What is known to the public as “The New York Community Trust,” is in fact two organizations. The first, The New York Community Trust, is organized as an unincorporated association of trusts. Each component fund is held in trust with a bank trustee that is a member of our Trustees Committee, and every gift instrument incorporates by reference The Resolution and Declaration of Trust creating “The New York Community Trust” (the R&D).
The second entity is Community Funds, Inc., a New York not-for-profit corporation. No bank trustee is required; rather, component funds are invested by money managers retained and overseen by our distinguished Investment Committee.
The two organizations file a combined Form 990 with the Internal Revenue Service, share a board and staff, and together operate as the community foundation serving metropolitan New York. The determining factor in setting up a fund with either organization is the inclination of the donor. The service we provide is the same.
Through these affiliates, which are not separately incorporated but operate as divisions, we are able to serve Long Island and Westchester County. Each of these divisions has a Board of Advisors of local experts. These affiliates serve donors from their communities as well as making grants to operating charities serving their respective communities.
The Distribution Committee is the name given to our governing board under The Resolution and Declaration of Trust creating "The New York Community Trust." It makes policy and grant decisions like any board of directors. It should not be confused with our Trustees Committee, which is a committee of bank trustees that have adopted the R&D and does not have the power of a board of directors.
The New York Community Trust offers the advantages of a private foundation without most of the expense and hassle. Professionally staffed, The Trust can handle all aspects of grantmaking.
Although The New York Community Trust is an aggregate of separate funds, it qualifies as a public charity under Internal Revenue Code Sections 501(c)(3) and 170(b)(1)(A)(vi). That status entitles our donors to tax deductions that are often superior to those accorded private foundation donors, particularly clients who make large inter vivos gifts relative to income or who contribute appreciated property other than publicly traded stock.
And as a single charity, the filing costs are spread among all of our almost 2,000 funds. A fund can be set up in a day.
For more information, see Why Professional Advisors Work with The Trust.
The long passage of time can sometimes cause a fund’s purpose to become outdated.
Our board has the authority without going to court to change the fund’s purpose, “if and whenever it shall appear to the Distribution Committee…that circumstances have so changed since the execution of the instrument containing any gift, grant, devise or bequest as to render unnecessary, undesirable, impractical or impossible a literal compliance with the terms of such instrument, said Committee may at any time or from time to time direct the application of such gift, grant, devise or bequest to such other public educational, charitable or benevolent purpose as, in their judgment, will most effectually accomplish the general purpose [of The New York Community Trust]…”
Financial and other information about The New York Community Trust can be obtained by contacting us at 909 Third Avenue, New York, New York 10022, (212) 686-0010, or for residents of the following states, as stated below.
Colorado: Secretary of State (303) 894-2680, http://www.sos.state.co.us/ re: Reg. No.20033000084. Florida: SC No. CH9514. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE, WITHIN THE STATE, 1-800-HELP-FLA. Maryland: For the cost of postage and copying, documents and information filed under the Maryland charitable organizations laws can be obtained from the Secretary of State, Charitable Division, State House, Annapolis, MD 21401. Michigan: MICS No.22265. Mississippi: The official registration and financial information of The New York Community Trust may be obtained from the Mississippi Secretary of State's office by calling 1-888-236-6167. New Jersey: INFORMATION FILED WITH THE ATTORNEY GENERAL CONCERNING THIS CHARITABLE SOLICITATION AND THE PERCENTAGE OF CONTRIBUTIONS RECEIVED BY THE CHARITY DURING THE LAST REPORTING PERIOD THAT WERE DEDICATED TO THE CHARITABLE PURPOSE MAY BE OBTAINED FROM THE ATTORNEY GENERAL OF THE STATE OF NEW JERSEY BY CALLING (973) 504-6215 AND IS AVAILABLE ON THE INTERNET AT www.njconsumeraffairs.gov/ocp.htm#charity. New York: Upon request, a copy of the latest annual report can be obtained from the organization or from the New York State Attorney General Charities Bureau, Attn: FOIL Officer, 120 Broadway, New York, NY 10271. North Carolina: Financial information about this organization and a copy of its license are available from the State Solicitation Licensing Branch at 1-888-830-4989. Pennsylvania: The official registration and financial information of The New York Community Trust may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Virginia: Financial statements are available from the State Office of Consumer Affairs, P.O. Box 1163, Richmond, VA 23218. West Virginia: West Virginia residents may obtain a summary of the registration and financial documents from the Secretary of State, State Capitol, Charleston, WV 25305. REGISTRATION IN A STATE DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION OF THE NEW YORK COMMUNITY TRUST BY THE STATE.
We appreciate this recognition of our staff’s ability, and we hear this question all the time. A private foundation may establish a fund with us by either transferring all or part of its principal or by making an annual grant to that fund, and our grant staff will assume grantmaking responsibility. Unfortunately, our staff is not available to consult directly with a private foundation.