About the Community Endowment
The Finger Lakes Area Community Endowment (FLACE) was created in 1994 to facilitate and stimulate charitable giving throughout the Finger Lakes region.
Responding to the need to have charitable gifts professionally managed, especially those under $100,000, FLACE offers donors and charities alike in the region broader flexibility and local control not offered by other foundations.
The purpose is not to compete with the fundraising efforts of existing charities and foundations, but to complement these activities by providing a method for developing pools of capital, known as “Advised Funds,” to address the charitable needs of all communities in the Finger Lakes region.
The guiding principal of FLACE is that the donor retains the ability to
direct the ultimate distribution of the funds.
Maximizing Beneficiary Value
An Advised Fund of FLACE provides even the smallest charity with a conduit to enhance the full range of fundraising activities, including annual drives, intermediate projects, and long-term endowments.
The distinctive feature of FLACE is that it allows for the collective management of administrative, investment, and reporting responsibilities required of any charitable trust.
By spreading these common costs over a number of individual Advised Funds within the endowment, a greater amount of the donor’s value is able to be transmitted in the form of net benefit to the designated beneficiaries.
Benefits to Our Donors
FLACE provides a valuable service to each donor, including professional management of charitable giving, favorable tax benefits, and the opportunity to improve the quality of life in the Finger Lakes area, now and for the future.
All transfers of property, tangible or intangible of whatever kind, to FLACE receive a tax-exempt status. The donor or any group designated may retain the ability to direct the ultimate beneficiary and timing of distribution of the funds delivered to FLACE, similarly with Advised Funds.
The purpose of FLACE is to encourage and support community-based philanthropy on a local level.
It’s Easy to Make a Contribution to Your Community
Express your intentions in a donor advisory agreement, provided by Canandaigua National Bank & Trust. Once the agreement is accepted and your donation is made, you will receive a tax receipt indicating a tax-exempt status for your donation.
Should you have no specific intentions for the donation, the funds will be
assigned to the Allocations Board of FLACE. The Allocations Board is comprised of representatives from the public, financial, and business sectors of the Finger Lakes area. This group ensures that the grant-making choices are responsive to the community needs.
Contact Us to Learn More
If you're interested in encouraging and supporting community-based philanthropy, contact Scott Trumbower, SVP, Wealth Strategies Group Manager. Your children and grandchildren will thank you for continuing the legacy left from previous generations!
||Scott B. Trumbower
Senior Vice President
Wealth Strategies Group Manager
Canandaigua National Bank & Trust
(585) 419-0670 ext. 50611