Here are the top three reasons people decide to terminate private foundations and start funds at The New York Community Trust.
Running a private foundation takes too much time, is an administrative and compliance burden, and requires too much money in upkeep that could be going to grants.
The Trust’s experienced administrators manage all this for you. They help to keep compliance costs down.
Private foundations may not have the resources to vet charities, assess the needs of the community, and evaluate the success of grants—all essential parts of effective grantmaking.
The Trust has some of the nation’s most respected grantmaking professionals, who can ensure your funds continue to have maximum impact.
You want to ensure your philanthropy lasts forever, but do not want to worry about finding someone to succeed you who is both qualified and shares your vision for the foundation.
The Trust has been around for almost 95 years—our longevity helps to secure your legacy. We offer a range of fund options for you to choose from, helping to ensure that your wishes are fulfilled indefinitely.
Wally and Lita Elvers at home with two of their grandchildren. Photo by Ari Mintz for The Trust
Lita Elvers: “We thought we had done everything right in our giving. We started a private foundation. We had a special interest in helping the poor, giving them the tools to start small enterprises.”
Wally Elvers: “We loved being able to help, but hated processing checks, keeping tabs on investments, doing IRS paperwork, maintaining mountains of documents.”
Lita: “When an advisor suggested The New York Community Trust might simplify our giving, it sounded too good to be true.”
Wally: “It turned out even better than we’d expected. We closed our 12-year-old foundation and started a fund at The Trust.”
Lita: “The staff at The Trust, they’re the pros! They’re so good at what they do, why should we appoint someone else to handle our giving?”
Walter (“Wally”) and Lita Elvers live in Greenwich Village and can often be found volunteering at the American Museum of Natural History.
