Create a Fund

The Community Foundation of Tompkins County welcomes gifts of any size at or above the minimum requirement for creating a fund. Once a fund has achieved its initial minimum gift level, anyone may make a gift of any size into any fund at any time. All donor gifts are managed by investment professionals and receive the maximum tax benefits available under the current tax laws.

Funding Options for Individuals, Groups, Agencies, Businesses 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, fund must be spent down to zero through the granting process or by transfer to other Community Foundation funds
  • Minimum to Establish
    • $10,000 for endowed
    • $20,000 for expendable
  • Philanthropic Services Assessment (deducted from fund balance)
    • 1.25% yearly (>$50K)
    • 1.75% yearly/min $150 year (<$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
    • $20,000 for endowed, this fund type does not offer an expendable option
  • Philanthropic Services Assessment (deducted from fund balance)
    • 1.25% yearly (>$50K)
    • 1.75% yearly/min $150 year (<$50K)
  • Decision Makers and Process
    • Field of Interest Fund Advisory Committees for those funds of at least $150,000 make recommendations to Community Foundation Board of Directors
  • Funding Options
    • Checks
    • Bequests
    • Securities
    • Mutual Funds
    • Insurance Annuities
    • Retirement Accounts
    • Real Estate

Agency Funds & Designated Funds

  • 2016 Agency Fund
  • 2016 Designated Fund
  • Definitions
    • Agency creates an Agency Fund for its own benefit with assets from agency or passed to Community Foundation from agency’s donors
    • Donor(s) establish a Designated Fund for specific organization(s)
    • Annual grants from an endowment fund in perpetuity
    • Usually carries the name of the designee (e.g., The Hospital Fund)
  • Minimum to Establish
    • $20,000 for endowed, this fund type does not offer an expendable option but the endowed fund does offer a special distribution option
  • Philanthropic Services Assessment (deducted from fund balance)
    • 1.25% yearly (>$50K)
    • 1.75% yearly/min $150 year (<$50K)
  • Decision Makers and Process
    • The beneficiary organization is named at the time of fund creation and any changes are subject to the Community Foundation’s variance powers as conferred by the IRS
    • 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

  • 2017 Spending Policy
  • The 2017 Spending Policy percentage has been set by the Board of Directors at 4%
  • 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 and endowed donor advised: $10,000; $5,000 for Two-Year Option
    • Agency, designated, field of interest 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
  • Philanthropic Services Assessment (deducted from fund balance)
    • 1.75% on balances under $50,000
    • 1.25% 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: .20% 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
  • Fund balance only grows from additional gifts, not exposed to market gains or losses
  • Philanthropic Services Assessment (deducted from fund balance): None
  • Fees: .20% if invested, none if held in cash or equivalent, any interest in cash holdings is swept to the Community Foundation
  • Funding Options
    • Checks
    • Bequests
    • Securities
    • Mutual Funds
    • Insurance Annuities
    • Retirement Accounts
    • Real Estate
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