Join us on FacebookJoin us on Twitter

 

 

FAQs

FAQsRecently many families have decided to move their private foundations into The San Diego Foundation. Here are some of the questions they asked before deciding to simplify their lives.
 

  1. Can my foundation keep its existing name?
  2. Can my family members stay involved?
  3. Is my foundation’s information confidential at The San Diego Foundation?
  4. Is there a tax benefit for transferring my foundation to The San Diego Foundation?
  5. Will I still have to pay out 5% annually?
  6. Can I keep my broker and investment manager?
  7. What services do I get from The San Diego Foundation?
  8. May I provide specific instructions for my family’s successor generations?
  9. What if my family members live across the country or the world?
  10. What are the minimums involved?
  11. What are the fees involved?
  12. May I talk to someone who has transferred their private foundation to The San Diego Foundation? 
  13. Who can I call to discuss further?

1. Can my foundation keep its existing name?
Yes, private and family foundations may keep the same name (e.g., John and Jane Brown Family Foundation).
 
2. Can my family members stay involved?
Yes, your board of trustees may remain the same.
 
3.  Is my foundation’s information confidential at The San Diego Foundation?
Yes. While all private foundations’ tax returns are public information easily obtainable on websites, a private foundation at The San Diego Foundation can be completely anonymous. You decide which grants to the community are public and which ones remain anonymous. No one can get information concerning your foundation’s asset size, trustee names, etc. The San Diego Foundation files its 990 as a compilation of more than 1,600 foundations under its umbrella.
 
4. Is there a tax benefit for transferring my foundation to The San Diego Foundation?
Yes. New gifts to your foundation at The San Diego Foundation will provide the donor with a much better tax deduction.
 
5. Will I still have to pay out 5% annually?
No. Private family foundations are legally bound to distribute 5% of their total assets to charity annually, but having your foundation at The San Diego Foundation waives such a requirement.
 
6. Can I keep my broker and investment manager?
Foundations with assets of $1 million or more may retain their existing investment managers.
 
7. What services do I get from The San Diego Foundation?
All funds and foundations at The San Diego Foundation have the option to receive a variety of services without any extra charge. These include financial reporting, investment management, grant making, philanthropic planning, scholarship design, marketing, and overall administration of the foundation. Specific information on administrative services The Foundation provides is available on our website.
 
8. May I provide specific instructions for my family’s successor generations?
Yes. The San Diego Foundation will document and honor your specific wishes for generations to come.
 
9. What if my family members live across the country or the world?
The San Diego Foundation is very flexible. Advisors can access their foundations’ information online any time from anywhere in the world. Grants may be recommended to any qualified charity across the United States. We can also help you grant money to organizations in other regions and even outside of the country.
 
10. What are the minimums involved?
The minimum amount to open a foundation is $10,000. The minimum grant is $250.

11. What are the fees involved?
The fees will be the same as when establishing other funds at the foundation. Please read about our fees for more information.
 
12. May I talk to someone who has transferred their private foundation to The San Diego Foundation? 
Yes. We are happy to provide references.
 
13. Who can I call to discuss further?
Our Charitable Giving Team will be happy to provide you with more information.  Please contact us at GivingTeam@sdfoundation.org or 619-235-2300.