It's Easy to Make a Contribution to Your Community – Donate Online
Direct your funds to one of the FLACE Advised community organizations below and click “Donate” to begin processing your donation. If you would like to donate to the Advised Pooled Fund, please contact a FLACE representative at (585) 419-0670.
Please Note: FLACE has subscribed to PayPal to provide online donation services to donors and visitors of CNBank.com/FLACE. By clicking the "Donate" button, you will be leaving the Canandaigua National Bank & Trust website and directed to PayPal's site. The privacy and security policies of the site to which you are going is solely managed by PayPal. FLACE nor its Trustee, Canandaigua National Bank & Trust, has no responsibility for any external website. Online donations made to FLACE using PayPal are not insured by FDIC.
A convenience fee of 2.20% + $0.30 will be deducted from your donation. FLACE will mail you a tax receipt to the address provided indicating the tax deductible amount after applicable fees are applied.
The Finger Lakes Area Community Endowment (FLACE) was created in 1994 to facilitate and stimulate charitable giving throughout the Finger Lakes region. The Community Endowment was awarded exempt status from federal income tax under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c) (3) on December 5, 1994.
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
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.
The Community Endowment currently consists of two fund categories: 1) Advised Separately Managed Funds - "FLACE Sub-Accounts" and 2) Advised Pooled Funds.
Advised Separately Managed Fund & "FLACE Sub-Accounts"
In the Advised Separately Managed Fund, cash or appreciated securities are contributed to the Community Endowment (FLACE). The donor is entitled to receive a charitable deduction on his or her income tax return for an amount equal to the fair market value of the asset as of the date of the contribution.
Advised Pooled Funds
In the Advised Pooled Fund the donor contributes cash or appreciated securities to the Community Endowment, and is entitled, therefore, to a charitable deduction on his income tax return in the amount of the fair market value of the asset as of the date of the contribution. All such assets received by the Community Endowment constitute a pool and become the property of the Community Endowment, as do the gains, losses, and any income there from. The value of the contribution becomes the fund out of which the donor may advise distributions.
Contact Us to Learn More
If you're interested in encouraging and supporting community-based philanthropy, contact Rita Nischal, Esq., VP, Trust Administration Officer. Your children and grandchildren will thank you for continuing the legacy left from previous generations!
|Rita Nischal, Esq.
Trust Administration Officer
(585) 419-0670 ext. 50631 RNischal@CNBank.com