Philanthropy is close to the hearts of many of our clients. For as long as we have been involved with servicing private clients, we have also been a key advisor in assisting our clients in achieving their philanthropic goals with maximum impact through the creation and management of private foundations as well as many other gifting and philanthropic strategies. We serve organizations with assets of between $5 million and a billion dollars, and still others that give away more than $100 million on an annual basis, and are adept at handling the back-office responsibilities that a private foundation may not have the time, expertise or resources to fulfill.
Anchin’s commitment to the not-for-profit sector is not only evident in the services we provide to our clients but also in the creation of the Park Avenue Charitable Fund, Anchin’s own donor advised fund. The Park Avenue Charitable Fund’s mission is to receive, administer and distribute charitable contributions from donors to other qualified tax-exempt organizations in select fields.
Anchin’s success has been built on long term relationships, due in part to our insistence upon meeting our clients’ needs with the intellectual capital and specialized technical expertise required at every step; be it at the germination of a business, or in the fulfillment of a legacy. We have a high-level team of professionals specializing in the not-for-profit sector and have a long history with many religious, cultural, professional, and arts and educational not-for-profit organizations. Our many years of experience in this practice area enables us to approach each new client situation from a strategic vantage point. We are well versed in the financial issues and required IRS filings that are unique to private foundations. Many of our partners are involved as board members as well as founders and contributors to many organizations. Over the years our professionals have authored numerous articles on matters of importance to the not-for-profit sector. Our greatest contribution in this practice area has been the formulation of the "matching" concept, which has been successfully employed by many of the foundations that we serve in accelerating the advancement of the founders’ goals.
- Establishing philanthropic goals
- Mission refinement
- Administration and consultation
- Extensive record-keeping through outsourced accounting services
- Participation in board-level events on a regular basis
- Maintaining documentation on grants and grantees
- Receipt of and response to grant seeker inquiries
- Pre-grant and post-grant due diligence
- Transmittal of grant checks
- Establishment of matching programs
- Overhead reduction services
- Monitoring of compliance with IRS rules, Federal and state filings
- Financial statement preparation
- Representation before taxing authorities
- Tax efficient charitable strategies
- Archdiocese of New York
Anchin’s client discussed with the Archdiocese of New York an idea to help them increase their fundraising for the Parochial School System.
- Private Foundation
Anchin assisted a private foundation client with their idea to establish matching grant programs which leveraged their philanthropy by enabling the recipient charities to raise additional funds.
- Putting Leverage to Good Use - PhilanthropyOctober 31, 2017
Leveraged philanthropy was born out of the desire for donors’ contributions to work for the charity that they support, typically involving terms that must be met in order to receive the donations, and the terms generally being actions that will be helpful to the recipient organization as well as their charitable purpose.
- Bitcoin: It’s Not Just a Currency, It’s an Asset ClassJanuary 31, 2017
Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property. Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classification of Bitcoin as an asset class (and not as a currency) may provide unique gifting and estate planning opportunities.
- Philanthropy: An Opportunity to Connect with the NexGen July 29, 2016
Growing in popularity among high-net-worth travelers are multigenerational vacations and trips with a philanthropic spin, also known as philantho-travel. Combining the two can be very powerful, both in terms of creating bonds, relaying values, and empowering the next generation.
- New York Non-Profit Revitalization Act of 2013January 27, 2014
The New York Non-Profit Revitalization Act of 2013 (the Act) was signed by Governor Andrew Cuomo on December 19, 2013. This act represents the first substantial reform to the New York Not-for-Profit law in more than forty years.