Community of Compassion Funds are a specific way for a person or group to provide financial assistance to those in immediate need of support through nonprofit philanthropic channels. By creating a Community of Compassion Fund for a specific financial need, the person or group can receive assistance that will relieve their need AND not create a tax burden for them in the future. These Funds are typically short-term and very specific in their mission. A Community of Compassion Fund is appealing to donors, too. Gifts are tax-deductible donations.
For people or groups who want to do more for the people in their communities, Community of Compassion Funds can be a way to answer, “How Can I Help?” Along with getting help to those facing an unforeseen personal crisis, starting a Community of Compassion Fund through the Community Foundation of Carroll County makes it easy to help. We take on the financial management of the Fund, managing the donations, donor receipts, and, under your direction, disbursement of funds to those in need.
CFCC makes it easy for you to help those in need in our community. Call our office 410-876-5505 or Contact Us to begin the process of creating a Community of Compassion Fund for someone in immediate need.
A tornado has hit a community and people will need financial assistance to clear debris, rebuild, and get back to “normal.” A Community of Compassion Fund is specifically created to funnel donations to “Victims of the Tornado” for disbursement into the community using specific guidelines and oversight.
When a family member or friend has been diagnosed with a potentially devastating illness our first thought is “how can I help?” For some the answer is to raise money to help the family or person pay for medical expenses, bills, food, etc. Legally, if that person were to receive financial assistance or financial gifts over a certain dollar amount, that would be considered income and would create a tax burden. By creating a Community of Compassion Fund for that person or family, bills can be paid through the Fund, and assistance can be offered, AND donations would be tax-deductible.
Your neighbor has lost everything and needs to start over. Sure, insurance will help, but in the meantime, there are unexpected expenses and needs. As a community we want to pull together and help. By creating a Community of Compassion Fund for the family, their short-term needs can be met, and donors receive a tax-deduction for their financial contributions.
Let’s say someone wants to make sure the person’s children are looked after, so they request donations to create a college fund for the children. In order for those donations to be tax-deductible to the donors, money raised cannot be donated directly to the children, but must be channeled into a Nonprofit. By creating a Community of Compassion Fund in the children’s names, the friend can collect donations earmarked for the children’s college fund.
© 2023 The Community Foundation of Carroll County
Contact Us
Phone:
410-876-5505
Email:
hello@carrollcommunityfoundation.org
Address:
255 Clifton Blvd., Ste 313
Westminster, MD 21157
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