It is easy to establish your own named charitable fund and it can be done in less than a day. Working with a member of our staff, and your financial advisor if you choose, you will take these simple steps:
• First, determine your charitable purpose or intent.
• Select the type of charitable fund that best supports your purpose. Our staff will outline your options and discuss advantages of each.
• Complete a simple governing document. Our staff will help you to complete a document that makes your intentions clear.
• Select a name for your fund. You can use your name, that of a family member, the name of a favorite cause, or choose a name that allows you to remain anonymous.
• Depending on the type of fund you establish, you may designate current fund advisers such as yourself and spouse, and successor advisers such as your children. This information will be included in your governing document.
• Make an establishing gift. See Ways to Give for the types of contributions you can make.
• Receive a tax deduction at the time the fund is established and when additional contributions are made to the fund.
Enjoy giving through your fund. Once your fund is established you can:
• Add to the fund at any time in any dollar amount.
• Specify how grant disbursements are to be acknowledged - whether in the name of the fund or anonymously.
• If you've established a donor advised fund you may recommend distributions to charities, locally or throughout the United States.
If you have questions about establishing a fund that have not been answered in this section, please click here to contact us for more information.
Types of Funds
There are several types of charitable funds available to support your giving. Choose the one that matches your personal approach to giving and your charitable intent. Our staff is eager to discuss these options with you and to help you select one that matches your giving needs.
Donor Advised Funds
Donor advised funds are established by donors who wish to actively participate in the grant-making process. Individuals who establish a donor advised fund recommend charitable projects or organizations they want to support. It is easy to give to multiple nonprofits through a donor advised fund. Our Board of Directors is legally responsible for approving all grants.
Donors who wish to support a specific agency or cause can establish a designated fund. If the original charity ceases to exist, becomes obsolete or is unable to perform their charitable purposes, our Board of Directors is able to redirect the funds to an organization providing similar services without the cost of expensive legal action.
Many nonprofit organizations establish an endowment fund with us in order to grow assets to meet both current and future needs. They look to our Board of Directors for strong investment oversight services and ask our staff to manage all of the administrative details of the endowment. This can provide a relatively constant source of annual income and help maintain their mission in perpetuity. It also frees the nonprofit to focus on what they do best in the community.
Donors can create a new designated fund, or contribute to an existing one.
Field of Interest Funds
Field of interest funds are often established to support particular interest areas, specific program initiatives, causes or geographic areas. At the donor's request, use of the funds is restricted to a specified area of interest, but flexibility remains to meet changing situations.
The creation of a scholarship fund is attractive to many donors and can be structured to benefit students at any education level, or for a specific institution. A scholarship fund can also be established to honor a loved one.
Some donors choose to stay involved through advisory relationships, while others name advisory committees to assist in the selection of recipients. Either way, our staff will handle the necessary paperwork and will ensure that scholarships are distributed in an equitable manner.
Unrestricted funds are not specifically designated for use by a particular agency, cause or area of interest. Our Board of Directors oversees the use of these funds, setting priorities for their use and determining how grants will be distributed to support the charitable needs of our community. Unrestricted funds give us the ability to respond to pressing and often changing needs in the community.
Let us help you select the fund that works best for your particular giving situation. Please click here to contact us for more information.