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The Oklahoma City Community Foundation and Merrill Lynch are partners in the Merrill Lynch Community Charitable Fund (MLCCF), a donor advised fund service that links donors who are Merrill Lynch clients with a network of top community foundations across the United States.
This partnership combines the knowledge and charitable understanding of the Oklahoma City Community Foundation with the charitable planning, financial and investment expertise of Merrill Lynch financial advisors in service to their clients' immediate and long-term philanthropic goals. How It Works
Personal financial advisors with Merrill Lynch work with their clients to select the appropriate investment and management plan for their charitable fund under the Merrill Lynch Charitable Community Fund umbrella. The charitable gift that establishes the fund, and any additional contributions, are passed to the Oklahoma City Community Foundation and managed by Merrill Lynch. Donors will then work directly with the Oklahoma City Community Foundation in recommending grants made from the fund. A charitable fund can be formed through a minimum gift of $25,000 in cash, stocks, or other financial assets. Donors recommend grants from their fund using on-line technology, and the Oklahoma City Community Foundation provides due diligence for such grants. In addition, Oklahoma City Community Foundation staff is available at any step of the process to answer questions and assist donors and their Merrill Lynch personal financial advisor. Just the facts about the MLCCF:
- It's a donor-advised fund
- $25,000 minimum to open
- Immediate income-tax deduction for contributions to the fund
- Donor recommends grants for term of the fund
- Ability to name co-advisors and/or successor advisors
- Alternative to family foundation (with less work and expense, and better tax deductions and benefits).
- Funds are invested on Consults platform similar to CDP
- Fee 2.1% annually
- Service Fee (50pb for initial contributions, 30bp trail beginning month 13)
- Donor can recommend grants and view information on-line
Through this partnership, the Oklahoma City Community Foundation offers your clients several benefits:
Founded in 1969, the Oklahoma City Community foundation is a local organization with in-depth knowledge of the community?s charitable needs and opportunities.
We are able to accept a wide variety of non-cash assets such as property, real estate, securities and oil and gas rights. Merrill Lynch Partnership Policy Statement PDF Format read by Adobe Acrobat - version 4.0 or higher)
For more information on the MLCCF, please contact Carla Pickrell at 405.606.2901 or Joe Carter at 405.606.2914 or call the MLCCF hotline at 877.366.6723.
In accepting a contribution from any fund, the Oklahoma City Community Foundation trustees commit to the donor that the contribution will be protected for the charitable purpose originally intended. The variance power, as described in the governing documents of the Oklahoma City Community Foundation, assures donors that if the charitable purpose of their contributions becomes impractical or impossible, the distributions will be directed to similar purposes in the community.
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