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ENDOWED GIFT AGREEMENTInitial Gift (the Donors) have provided a gift to establish an endowed fund within the Central Flanagan Foundation (the COF). The fund shall be known as the (the Fund). Gifts
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An initial gift refers to the first transfer of property or assets made by a donor to a recipient, which may trigger gift tax implications.
The donor who makes a gift that exceeds the annual exclusion amount is required to file an initial gift tax return.
To fill out an initial gift tax return, complete IRS Form 709, providing information about the donor, recipient, and details of the gift.
The purpose of filing an initial gift is to report taxable gifts to the IRS and to ensure compliance with federal gift tax regulations.
The information that must be reported includes the value of the gift, the identity of the donor and recipient, and any deductions or exclusions that apply.
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