OUR MISSION INVOLVES YOU
Funds
SIMPLICITY
It is easy to give through the Community Foundation. Unlike establishing and maintaining a private foundation, a fund at the Community Foundation does not have the same IRS compliance and administrative requirements. Many donors have found working with the Community Foundation is the easiest and most convenient way to manage their charitable giving.
FLEXIBILITY
The Community Foundation is unique in its ability to offer highly individualized giving programs for any donor (individuals, families, businesses, civic clubs, etc.). You create a charitable fund that will achieve your goals, and you give the type of asset that provides you with the best tax benefits. The personalized service at the Foundation is tailored to each individual or family’s charitable interest and financial capability.
CONVENIENCE
It is simple to create a fund with the Community Foundation, and continuing a working relationship remains easy after the fund is established. All administrative tasks are handled by the Foundation staff, including management of complex contributions, records of transactions, disbursement of checks, and researching issues and organizations of interest to you. All fund holders receive semi-annual fund statements in the mail. In addition, fund holders can log on to the secure section of our website at any time to view their fund balance and review contributions and grants from their fund.
CHOICE
Donors make grant recommendations to the program, organization, or interest of your choice. The professional staff has expertise in and an understanding of this community’s issues and needs.
TAX BENEFITS
The Community Foundation qualifies as a public charity under the Internal Revenue Code, thereby offering donors the maximum charitable tax deduction allowed. A wide variety of assets may be used to establish your fund—including appreciated stock, real estate, retirement plan assets, and cash.
RECOGNITION OR ANONYMITY
When a grant is given from your charitable fund, you may choose to receive public recognition or remain completely anonymous.
STEWARDSHIP AND ACCOUNTABILITY
The Community Foundation is in compliance with the National Standards for U.S. Community Foundations as is a member of the Council of Foundations. Our funds benefit from high quality and diversified investment management.
PERMANENCE
A gift to the Community Foundation can benefit the community in perpetuity. Donors can be confident that these gifts will always be available to meet the changing needs of their community. For those who wish, grants will be made in their name as a lasting symbol of their care and concern. A permanent record of your charitable interests, philanthropic endeavors, community legacy and giving philosophy is maintained.
SATISFACTION
Most people have a desire to help others and to fulfill a charitable vision in their own hearts. The Community Foundation is deeply rooted in the community and seeks to implement and perpetuate these visions and to facilitate the humanitarian efforts of each donor.
OUR MISSION INVOLVES YOU
Fund Toolkit
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ABOUT US
Why Establish A Fund
MAJOR BENEFITS OF ESTABLISHING A FUND
- Your gift will communicate your charitable values and if desired be a perpetual legacy.
- There are no legal or set-up fees to establish a fund.
- The fund will be invested and professionally managed in a highly diversified portfolio to minimize market risk and maximize returns.
- The fund will pay greatly reduced investment and administrative fees due to the overall shared expenses among all the funds.
- The fund will be professionally administered by a staff dedicated to honoring donor intent, grantmaking, and knowledgeable of our region.
- You can add to your fund at any time; you can also direct others to make contributions in lieu of holiday or birthday gifts; and you can make your fund the beneficiary of all or part of your estate.
- Your gift will never be subject to future probate costs or legal fees that over time can erode many trusts.
HOW TO ESTABLISH A FUND
You can establish your own grantmaking or scholarship fund within the Community Foundation without creating a separate trust or 501(c)(3) organization. In addition, you can leave a permanent legacy ensuring that your giving will always support the organizations or charitable causes most important to you. The following steps outline the process:
- Discuss with the Foundation your areas of interest. Your legal or tax advisor is encouraged to participate in this discussion. These goals are then documented in a fund agreement.
- Choose the best way to establish your legacy.
GIVE NOW: You can establish a fund immediately with cash or assets such as stock or real estate. Your gift is tax deductible with capital gains taxes avoided on gifts of appreciated assets
GIVE LATER: You may establish a fund through a deferred gift such as a bequest in your will or the assignment of a life insurance policy, IRA contract, or trust (charitable lead or remainder trust or charitable gift annuity). - Name and design the fund. Unless anonymity is preferred, the name that you select is listed in the Community Foundation’s reports, grant award letters, scholarship certificates or distribution checks, maintaining your charitable presence in the community. Your fund may have one or more of the following purposes
TYPES OF FUNDS
THE LONGLEAF FUND: You make an unrestricted gift, joining other donors in responding to the community’s most pressing needs, mindful that organizations or events will change in the years ahead. No minimum.
DONOR ADVISED FUND: A very popular alternative to a private foundation; you are the “fund advisor” making grant recommendations to charitable programs or projects you wish to support. $10,000 minimum.
FAMILY FUND: Provides a simple and popular way for your family to engage in organized philanthropy. Children are often named as successor advisors to perpetuate a tradition of family philanthropy. $10,000 minimum.
CORPORATE FUND: Offers flexible charitable giving program options for businesses and their employees. Your business can outsource all - or any part - of its charitable giving program to the Community Foundation for management. $10,000 minimum.
DESIGNATED FUND: You specify one or more charitable organizations to receive annual distributions providing the organization continued support. A not-for-profit or religious institution creates a fund to provide annual operating support for their organization or to provide long-term funding for a specific project at their organization. $10,000 minimum.
AGENCY FUND: You may establish or contribute to an existing endowment fund in support of a specific not-for-profit organizations, religious institution or government agency to provide annual operating support or to provide long-term funding for a specific project. $10,000 minimum.
SCHOLARSHIP FUND: You name and designate a scholarship fund to provide financial assistance to students. You may define eligibility qualifications, designate a college or university, and the targeted group (high school, foster children, single parents, etc.) $50,000 minimum.
FIELD OF INTEREST FUND: You focus funding on a particular charitable area, such as child development, education, animal welfare or other broad area of interest. The Community Foundation works with you and like-minded donors to achieve outcomes improving the targeted social issue. $10,000 minimum.
OUR MISSION INVOLVES YOU
Fund Agreement Samples
DONOR ADVISED FUND
A Donor Advised Fund provides you an opportunity to express all your philanthropic interests. Donor recommendations are submitted to the Foundation’s Board of Trustees for approval. This fund type is an effective alternative to a private foundation.
FIELD OF INTEREST FUND AGREEMENT
The fund’s grantmaking focuses on a particular area, such as child development, education, arts and culture, or other broad areas of interests. The Foundation then ensures that your fund supports meaningful projects providing impact to the targeted social need.
INSTITUTIONAL FUND AGREEMENT
An Institutional Fund is started by a specific not-for-profit organization to provide annual operating support or to provide long-term funding for a specific project.
NON-ENDOWED AGENCY FUND AGREEMENT
This agreement is most often used for pass-through funds or for specified purposes usually short in duration.
SCHOLARSHIP FUND AGREEMENT SAMPLE
Name and designate a scholarship fund to provide financial assistance to students or professionals to advance their education. You may define guidelines for candidacy, the school and the basic requirements. Each donor has a heartfelt reason for establishing a fund, whether to memorialize a loved one, to recognize the value of their own education or to encourage young people to identify their talents and succeed in life.
DESIGNATED FUND AGREEMENT SAMPLE
You specify one or more charitable organizations to receive annual distributions providing them perpetual support.
UNRESTRICTED FUND AGREEMENT SAMPLE
The donor gives the Board of Trustees full discretion to make grants that respond to the community’s greatest needs. Every five years the Community Foundation conducts a Community Needs Assessment to assist in awarding grants to the areas identified with the greatest needs.