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Charitable Foundation USA was founded in 1997 by four individuals: Miss Phyllis Tirmenstein and Mrs. Virginia Senkosky, benefactors to Saint Louis University in St. Louis, Missouri; the late Dr. Raymond Kalinowski, trustee of the University and Chair of the Endowment Committee, and Vice-Chairman of A. G. Edwards & Sons, Inc. (now Wells Fargo Securities); and Daniel H. Jones, Sr., the former Director of the University's Office of Planned Giving. These individuals saw a need for a special kind of charity that - from a neutral position - could assist any individual, charity or company interested in expanding philanthropy in the United States of America. Mission The founders of Charitable Foundation USA spoke with the National Office of the Internal Revenue Service and succeeded in obtaining a most unusual tax-exemption under IRC Section 501(c)(3). The Foundation's exemption enables it to focus its energies on donors and gift transactions. By comparison, "regular" charities are required to focus on what might be called traditional activities. For instance, a church preaches while a medical clinic heals; a school educates while an animal shelter prevents cruelty. Charitable Foundation USA's exemption is different and serves a different purpose... Legal Summary Charitable Foundation USA is a Missouri nonprofit corporation governed by a board of directors. It is organized and operated exclusively for charitable purposes as set forth in Section 501(c)(3) of the Internal Revenue Code of 1986. CFUSA is authorized to solicit and receive contributions, gifts, bequests, and devises of real and personal property, outright or in trust, to be paid to or held in trust for CFUSA or other organizations which are described in Section 501(c)(3), and to serve as trustee of any such trust. CFUSA is also authorized to hold, administer, purchase, lease, sell, manage, convey, invest, pay, mortgage, exchange and receive property, real and personal, on its own behalf or as trustee or custodian. The Internal Revenue Service has determined that CFUSA is a tax-exempt organization described in Section 501(c)(3), and that CFUSA is a publicly supported organization – not a private foundation - under Sections 509(a) and 170(b)(1)(A)(vi). Donors may deduct contributions to CFUSA as provided in Section 170. Bequests, legacies, devises, transfers, or other gifts to or for the use of CFUSA are deductible for federal estate and gift tax purposes to the extent permitted under Sections 2055, 2106, and 2522.
Please note that Charitable Foundation USA is not a "community foundation" limited by Regulations 1.170A-9(e)(10) – (14). These regulations prohibit a community foundation from accepting materially restricted gifts. Community foundation boards of directors must have complete discretion about how they use gifts. At Charitable Foundation USA, the board is obligated to follow the donor's restrictions.
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