Friends In France Can Now Support the Lycée

At long last, there is a way for Lycée alumni and community members who live in France to support the school and have their generous donations acknowledged with an income tax credit from the French government. This new fund or fonds de dotation is called The French Friends of the Lycée Français de New York. It exists thanks to the diligence of three very passionate alumni: Marie-Noëlle Pierce, Lycée Trustee and President of the Alumni Board; Donna Zilkha, Lycée Trustee; and Juliette Timsit, who was the engine behind setting up structure of The French Friends of the LFNY in France.

The French Friends of the LFNY has only been in existence since autumn 2010, but it has been a long time coming. For many years, Lycée community members have sought a means such as this one that would make their donations beneficial for both the Lycée and themselves. The fund has already made a difference, with a number of donations coming in from France this past autumn and winter. Mrs. Timsit, who has been engaged in the Lycée community since she graduated in 1980, took time to discuss why it is important to her to support her former high school and the brief but interesting history of The French Friends of the LFNY.

What has motivated you to remain an engaged Lycée community member? Are you still in contact with some friends from your high school days?

"In the United States, there is a much stronger culture of giving back to your school. I have great memories of my Lycée years and from those years I have kept close friendships. I graduated from the Lycée and went straight to University. I have a very strong relationship with my Alma Mater, Cornell and in my opinion students in the Unites States stay closer to their university, high school, even grammar school than students in Europe. There is a much stronger culture of giving back to your school in the United States; often because the student campus experience creates this loyalty and also because the schools have very strong development and alumni relations dept which are instrumental in maintaining that loyalty."

How did your connections to the Lycée motivate you to develop a philanthropic relationship with the school?

""Well, for me it's rather the other way around. My family has a strong philanthropic tradition and my work is centered around philanthropy (which is not to say that if you don't work in philanthropy you don't want to help the Lycée). At the same time, I have such great memories of the Lycée years that I was happy to help when asked, which was the case regarding setting up the fonds de dotationem> of The French Friends of the Lycée Français de New York."

What is the genesis of the French Friends?

"Well, about 4 years ago, I was approached by Donna Zilkha, a close friend who asked me if I could help set up a structure in France which would enable the LFNY to receive donations in France which would be tax deductible under French tax exemption rules."

"Without going into details about the non-profit sector here [in France], at the time there was only one viable option to set up a French Friends of the Lycée and that meant creating a sheltered foundation (fondation abritée) similar to having a fiscal sponsor but in order to do that you needed an initial endowment of 200, 000 euros."

"In 2008, Donna approached me again and luckily time was in our favor as a new non-profit legal entity (the fonds de dotation) had been created in France in order to encourage more charitable giving from the private sector. The fonds de dotation is similar to United States endowment funds, much easier to set up, and has no minimum initial financial requirement. The procedure is simple: You need written statutes with a clear mission statement (d'intérêt general), a board of at least 3 members as well as an advisory board. A simple declaration to the Préfecture is enough to create the fund and if the endowment is above 10, 000 euros, the law requires an annual audit."

"The LFNY fonds de dotation officially came into existence October 2nd, 2010."

How is the fund structured? Why is it better for someone in France or Europe to donate to the fonds de dotation instead of simply writing a check directly to the Lycée in New York?

"The Fund has been set up so that donors in France may benefit of an income tax credit of up to 66% of the gift amount for individuals or 60% for corporations. For donors who file their taxes in France, a gift to a United States-based charity is not tax deductible on your French income tax. Hence the viability of a vehicle like the fonds de dotation. Having a structure that enables donors to benefit from tax exemptions encourages giving."

I know you worked closely with Marie-Noëlle Pierce and Donna Zilkha to establish the fonds de dotation. Were there any other individuals involved in its creation?

"The French legal firm Delsol was hired to establish the bylaws and statutes and file the necessary paperwork. The Board members are Marie-Noëlle Pierce, my sister Leslie Feeney-Baily and myself. The fonds de dotation is a major innovation. So new, that when we opened the bank account for it, our bank had to consult their legal department and get back to me because they had never heard of it before. I hope that this will encourage more giving from France and strengthen the ties with the Lycée."

If you are interested in contributing to The French Friends of the Lycée Français de New York, or you would like to request more information, please contact Claude Aska at caska@lfny.org or 212-439-3867.

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