The Brainerd Lakes Area Community Foundation recently unveiled a new initiative to assist businesses with their charitable community donations.
The new Corporate Advised Fund allows businesses to create one tax-deductible donation into a fund, from which they can make multiple donations over a number of years if they choose. This minimizes the amount of time spent on tax deductions, as there would only be one tax receipt for the donation to the fund and all future gifts from that fund. Businesses can also create criteria of community projects they would like to support, and have BLACF staff screen requests to save additional time that can then be focused on their business.
Donations could be made at times of a significant taxable income event to help reduce the business' tax burden that year, and gifts could be made from the fund in future leaner years. Gifts of closely held appreciated stock or real estate into the Corporate Advised Fund could also reduce their tax burden by reducing capital gains taxes.
To learn more about this new opportunity, contact Karl Samp, executive director of BLACF, at ksamp@communitygiving.org , or at 218-824-5633.
