Your “Partner in Philanthropy”
The Knox County Foundation is a collection of individual philanthropic funds established by Knox County residents for a wide variety of charitable purposes. For many people, establishing a personal, philanthropic fund in the Knox County Foundation is an attractive and economical alternative to setting up their own private foundations. The Foundation offers:
The Foundation can design a personal philanthropic fund that is tailored to donor desires and interests. The Foundation can manage virtually any type of gift for most any charitable purpose. It serves as an endowment bank for all of Knox County and is unique in its services to donors and beneficiaries alike.
The Foundation has seven decades of experience in investigating community needs, cooperatively designing solutions, and targeting philanthropic dollars for the greatest impact. The Foundation can help donors to identify their philanthropic purposes and direct them toward projects and solutions that effectively address the community’s most pressing needs and promising opportunities.
By creating a named fund with the Knox County Foundation in your name, or in the name of your family, a loved one, or respected colleague, you are establishing a permanent legacy to benefit the community as living memorial. Our New Legacy Society Program allows donors to create a named fund incrementally with manageable annual contributions. Fund assets are allowed to mature free of some Foundation fees until the Legacy Fund reaches maturity and becomes a regular Foundation fund of the donor’s selection.
Some people choose to give anonymously through the Foundation. Their identity can be protected from the public, from our board and even from the beneficiaries of their gift.
Most donors appreciate appropriate and sustained recognition for their gifts. In so doing, they provide a good example to others in our community who might consider establishing a fund of their own.
Most funds can be established by means of a simple one-page governing document. Creating a fund in the Knox County Foundation is an easy and convenient way to manage all your charitable giving. Since the Foundation runs no programs of its own and carefully monitors its modest expenses, more of the income goes to work for local charitable purposes.
Many donors create permanent endowment funds that will benefit the community, in their name, forever. If the original purpose of the fund is rendered obsolete by the passage of time, the Foundation’s board can redirect the fund to the nearest alternative use without a lengthy and costly court proceeding. It does this through its variance power, a distinguishing characteristic of community foundations. This provides you the assurance that your original intent will be honored and fulfilled despite changing circumstances.
The Knox County Foundation has, as its primary focus, the communities of Knox County (and in some cases surrounding communities), where the Foundation has particular familiarity and competence in assessing community needs and designing solutions. However, donors may recommend that grants from their fund partially benefit a nonprofit organization outside our community, provided that the Foundation can confirm that the IRS classifies these grantees as public charities.
As a public charity, a community foundation offers the maximum level of tax benefits for charitable giving. You can contribute any type of property: cash, stocks, closely held securities, real estate, life insurance or personal property. Furthermore, by creating a fund in the Knox County Foundation, you can integrate your contributions with your overall financial and estate planning, maximizing tax advantages.
Because it manages many charitable funds, the Foundation can pool investments and otherwise contain administrative costs while providing you with comprehensive management services.
The Foundation is managed by an active and knowledgeable board of community leaders. They oversee its investments, administration, and grant-making. They serve the Foundation as volunteers and receive no compensation for their services.