In the same way that we work with donors to accomplish their charitable giving objectives, we also work with companies to further their philanthropic goals.
Corporate Giving Fund
Opening a Corporate Giving Fund at the Community Foundation of Huntsville/Madison County is a smart way to maximize your company’s investment in our community. Corporate Giving Funds provide a convenient, flexible way for your business to show it cares about its local community and to build awareness about community needs. This type of fund can also strengthen employees’ relationships with one another and within the community by providing an enriching, shared-giving experience. Many companies use Corporate Giving Funds to help foster a “culture of giving” within their organizations by encouraging employees not only to give financially, but also to get involved in learning more about how nonprofits are benefitting the community where they live and work.
A Corporate Giving Fund is typically less-costly and less time-consuming to administer than other forms of gift administration, such as setting up your own 501(c)(3) organization, but it still allows you to establish a charitable legacy in the name of your business and to fulfill multiple charitable interests.
By working through the Community Foundation, you can choose to combine your gift with others to increase the impact in areas you or members of your organization care about most, your charitable gift qualifies you for maximum tax advantage under federal law, and you can take advantage of the expertise of professional program staff and investment managers. Your business can establish a fund today to pave the way to make investments back into the community both now and in the future.
How it works
- You set up a Corporate Giving Fund at the Community Foundation in the name of your company; for example, the Acme Corporate Giving Fund.
- You collect employee contributions and remit those contributions to the Community Foundation to put into your Corporate Giving Fund.
- You create an advisory team to recommend uses for your Corporate Giving Fund. The team works with our professional program staff to identify and support the public charities you care about most. This team can also solicit grant applications and interview prospective grantees to learn about the work each nonprofit does and ultimately to decide which grants to recommend.
- The Community Foundation handles all of the administrative details and issues grants to charities in the name of your Corporate Giving Fund. If you prefer, grants can be made anonymously.
- The Community Foundation prepares the appropriate tax deduction acknowledgements for the employees who have contributed to your Corporate Giving Fund.
Your gifts are a source of community capital, helping to do the work that is important to you and to your employees. In this way, your company has a larger and more visible investment in the community.
Employee Hardship Funds
When employees suffer tragedy, employers often want to help. Such help, when directed at a particular person or situation, is kind and generous but not deemed by the IRS as a “charitable” act which qualifies for a tax deduction. We have developed a tax-deductible, streamlined solution called an Employee Hardship Fund.
How it works
- A company makes a tax-deductible contribution to establish an Employee Hardship Fund within the Community Foundation.
- Employees can also optionally contribute to the fund through payroll deduction.
- This creates a charitable vehicle through which employees facing crisis are able to apply for emergency support to get through financial hardship.
- We educate you and your team about how the Fund works, including how gifts may be made and how employees apply for assistance when they are in need.
- The Community Foundation handles the details from here, such as processing all employee applications to ensure privacy and fairness.
What situations qualify an employee to receive help?
Employee Hardship Funds are designed to provide short-term, emergency support to employees or eligible dependents who are facing serious financial hardship and who cannot afford housing, utilities, and other basic living expenses as a result of certain unforeseen and unpreventable circumstances, including:
- Natural disaster
- This includes a situation such as a flood, hurricane, tornado, wildfire, severe storms, or earthquake, which has damaged or destroyed a primary residence.
- Life-threatening illness or injury
- This includes the employee, spouse, and eligible dependent(s). Employees do not automatically qualify for assistance when they or their dependents are diagnosed, and assistance from a Fund cannot be a substitute for medical insurance. Applicants must demonstrate resulting financial need including an inability to pay basic living expenses.
- This includes both death of the employee or of eligible dependent(s). A Fund cannot pay for travel to funerals or other funeral expense, but can help when the loss of income or the cost of funeral expenses or medical bills prevent an employee or the employee’s family from affording basic living expenses.
- Other catastrophic or extreme circumstances
- These may be but are not limited to house fire; major home damage that an employee could not avoid or prevent; serious crime against an employee such as robbery, arson, assault, domestic abuse; or another reportable crime that impacts the ability to afford basic living expenses.