Starfish or sea stars are not fish at all. Along with sea urchins, sea cucumbers, and sand dollars, they are echinoderms which are recognizable by their radial symmetry. Dermal gills, all over the body of sea stars, are how they breath. Fresh air is toxic to sea stars and each time they are lifted out of the water they are suffering and could potentially die. Red cushion sea stars inhabit seagrass and sandy bottoms in the Atlantic and Caribbean waters and are omnivores, eating algae, worms, and crab larvae.

The Florida Keys were fortunate to have Hurricane Ian past to our west and we hope you fared well in the storm. The Community Foundation is working closely with government and nonprofits across the Keys to meet the most urgent needs and we are here to answer disaster relief questions for you and your clients.

Jennifer McComb
CEO, Community Foundation of the Florida Keys
305-809-4991 direct
305-587-1888 cell
jen@cffk.org

Elizabeth Miller
CFO, Community Foundation of the Florida Keys
305-809-4993 direct
305-395-0400 cell
liz@cffk.org

Disaster Philanthropy

In the wake of Hurricane Ian, your clients may ask you about their options to support those affected by the storm. We encourage you to reach out to the team at the Community Foundation. We can connect your donors with a variety of options for giving that are trustworthy and effective. Individual giving is critically important to any disaster relief effort, and the Community Foundation can help your clients make an immediate, powerful, and positive impact on the lives of those affected by Hurricane Ian.

Gifts of Life Insurance

Gifts of life insurance are a wonderful way for your clients to support their favorite causes. Before you assist your client with a gift of life insurance to a charity, here are three pointers:

• The charity will need to be the policy owner and, unless the charity intends to surrender the policy, also be the named beneficiary. Request change of ownership and change of beneficiary forms from the insurance company, and make sure you have the right forms.
• Carefully calculate the charitable income tax deduction for the gift of the life insurance policy to the charity. The taxpayer is eligible for a deduction equal to the lesser of the policy’s value or the taxpayer’s basis (usually the total amount of premiums paid). The “value” of the policy is computed using the replacement cost or the “interpolated terminal reserve” plus unearned premiums.
• Be sure to check for loans against the policy to avoid an income tax event for the taxpayer.

Helping Your Clients Identify the Best Gift

We can help you compare gift options to meet your client’s goals.

Donor Spotlight: Marian Buccafurni

“It is important to give back to the community both during my lifetime and when I am gone”.

Marian Buccafurni was involved with the Community Foundation of Monterey County before she moved to the Keys.  In particular she was involved with the Women’s Fund both as an officer and Board member.  Upon relocating to the Keys, she became involved with the Community Foundation of the Florida Keys.  She is currently a member of the Board and the Chairperson of the Middle Keys Advisory Council.

Marian maintains a donor advised fund at the Community Foundation of the Florida Keys to facilitate her philanthropy.  She appreciates the flexibility that a donor fund provides in supporting her favorite nonprofit organizations.  Marian opted for the convenience of a donor advised fund because the Community Foundation handles the transactions and takes care of the necessary documentation.  The donor receives a charitable contribution when contributing to the fund.  Then the funds can be distributed over time to designated nonprofits.

In 2001, Marian and her late husband Paul Lawrence established a Charitable Remainder Unitrust (CRUT) at the Monterey Community Foundation.  The CRUT provided tax advantaged income for her lifetime, an immediate charitable deduction and a way to provide for the community and selected institutions.  A CRUT is simply another way to fulfill a philanthropic desire to give to the community in addition to a donor fund.

Marian is also a member of the Community Foundation of the Florida Keys’ Legacy Society, having named the foundation as a beneficiary of her IRA. For more information on the Legacy Society visit cffk.org/legacy.