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		HOME  >  DONORS & ADVISORS  >  DONOR INITIATIVES  >  THE FILIPINO AMERICAN FUND The Filipino American Fund Purpose of the Filipino American Fund This initiative gives Bay Area Filipino Americans an effective way to help people in the local community. The initial goal is to raise $100,000, and, later, to have a larger endowed fund that is a permanent resource. Some donors are making three-year pledges (paid yearly or monthly), others are making outright gifts. Role of the Asian Pacific Fund The Filipino American Fund is administered by the Asian Pacific Fund, which has been an advisor and facilitator for individuals, foundations and corporations since 1993. It has helped them to fulfill their charitable goals. The Asian Pacific Fund works with more than 80 Bay Area organizations that provide a broad range of services for youth and the elderly, health and human services, education, employment, environmental conservation, economic development, immigrant services, legal services, culture and the arts. Several well-known Filipinos serve on the Asian Pacific Fund Board: Andrew Cuyugan McCullough, Raymond L. Ocampo Jr. and Mona Lisa Yuchengco. The founding donors have asked the Asian Pacific Fund to administer this initiative because it has the expertise and can fulfill two key roles: help donors identify which agencies would best serve the Filipino American community, and support communication and fundraising efforts.   Overview of the Filipino American Community Population: 323,000 (2nd largest Asian group in the Bay Area) + 13,000 new immigrants each year Filipino median family income is $75,500 (6% higher than the average family in the Bay Area) Needs in the Community: Many Filipinos are struggling: WWII Veterans who are not eligible for pensions People who are too old or are unable to work People who cannot find work Some Filipinos - those families where no one is working - live in deep poverty: The median family income for these families is $15,600, 50% lower than other families where no one is working. Community agencies report many Filipinos resist seeking help for: domestic violence and mental health services. Although the Bay Area drop-out rate is improving slightly, 200 Filipino students drop out of school each year. Making Grants from the Filipino American Fund Priority Areas: Initially, the funding priority will be health and human services, such as, services for immigrants, youth programs, employment programs, and help for the elderly. In the future, the Filipino American Fund might support scholarships. Selection of Grant Recipients: Guidelines will be published, and agencies will submit applications. Following a process that is used by many foundations and agencies that make grants, the Asian Pacific Fund will convene a grants committee of professionals with grants experience and knowledge of the service area. Donors may also be included. The first grants from the Filipino American Fund were given in the spring of 2004 and will be given every spring thereafter. Number and Amount of Grants: Two grants of $10,000 will be made each year, depending on the amount of money that is raised. In this way, the Filipino American Fund can maximize the impact that its grants will have on the non profit organizations that serve the community. Reasons to Give to the Filipino American Fund The Asian Pacific Fund can identify the areas with the most urgent needs. Donors can combine their contributions to make a bigger investment pool, and, when the fund is endowed, it will earn more income. Local Filipino agencies will continue to be eligible for grants from the Asian Pacific Fund, so these will be new, supplemental funds. Donors can maintain anonymity by giving through the Filipino American fund. Tax Advantages Example 1: Your family has an adjusted gross income of $300,000. You take itemized deductions for your interest payments on your mortgage because your expenditures exceed the standard deduction. If you give $30,000 in cash to the Filipino American fund, you will get a charitable tax deduction of $30,000 equal to $9,900 in tax savings ($30,000 gift x 33% tax bracket = $9,900). Example 2: Your family has an adjusted gross income of $150,000. You take itemized deductions for your interest payments on your mortgage because your expenditures exceed the standard deduction. If you give $30,000 in appreciated securities (original value was $10,000) that you have held for more than one year to the Filipino American fund, you will receive a charitable deduction of $30,000, which would reduce your taxable income to $120,000. You would save $11,400 in taxes since you do not need to pay capital gains tax on your appreciated securities ($20,000 profit from sale of securities x 15% tax on sale of appreciated securities = $3,000 in tax savings) and you will itemize your charitable deduction ($30,000 gift x 28% tax bracket = $8,400 in tax savings). Please keep in mind that each person's tax situation is different. The information above should not be relied upon to assess your own situation. Please consult your accountant or financial advisor. Contact Information Please contact Gail Kong or Nayna Agrawal at the Asian Pacific Fund if you have any questions or suggestions. They can be reached at (415) 433-6859 or you can e-mail them at gail@asianpacificfund.org or nayna@asianpacificfund.org.
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