The Community Foundation offers a variety of funds for donors to achieve their charitable objectives. Depending on the type of fund selected, a minimum gift or bequest of $5,000 - $10,000 is required to create a named fund.
In general, 5% of the value of an endowed fund averaged over three years is distributed annually. The balance of earnings are reinvested to enhance the granting power of the endowment over time.
When creating a fund with a current gift, the donor and the Community Foundation sign a standard agreement describing the fund which outlines administrative policies and defines your charitable goals. This ensures that the intent of your fund is mutually understood.
Because the Community Foundation may not accept funds that are inconsistent with its objectives, it is advisable that provisions to create a fund through will, trust or other planned giving vehicles are reviewed and/or discussed with the President of the Community Foundation. Confidentiality is assured.
Can I Name a Fund?
Yes, you can create a fund in your own name, the name of a family member, loved one, friend, business, or organization. This is an opportunity to leave a legacy, carving out a place in your community's history for yourself or for the person who inspired the fund.
Your named fund is a lasting tribute to honor or memorialize an individual of your choice and may be added to at any time by anyone. The fund's name will live on in perpetuity, supporting the namesake's charitable interests and the Foundation's mission.If you prefer not to create a named fund, or to place any restrictions on your gift, your contribution can be pooled with other unrestricted gifts in the Community Foundation's 21st Century Fund -- designed to provide stability and innovation for charitable endeavors in the tri-county area.
When Can I Create a Fund?
By Giving Now: The charities you currently support will continue to receive gifts during your lifetime as well as in perpetuity. Many donors regularly contribute assets to their funds and recommend grants each year.
By Future Giving: After providing for your loved ones, you may want to consider creating a fund in the Community Foundation or adding to the one you've already established. There are many attractive arrangements for making deferred or planned gifts. Deferred giving offers the benefit of a current tax deduction in exchange for the commitment of funds to a charitable purpose or purposes at some later date. The result may be an increase in spendable income now and a substantial fund to later carry out your philanthropic wishes.How Do I Start the Process?
Start by calling the Community Foundation. At no cost or obligation, the President will meet with you and/or your professional advisor(s) to explore your charitable and financial goals. Based on your personal objectives, you can examine your fund options and have your questions answered.
