City National Bank Launches Donor Advised Giving Program; Bank is first to team with California Community Foundation to make giving easy.Business Editors LOS ANGELES--(BUSINESS WIRE)--Oct. 29, 2002 Clients can achieve philanthropic goals and maximize tax benefits City National Bank, the second largest independent bank headquartered in California, today announced that it has joined with the California Community Foundation The California Community Foundation, located in Los Angeles, California serves all of Los Angeles County and is the United States' second-oldest community foundation. It has assets of over $1 billion and makes grants for several different charitable purposes. to offer the City National Donor Advised Giving Program. City National is the first bank to tap the expertise and resources of the Los Angeles-based nonprofit to offer a donor advised fund Donor Advised Fund A private fund administered by a third party and created for the purpose of managing charitable donations on behalf of an organization, family, or individual. Notes: Donor advised funds have become increasingly popular. program for Californians. The Donor Advised Giving Program provides a convenient and flexible way for individuals to achieve their philanthropic goals. City National serves as investment manager for the program, and the California Community Foundation -- which is the sponsoring charity -- offers nearly a century of experience providing charitable-giving services and grants to the California communities it serves. "We're pleased to partner with such a well-respected organization as the California Community Foundation to deliver this compelling new program to our clients," said Vern Kozlen, executive vice president and director of the bank's trust and investment division. "The successful entrepreneurs, professionals and business owners we serve have always been interested in making a difference in their communities. Now, we'll be able to help them further integrate their philanthropic strategies with their estate and financial plans." As a streamlined and cost-effective alternative to a private foundation, the City National Donor Advised Giving Program offers greater grant flexibility and tax incentives without the administrative burden. The program provides: -- Maximum and immediate tax benefits: Clients' contributions qualify for the maximum deductibility for income, gift and estate tax purposes. -- Active involvement: As donor-advisors, clients recommend distributions to specific charities and may designate a successor advisor. -- Flexibility: Clients can establish a fund for virtually any purpose and recommend grants to local and national organizations. "Through this program, donors will benefit from the California Community Foundation's experience in matching resources -- financial or knowledge-based -- to the needs of our communities, as well as from the professional financial management of City National," said Joe Lumarda, executive vice president of the California Community Foundation. "Together, we'll be able to help donors make the greatest impact with their giving dollars." A fund in the City National Donor Advised Giving Program can be established with a minimum, irrevocable donation of $10,000. Clients can make contributions from a variety of asset classes: cash, publicly traded securities including mutual funds, closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. stock, restricted public stock, real estate, life insurance policies, and royalty and intellectual property rights. Only 1 percent goes toward administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . About City National City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with $11.3 billion in total assets. Its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is the second largest independent bank headquartered in California. As California's Premier Private and Business Bank(R), City National provides banking, investment and trust services through 54 offices, including 11 full-service regional centers, in Southern California and the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . The company has more than $19 billion in investment and trust assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or administration. For more information about City National, visit the company's Web site at www.cnb.com. |
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