There may be many reasons why a potential donor would consider using the services of Essex Community Foundation. The following scenarios provide a solution to meet particular needs and charitable interests.
A personal legacy
A single lady who owns her home in Chelmsford has lived in the area all her life.
She had no close family, although she plans to make a couple of personal bequests.
She had no connection with any particular charity but would like to help people
locally.
An unexpected windfall
A couple inherit a substantial sum from a parent; they, and their grown up children
are already well-off, so they do want to give some to charity. A one-off gift to the
Foundation can set up a Fund in the name of the family; the couple, and their
children, can be involved in seeing the benefits during their lifetime, with the
possibility of adding to the Fund by means of a bequest following the death of the
surviving spouse.
A Deed of Variation
An elderly gentleman dies, leaving his estate to be shared by a number of relatives.
However, there is a significant liability to Inheritance Tax. By means of a Deed of
Variation executed no more than two years after his death, the family can reduce
the tax liability by setting up a Fund. The fund can be in his name and be restricted
to the kind of charities that he had shown support to in his life. There is an
opportunity for an individual varying an entitlement to quoted shares to claim tax
relief on the gift personally.
Winding-up a personal company
The shareholder wishes the local community to benefit on his death. He leaves
shares in his Company to Essex Community Foundation in his Will. Alternatively he
leaves instructions for any surplus on winding up the Company to be given to the
Community Foundation
Selling a family business
While the shareholders are due to receive a substantial sum, their tax advisers
inform them that there will be significant tax liability. A charitable gift is proposed
as a way of reducing the sum due, and at the same time, a way offered to support
the local community where the business prospered
Managing a company's charitable budget
A company has a budget for charitable donations, but has no expertise or resources
to cope with an increasing number of appeals received from local voluntary and
community groups. Letters may have to go unanswered, or decisions on giving
tends to be haphazard, with no real focus, often favouring the national high profile
charities over local, lesser known ones. Engaging Essex Community Foundation to
manage their charitable budget results in the same professional, positive and pro-active
approach awarded to all other aspects of the business, while retaining staff involvement,
control and profile. It may be that the company believes that the size of its charitable
budget does not merit a strategic approach. As an owner/manager, s/he may sense that
it is only the large corporations with budgets and staff to match can have an impact in
the community. However, the Foundation can show how a consistent and planned
approach and the pooling of resources, can make a real difference
