be alerted to accept the securities, and so we can acknowledge your gift properly. All securities gift proceeds will be net of any applicable commissions or fees.
Securities Registered in Your Name
We will need a signed stock power and letter of authorization. Please sign your name(s) exactly as it/they appear on the face of the certificate, and complete a separate stock power for each certificate. Please only complete the blanks where indicated. You may execute these documents yourself and deliver them with the stock certificate(s) to the Foundation at our offices by hand, by mail or arrange to have a staff member meet you to pick them up.
If sending a stock gift by mail, we strongly encourage you to send the certificate(s) under separate cover from the stock power and letter of authorization. In all cases we recommend you not sign the back of the certificate(s) for safety's sake. Mail to:
333 North Limestones St., Suite 201
Springfield, Ohio 45503-4250
Many mutual funds can be transferred to the Foundation. Please contact us at 937.324.8773 if you would like to make a transfer.
Note: It is the policy of Springfield Foundation to liquidate all gifted securities as soon as possible at the current market price. Unless legally restricted from doing so, securities will normally be sold the same business day they are received. If transferring a securities gift via another brokerage, please let us know as soon as possible so we can give them the order to sell immediately.
For more information on these procedures, please contact
, at (937) 324-8773.