A Great Business Partnership - OCCF and Corporate Giving
Are you considering that many of your clients are executives in companies whose leaders want the company itself to lean into charitable giving? It is wise to be aware of best practices in corporate philanthropy and know the ways the Community Foundation can help.
For example, aligning corporate values with the establishment of a corporate donor-advised fund – essentially functioning and named as a corporate foundation – helps corporate executives organize the company’s giving in a convenient 501(c)(3)-qualified structure, avoiding the time and expense required for the company to establish and maintain a, independent foundation.
An unhoused man in front of the City Rescue Mission in Oklahoma City.
The company can fund the corporate donor-advised fund each year (especially in great years!), thereby organizing charitable donations to a wide range of nonprofits through a single source of funds. This structure can help maintain historical corporate giving levels even when the company experiences a down year.
See It In Action!
Check out our partnership with the Oklahoma City Metropolitan Association of Realtors for their “The Way Home” initiative to address the need for balanced housing.
In many instances, the Community Foundation takes on a back-office role for a company’s matching gifts program, grant administration and giving strategy. For example, the Community Foundation can help guide corporate leadership in creating and administering a program that matches employees’ volunteer time with dollars. Note that many companies appreciate the Community Foundation’s infrastructure, reporting practices and compliance protocols to ensure all tax laws and other IRS requirements are met. Instead of the company bearing these responsibilities, it’s the Community Foundation’s job.
The team at the Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This newsletter is provided for informational purposes only. It is not intended as legal, accounting or financial planning advice.