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.
- Donor Identity Protected from California RegulatorsJuly 29, 2021
In many states, when a large charitable donation is made to a nonprofit organization, the donor’s identity may have to be disclosed by the charity. However, in California the donor’s anonymity has been protected at the state level.
- Time is (Like) Money - How to Make Sure You Have EnoughJune 1, 2021
Successful people have busy lives. Entrepreneurs, C-Level and financial service executives’ days (and nights) are filled with making important business decisions and attending client, investor and board meetings. They typically have a sophisticated and complicated financial picture. weekends creating spreadsheets to track investments and personal financial obligations should not be the reward for creating multi-generational wealth.
- Philanthropy and Your Taxes: Doing Well by Doing GoodNovember 17, 2020
Some of the nation’s wealthiest families and individuals are among the most philanthropically inclined. Understanding that they did not achieve their level of success without a supporting cast, many families believe that it is important to give back to the communities and causes that are nearest to their hearts. Here are a few tax-related strategies to consider to ensure that you are doing well by doing good.
- How to Help Your Alma Mater during the PandemicJune 30, 2020
If you would like to help, the most commonly utilized method is donating money, but in today’s COVID-19 world, that’s not the only option.
- Donor-Advised Funds: Their Place in Today’s ClimateJune 30, 2020
Citizens have been quick to expand their philanthropic focus and do whatever they can to help those hit hard by the pandemic and its financial fallout.
- Philanthropy: Leave a legacy with a charitable remainder trustOctober 31, 2019
Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust (CRT). This type of trust allows you to support your favorite charity while potentially boosting cash flow, shrinking the size of your taxable estate, and reducing or deferring income taxes.
- Adding Restrictions to Control Usage of Charitable GiftsOctober 31, 2019
For many, philanthropy is an important part of an estate plan and a family legacy. Unrestricted gifts can be risky, especially large donations that will benefit a charity over a long period of time. There are measures that can be taken to ensure that donations are used to fulfill the donor’s intended charitable purposes.
- External Oversight Helps Keep Construction Costs in LineApril 30, 2019
Increasingly, project owners are turning to outside experts for construction cost oversight to address these concerns.
- Exploring the Benefits of Donating Appreciated StockNovember 30, 2018
As the end of the year approaches, families often consider finalizing their year-end philanthropic giving. If making a substantial contribution to a charity or college is on the horizon, donating appreciated stock from an investment portfolio in lieu of cash is a strategy worth considering. The tax benefits from the donation can be increased and the organization will be just as happy to receive the stock.
- Philanthropy and Tax Reform: Is it Advantageous to Accelerate Contributions?September 27, 2018
The Tax Cuts and Jobs Act, signed in December 2017, raised questions about how charitable gifts can be deducted. With the standard deduction limits for individuals and married couples nearly doubled under the new law, the financial incentive to donate has largely disappeared for most families.
- Evaluating the Use of the New York Charitable Gift Reserve Fund to Secure Tax DeductionsJuly 23, 2018
As a result of the federal Tax Cuts and Jobs Act, the maximum deduction for state and local income taxes combined with real estate taxes on the federal return will be limited to $10,000 for years beginning in 2018. In an attempt to mitigate the negative consequences of this lost deduction for New Yorkers, the recently passed New York Executive Budget has several provisions that provide potential relief.
- Requirements to Keep In Mind When Making Charitable ContributionsMarch 29, 2018
There are certain rules that must be followed in order to document a donation of property to be able to receive a tax deduction.
- 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.