It can be common for individuals, families or even companies who have established a private foundation to feel overwhelmed with the associated costs and responsibilities. One solution to ease these occurrences is to transfer the assets to Cobb Community Foundation. Read our comparison between private foundations and Donor-Advised Funds here.
The Internal Revenue Code Section 507 allows for the termination of private foundations by the transfer of its assets to one or more public charities, each of which must have been in existence for five years or more. Cobb Community Foundation fulfills both of those requirements. Private foundation assets can be used to create or add to existing funds.
Let us help you simplify your giving. Contact us at CCFTeam@cobbfoundation.org or 770-859-2366.