For non-profit organizations.
Donor's asset(s) (which may include cash, securities, real property, etc.) are invested in a pooled fund for maximum income and preservation of capital.
A regular distribution is given to the donor, another named beneficiary or both for life. Many donors choose two-life agreements, so their spouse can continue to receive payments for the rest of his/her life. The rate of income as of 6/30/07 was 5.2%. The rate of return fluctuates on a monthly basis with changes in the market.
At the end of the period the asset(s) is transferred to the Cortland Community Foundation to be maintained as a permanent endowment fund for the benefit of your organization. Income earned by the endowment fund will be distributed to your organization on a quarterly basis.
Your Organization Benefits By:
- Investing funds with a professional investment manager
- Passing the administrative work on to the Foundation, such as bookkeeping, filing of federal and state information returns, legal oversight and all reporting.
- Having a source to process gifts. The Foundation handles the processing of all gifts received from cash and securities to life insurance policies, pension funds, bequests, charitable trusts, mutual funds, real estate, etc.