GIFT VP ANSWERS QUESTIONS ABOUT THE WHOS AND WHYS OF GIFT

"We are very public about what we are, how we do business and the many advantages the GIFT, a community foundation offers," says Brett Lohman, Vice President of the GIFT board. "As we have been talking to the community a number of questions have come up on a regular basis. Those questions and their answers follow."

Q: Why was the GIFT Foundation established?

A: The GIFT Foundation is a Community Foundation, the only such foundation at work in the community today are private foundations. Being a Community Foundation allows donor flexibility to direct contributions to the area they want to benefit, provides greater tax benefits, and allows them to maintain association with their gift if they so desire.

Q: If I wish to make a donation with proceeds going to a particular cause, can a donation through GIFT allow that to happen?

A: Yes, GIFT's donor advised funds allow you to customize how your gift will be used.

Q: What are the benefits of donating through GIFT vs. establishing a private foundation to further the benefactor that I designate?

A: There are several. There are tax advantages that allow more of your gift to be directed to beneficiaries. There are less governmental regulations and the expenses that are associated with complying with them. And the cost of managing the funds is lower than could be realized with a private foundation.

Q: Can I specify exactly what the funds I donate will be used for?

A: Yes. Your donation can be designated to benefit whatever cause you choose.

Q: Can I direct my funds toward other local foundations?

A: Yes, as long as the donation is consistent with the by-laws of that foundation.

"If you have other questions about GIFT, contact me or one of the other board members," says Lohman. "We'll answer your questions individually or, if you belong to an organization that would benefit from a more formal presentation, we will be happy to schedule one."

To learn more about GIFT go to www.geneseogift.org