The Council's Legal Resources team provides trainings, publications, and resources to help you stay up to date on foundation operations and legal compliance. Our staff includes attorneys with experience in nonprofit and tax law who understand the unique legal and compliance issues facing community foundations. Our staff counsel are here to help you by advising on matters related to your organizational structure and governance, compliance, fundraising, self-dealing, and other legal matters.

There are community foundation specific legal resources available on our website, including answers to the most frequently asked member questions on donor-advised funds, endowments, global and domestic grantmaking, fundraising, scholarships, impact investing, planned gifts, and IRA distributions. In addition, we offer sample templates for the most common legal needs, such fund agreements and gift acceptance policies. Our attorneys may review Council member fund agreements and may offer edits and feedback. We also publish legal guidance and offer webinars and analysis on developing legislation relevant to the philanthropic sector.

Expanded Legal Support

After listening, research, and consultation with the field, the Council on Foundations is expanding legal support to help community foundations prepare for—and respond to—threats that could shape the future of the sector. The Council is working to expand our legal resources to provide additional analysis, guidance, and tools that help organizations prepare for potential new scrutiny.

Expanded Legal Support

Legal Question of the Month

Legal Question of the Month
Gifting Stock

Question
A donor would like to make a gift of stock, and requests that the community foundation hold onto the stock for a period of time before selling it. Once we are able to make that sale, how do we determine the value of the stock?

Answer from Senior Staff Counsel
As an initial matter, the donor cannot make a gift with any material restrictions including asking your foundation to hold the stock for a period of time.

Once the stock is received, your gift acknowledgement to the donor should list the high, low, and average price of the stock rather than providing the donor with a valuation because that can be construed as tax advice. For internal purposes, the value of the stock will be the fair market value (i.e., the price that the stock would sell for on the open market) on the day of contribution. If an endorsed stock certificate is mailed, that is the date of mailing and if it is delivered to a bank or broker to transfer to your foundation, then the date of contribution is the date the stock is transferred on the books of the corporation.

Council members are encouraged to send any legal inquiries to legal@cof.org.

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Most popular resources

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Sample Documents

Sample Documents and Templates

Donor Advised Funds

Donor-Advised Funds (DAFs)

Scholarship Funds

Scholarship Funds and PPA Compliance

Legal FAQs

Frequently Asked Questions

Get more with Membership

Council members get unlimited access to legal services and free access to our longer publications, like the Compendium of Legal Resources. Members also have access to the Philanthropy Exchange, our online community where members can pose questions to peers.

Learn more about membership

View all Legal Resources for Community Foundations

New York City community baseball

Legal Matters for Community Foundations

The Council offers Legal Matters workshops to address the broad legal and practical questions faced by community foundations. These sessions cover topics such as administering funds, grants, and community foundation activities. They are designed to be interactive, allowing participants to engage in discussions and deep dives into specific legal complexities.

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Warren County Iowa

An Overview of the Law Governing Community Foundations

This chapter of Mastering Foundation Law provides a comprehensive legal guide for community foundations. It covers federal tax laws, state-specific regulations, and the common legal characteristics of community foundations. This resource is essential for understanding the legal framework that governs community foundations.

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Louisville KY

Accepting Cryptocurrency as Charitable Contributions

This publication will help community foundations navigate questions and concerns around receiving cryptocurrency as charitable contributions. Get comprehensive, state-by-state information on how your foundation can process any of the 6,000-and-growing cryptocurrencies that may be gifted.

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Legal Disclaimer

All information on this website, and all publications, articles, email correspondence, and telephone consultations provided by Council attorneys and legal staff are intended for informational purposes only and not as part of an attorney-client relationship. Council attorneys are not licensed in every state and cannot provide legal representation. This information is not a substitute for expert legal, tax, or other professional advice tailored to your specific circumstances and may not be relied upon for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Council members may email legal@cof.org with inquiries and for more information.

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