Create a Fund
The Community Foundation of Tompkins County welcomes gifts of any size at or above the minimum requirement for creating a fund, currently $10,000 for an endowed fund or $20,000 for an expendable fund.
All donor gifts are managed by investment professionals and receive the maximum tax benefits available under the current tax laws. All funds are carefully supervised by the Foundation’s Board of Directors. With a total of $7.8 million in assets in fiscal year 2010, more than $409,000 in grants were made in 2010.
Funding Options for Individuals, Groups, Agencies or Organizations
Donor Advised Fund
- Definitions
- Supports donor’s charitable giving interests and decisions on an annual basis or as desired fund name chosen by donor
- Carries one-generation successor rights
- To dissolve, account must be spent down to zero through the granting process
- Minimum to Establish
- $10,000 for endowed
- $20,000 for expendable
- Costs to Donor
- 1% yearly (>$50K)
- 1.5%/min $150 yearly(<$50K)
- Decision Makers and Process
- Donor or designees recommend grants
- CF Board of Directors reviews and acts as needed.
- Funding Options
- Checks
- Bequests
- Securities
- Mutual Funds
- Insurance Annuities
- Retirement Accounts
- Real Estate
Field of Interest Fund
- Definitions
- Specify a specific constituency and /or the geographic area(s) to provide focused yet flexible and responsive grants
- Minimum to Establish
- $10,000
- Costs to Donor
- 1% yearly (>$50K)
- 1.5%/min $150 yearly(<$50K)
- Decision Makers and Process
- Field of Interest Fund Advisory Committees make recommendations to Community Foundation Board of Directors
- Funding Options
- Checks
- Bequests
- Securities
- Mutual Funds
- Insurance Annuities
- Retirement Accounts
- Real Estate
Designated Funds or Agency Endowment Fund
- Definitions
- Donor(s) establish account for specific designated causes or organizations
- Annual income for an endowment fund in perpetuity
- Usually carries the name of the designee (e.g., The Hospital Fund)
- Minimum to Establish
- $20,000
- Costs to Donor
- 1% yearly (>$50K)
- 1.5%/min $150 yearly(<$50K)
- Decision Makers and Process
- Donor or designees recommend grants
- CF Board of Directors reviews and acts as needed
- Funding Options
- Checks
- Bequests
- Securities
- Mutual Funds
- Insurance Annuities
- Retirement Accounts
- Real Estate
Administering Funds
Administering Endowed Funds
- Spending Policy
- The donor(s) may nominate grants following the end of the first complete calendar year after the initial minimum contribution has been achieved. The initial contribution may be scheduled over a maximum of two years with the first partial contribution required to be at least half of the initial minimum contribution.
- Initial minimum contribution
- Unrestricted, endowed donor advised, scholarship and field of interest: $10,000; $5,000 for Two-Year Option
- Agency endowment, and expendable donor advised: $20,000; $10,000 for Two-Year Option
- May annually nominate grants up to the amount designated as available to grant by the application of the spending policy
- Administrative Fee
- 1.5% on balances under $50,000
- 1% on balances of $50,000 and above 2% on all scholarship fund balances
- Note: A minimum fee of $150 is applied on an annual basis.
- Investment Fee: .40% on fund balance
- Funding Options
- Checks
- Bequests
- Securities
- Mutual Funds
- Insurance Annuities
- Retirement Accounts
- Real Estate
Administering Non-Endowed Funds
- The donor (s) may nominate grants following the initial minimum contribution of $20,000
- Minimum balance to maintain grant nominating privilege is $5,000
- May annually nominate grants up to the amount designated as available to grant by the application of the spending policy.
- Administrative Fee: None
- Investment Fee: None
- Funding Options
- Checks
- Bequests
- Securities
- Mutual Funds
- Insurance Annuities
- Retirement Accounts
- Real Estate
