Family Philanthropy
Create a legacy of giving for your children and community.
Innovia Foundation can help you and your family establish a permanent tradition of philanthropy to be passed on for generations. By giving through your regional community foundation, you can keep your charitable legacy local, building vibrant and sustainable communities right here in Eastern Washington and North Idaho, all while enjoying the benefits of a public charity.
Why give through Innovia?
Find a structure that fits your needs.
From family foundations to adaptive community funds, our experienced gift planning team can help you find a structure that fits your specific goals. Innovia provides flexibility over grants made from your personal or family fund. Establish your priorities and we'll tailor a flexible experience that suits you specifically.
Learn more about fund types available at Innovia.
Keep giving simple.
Giving through Innovia is cost effective and efficient. We handle administration, distribution and accounting logistics so you can focus on giving. Innovia offers you the desirable benefits of a private foundation with the simplicity and professional support of a donor-advised fund. Assets contributed through Innovia receive more favorable tax treatment afforded to public charities.
Meet the Innovia team.
Maximize your impact.
Direct your giving to your existing preferred organizations (local, national or global) or work with our team to establish a strategic plan that fits your interests and desired outcomes. With nearly 50 years of service and over $115 million in grants and scholarships awarded, we have deep ties to the communities we serve. Our team can help your family accomplish your unique philanthropic goals.
Read our impact stories.
Innovia Foundation vs. Private Foundations
Innovia offers a range of services to enhance the impact of your charitable giving. The following gives you an idea of some of the advantages of working with us.
Income Tax Deduction
Innovia Foundation
Cash Gifts
Up to 60% of adjusted gross income (AGI).
Publicly Traded Securities
Fair market value up to 30% of AGI.
Real Estate and Closely Held Securities
Fair market value up to 30% of AGI.
Private Foundation
Cash Gifts
Up to 30% of adjusted gross income (AGI).
Publicly Traded Securities
Fair market value up to 20% of AGI.
Real Estate and Closely Held Securities
Cost basis up to 20% of AGI.
Tax Considerations
Innovia Foundation
Tax Status
501(c)(3) public charity provides more favorable tax status. The fund is a component of a public charity.
Private Foundation Excise Tax
No excise tax requirement. Your invested contribution grows tax-free.
Tax Returns and Audits
The community foundation files tax returns and conducts audits.
Private Foundation
Tax Status
501(c)(3) private foundation tax status is not as favorable as public charity status.
Private Foundation Excise Tax
Yes. 1-2% excise tax is assessed on next investment income. Substantial excise taxes are imposed for failure to meet payout requirement and for engaging in certain prohibited transactions such as self-dealing.
Tax Returns and Audits
The community foundation files tax returns and conducts audits.
Administrative Requirements
Innovia Foundation
Payout Requirement
None.
Fund Administration
Innovia staff provides administrative services (fund management, donor assistance with complex gifts or trusts, gift processing, grant report tracking and publicity). Online giving available.
Ongoing Costs
Cost for administrative services, legal fees and accounting/auditing expenses are covered by a nominal annual fee.
Investments are pooled to be managed by fund managers specializing in long-term endowment investment strategies at a nominal cost. Donor/agency can recommend an investment manager for funds established with more than $500,000.
Endowment Distribution
The establishing fund agreement determines the amount that is distributed each year. The community foundation follows the Uniform Prudent Management of Institutional Funds Act and considers the “best practice” to be a 4% payout on a 13-quarter rolling average.
Reporting
Innovia handles reporting.
Anonymity
Yes. Donors can request full anonymity, if desired.
Full Range of Planned Giving Opportunities
Innovia provides a full range of planned giving resources and special services. Legacy Society and Lifetime Benefactors programs recognize donor giving. Foundation staff provides support and advice for planned gifts.
Private Foundation
Payout Requirement
Yes. At least 5% of net asset annually.
Fund Administration
Administrative services must be performed by board members or officers (“foundation managers”), or hired staff or consultants.
Ongoing Costs
The nonprofit assumes the costs of ongoing fees for legal assistance, accounting/auditing and investment management. These costs must be controlled and managed in relation to the amount spent each year on grantmaking.
Investment responsibility lies with board members or officers and foundation managers with assistance from professional investment manager(s).
Endowment Distribution
Foundation board members or officers must establish their own spending policy that includes, at a minimum, distributing at least 5% of net asset value annually, regardless of earnings and despite a desire to protect principal or grow the corpus of the investment.
Reporting
Annual IRS 990 tax form must be filed.
Anonymity
Substantial contributors’ name(s) must be disclosed.
Full Range of Planned Giving Opportunities
Additional legal fees.
Innovia offers online planned giving resources, free of charge, at innovia.org.