Establish A Fund
Leave a Legacy for Your Community
Establishing a fund at the Community Foundation is a great way to honor or remember someone, as well as make a lasting impact on our community.
The 3Gs of Establishing All Funds
When establishing a fund at the Community Foundation, here are the basic ways all of our available fund types Give, Grow, and Grant. You can find the different minimum establishing amount, administrative fee, and grant selection process for each type of fund below this list. There is no start-up fee to create an endowment.
GIVE
- Gifts can be cash, appreciated stock, IRA distributions, real estate (review process prior to formal acceptance), or a planned estate gift including bequests, life insurance, retirement account, and annuities
- We offer the convenience of online and scheduled ACH giving (automatic withdrawal from checking or savings account)
- All gifts are irrevocable
- Anyone can give to any fund, in any amount, at any time
- Gifts are tax deductible to the fullest extent of the law
- All donors receive a prompt thank you acknowledgment/official tax receipt
GROW
- Your gift is pooled with all endowed assets but is accounted for separately
- You’ll receive quarterly fund statements
- Investment Committee and Board of Directors guide our hired Investment Manager
- Targeted annual return is 7.5%
GRANT
- Funds are required to be in place for 4 full quarters before grants are awarded
- Each year, the Board of Directors will determine what percentage of the fund’s 16-quarter average will be available for a grant(s) – typically 4%
- The Foundation’s Board of Directors does have the right to use the historic gift value/principlal for grant making according to the Uniform Prudent Management of Institutional Funds Act (UPMIFA)
- Variance Power – the mechanism by which our Board of Directors will honor your wishes forever guided by donor intention
ADDITIONAL INFORMATION
- The Community Foundation promotes the existence of new funds in a variety of ways – annual report, online newsletter, newspaper and radio ads, Facebook and social media, etc.
- Donors pledge to contribute annually to the endowment
- Pledges usually cover a five-year period to reach the minimum establishing amount for the desired fund
- Acorn Funds are an ideal vehicle for family members, co-workers, classmates, friends, or neighbors to establish a fund over time to support charitable causes that are meaningful to them
- Minimum to establish a named Agency Endowment Fund is $5,000
- Administration Fee of 1.0% is assessed annually
- Establishing donation comes directly from the nonprofit organization
- At the end of of each year, the nonprofit organization will be notified on grant dollars available in the coming year
- Grants will be sent to the organization each year in March unless it isn’t prudent to do so due to economic/market conditions
- Minimum to establish a named Designated Endowment Fund is $5,000
- Administration Fee of 1.0% is assessed annually
- At the end of each year, the nonprofit organization(s) will be notified on grant dollars available in the coming year
- Grants will be sent to the organization(s) each year in March unless it isn’t prudent to do so due to economic/market conditions
- Minimum to establish a named Donor-Advised (DA) Endowment Fund is $5,000
- Administration Fee of 1.0% is assessed annually
- At the end of each year, you will be notified on grant dollars available in the coming year and receive a grant recommendation form
- All grants you recommend will be checked by staff to make sure the Community Foundation is legally permitted to make the grant and then they are approved by our Board of Directors
- You have the option of being involved in the delivery/presentation of the grant checks
- We are your partner in philanthropy and would be happy to assist you in identifying grant opportunities that closely match your charitable desires and objectives
- Minimum to establish a named Field of Interest Fund is $5,000
- Administration Fee of 1.5% is assessed annually
- The Community Foundation staff, Grants Committee, and Board of Directors identify projects that elevate and support the specialized interests chosen by the donor
- Minimum to establish a named Flexible Community Fund (unrestricted endowment) is $5,000
- Administration Fee of 1.5% is assessed annually
- The Community Foundation staff, Grants Committee, and Board of Directors identify projects throughout the year and through the Competitive Grant Cycle process
- Minimum to establish a named Scholarship Endowment Fund is $20,000
- Administration Fee of 1.5% is assessed annually
- Students are selected by the Community Foundation Scholarship Committee based on selection criteria in fund agreement
- Students are publically recognized at Honors Day and at the Foundation’s Annual Meeting
- Check would be sent directly to the college or university in the student’s name
Learn More
To learn more about how you can establish a fund at the Community Foundation, contact Bill Barnes at 812-274-0241 or email using the button to the right.
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