Create a Fund

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Community Fund

• Definitions
  • Supports the unrestricted grant making and/or programs and services of Community Foundation
  • May include a name to honor or memorialize an individual or family
• Minimum to Establish
  • $10,000 for endowed
  • $20,000 for expendable
• Philanthropic Services Assessment
  • no fees
• Decision Makers and Process
  • Community Impact Committee
  • Community Foundation Board of Directors reviews and acts as needed
• Funding Options
  • Checks
  • Bequests
  • Securities
  • Mutual Funds
  • Insurance Annuities
  • Retirement Accounts
  • Real Estate

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
  • Community Foundation 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
  • Community Foundation Board of Directors reviews and acts as needed
• Funding Options
  • Checks
  • Bequests
  • Securities
  • Mutual Funds
  • Insurance Annuities
  • Retirement Accounts
  • Real Estate

Agency Funds & Designated Funds

• 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
  • Community Foundation Board of Directors reviews and acts as needed
• Funding Options
  • Checks
  • Bequests
  • Securities
  • Mutual Funds
  • Insurance Annuities
  • Retirement Accounts
  • Real Estate

Administering Endowed Funds

• 2023 Spending Policy for Maximum Allowed Grantable Amounts
• 2023 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, 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
  • Note: A minimum fee of $150 is applied on an annual basis.
• Investment Manager’s Fee: .20% on fund balance for general portfolio, .35% for SRI/ESG portfolio
• Funding Options
  • Checks
  • Bequests
  • Securities
  • Transfers from your commercial sponsor donor advised funds
  • Mutual Funds
  • Insurance Annuities
  • Retirement Accounts
  • Real Estate

Administering Non-Endowed Funds (donor may select funds to be held either in investment portfolio or in checking/savings account)

• The donor (s) may nominate grants following the initial minimum contribution of $20,000
• Philanthropic Services Assessment for those funds which are invested in portfolio (deducted from fund balance)
  • 1.75% on balances under $50,000
  • 1.25% on balances of $50,000 and above
  • Note: A minimum fee of $150 is applied on an annual basis.
• Philanthropic Services Assessment for those funds which are not held in investment portfolio (deducted from fund balance): None but in this case fund balance only grows from additional gifts as it is not exposed to market gains or losses
• Investment Manager’s Fee: .27% if invested, for general portfolio, .35% for SRI/ESG portfolio. There is no investment manager’s fee if the fund’s assets are 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