Who We Are
The Community Foundation for South Central New York is a focal point for philanthropy in the five-county region we serve; Broome, Chenango, Delaware, Otsego and Tioga counties.
Whether you're a community member thinking about how you might give back to the place you call home, an attorney, trust officer or financial advisor seeking to advise a client about charitable giving, or a nonprofit looking for a grant, we're here to help.
The Community Foundation manages an endowment a "community savings account" of funds either established or contributed to by individuals, families, businesses, foundations and others. (Click here to see a list of all our funds)
Since our inception in 1997, we have awarded over $9 million in grants to our communities.
Our grants have
- Strengthened families through parent education programs
- Supported young students with preschool and after-school programs
- Purchased needed equipment for rural-based health facilities
- Assisted arts organizations with special projects
- Helped a farmers market expand
- Built or renovated libraries, theaters and other community-use buildings
- Assisted with flood relief efforts in 2006 and again in 2011
...to describe just a few.
Is This the Last Year to Deduct Your Charitable Gifts?
For many of us – an estimated 30 million people - this is the last year that your charitable gifts can reduce your taxes.
The tax bill being finalized by Congress nearly doubles the standard deduction, while eliminating many popular itemized deductions, and capping deductions for state and local taxes at $10,000.
After this year most households will not be able to reduce their taxes by itemizing.
If you are an average middle-class taxpayer who is losing the ability to itemize your deductions, consider this immediate action. You can ‘front load’ your giving by creating or adding to a donor advised fund at the Community Foundations for South Central New York and then recommend grants from the fund to charities in the future years.
You can open a fund for as little as $10,000 at the Community Foundations for South Central New York. You can then deduct your gift as part of your itemized deductions on your 2017 tax return.
Ask your accountant, but the best asset to donate is usually long-term appreciated property or stock that, if you sold, would result in capital gains tax. Long-term usually means you’ve owned the asset for more than a year. You get a charitable tax deduction for the property's value on the date of its transfer, and you won’t pay tax on the asset’s growth.
If you will not be able to itemize after this year, don’t donate more than you can deduct this year! The cap is 30% of your adjusted gross income (“AGI”) for charitable gifts of appreciated stock, and 50% for cash gifts. Always check with your tax advisor.
So, if you want to give to charity this year, next year, and beyond, and can take the charitable deduction now, call us at 772-6773 about opening or adding to a donor advised fund today. We can quickly and easily open a fund for you within hours.
Community Foundations are Different from Other Foundations
Community Foundations are
- Public charities (unlike private foundations) that offer to the donor the maximum tax benefits allowable by law
- Defined by a specific geographical region
- Supported by a broad base of contributors
- Governed by a board of community volunteers who are familiar with the community and representative of the public interest
There are currently more than 700 community foundations operating in the United States. Many community foundations adhere to a set of national standards defined by the Council on Foundations. We have done so since 2005 and in 2012 were reconfirmed in compliance for another five years.
Looking for a Speaker for Your Organization?
We're always happy to share information about the Community Foundation. If you'd like someone from the Foundation to speak to your group or service organization, let us know! You can reach us by telephone, mail or by clicking here.