How Do I Create a Fund?
It’s easy. All it takes to establish a Fund at the Community Foundation is a desire to make your community a better place to live. The only requirements are a brief fill-in-the blank document and an initial contribution of at least $2,500. The Foundation gratefully accepts gifts in the form of cash, securities, bequests, planned gifts, and other assets. You get to name the fund and then all future disbursements will be made in the name of the fund you created! There are numerous choices of funds that will fit your needs and passions to improve the lives of others! Contact the Community Foundation and we will work with you to custom fit a fund that will make the greatest impact!
Once I start a Fund, can I add to it later?
Once in place, you can make gifts of any size at any time. Tax Deductions/Credits are available in the year the gift was made!
How does the Fund I created benefit the causes I care about most?
This is the fun part and will vary some depending on the type of fund you choose when you set up the fund. Generally speaking, when you set up the fund, you will tell us what you care about most. This will be your "donor intention". For an endowed fund, this will guide the board of directors in perpetuity on how to distribute the funds, forever. (Example, if you set up a scholarship fund for students who attend XYZ University, then funds will only be granted to students who attend that University). If you set-up a Donor Advised Fund, then you will have the opportunity to recommend to the Board how and where the grant will be given. (Example: you may recommend a gift to a local non-profit one year and to a local church the next).
What happens to the money I give?
By being a Community Foundation, the money you give to create a fund is pooled and invested. By pooling, we are able to gain better leverage in the investment market and share costs. The proceeds generated are available for grant making by following the donor intent. The corpus of the Fund is carefully invested in an effort to ensure that it will do the most good for the longest time. Virtually, all of the funds at the Foundation are invested in a diversified portfolio designed to manage market risk, dampen market volatility and ensure steady growth over time.
Custom Packages to Fit Your Needs!
We offer a variety of types of funds to meet what your desire and passions are to benefit and grow your community for years to come. Contact CIFoundation and we will work with you and your financial consultant to set-up a fund that will maximize your tax benefits and community impact! Even better, when you begin a fund at the Community Foundation, you have the option to Name the fund!Below is a listing of the types of funds available.
This is the broadest and most flexible fund option. Your donation can extend to any charitable organization serving emerging or chronic needs in our community. Your unrestricted fund will be a living legacy to support changing needs in the community.
Field of Interest Fund
Without naming specific charities, this fund allows you to address an issue or topic important to you. You identify the purpose and the Foundation will select projects that most effectively accomplish the goals you set.
Examples include. . . meeting the needs of children, combating illiteracy, or promoting the fine arts or humanities.
A specific charitable organization can be supported in perpetuity through this
type of fund. The Foundation's Board will ensure that the designated recipient
receive maximum financial support as long as it continues to fulfill the original charitable purpose. If the agency ceases to exist, the board can select an alternative charity specified by the fund document.
You can help young people in our community to further their education through this type of fund. Scholarship funds can be general and open to the public, or target a geographic area, specific school, or a particular area of study. You may also be involved in the selection process by participating in an independent selection committee. Some donors choose to mentor students after awards are presented.
Donor Advised Fund
This fund operates much like a personal or family foundation. You may contribute to your fund whenever it's convenient, and recommend gifts as you prefer. Donor advised funds allow donors to be actively involved in the grant distribution process.
Agency or Non-Profit Organization Fund
Non-profit organizations can entrust their endowments to the Community Foundation and benefit from the management and investment expertise of the Foundation board members, advisory committees, and professionals. The Foundation welcomes true endowment funds and views the management of agency endowments as a service. This type of fund is not appropriate for operating reserves.
This fund addresses specific, short term issues. You make one gift to the Foundation and receive a tax deduction immediately. Later, you instruct the Foundation to make distributions from the fund to specific charities or projects of your choice. Temporary funds offer flexibility, easy record keeping and simplified tax reporting.
Future Fund (Deferred Giving)
Deferred giving allows you to plan for a significant gift in the future while meeting your current financial responsibilities. Your giving may take the form of a bequest, a charitable remainder trust, or charitable gift annuity. These bequests are created through your will, and may be changed at any time.