Donors can be as creative as they like when starting a new fund. The Community Foundation allows donors to start a fund with as little as $1 with every donation as tax-deductible. New funds must reach a minimum of $5,000 in contributions within five years before they can make awards. Below is a list of things to help you get started:
Decide when to give.
You can create your fund now, establish it in your will, or create it through a trust arrangement that benefits your family as well as charity.
Decide what to give.
Almost any type of asset can be used to start your fund, such as cash, publicly traded securities, closely held stock, interests in limited partnerships, real estate, life insurance, tangible personal property and private foundation assets. We can also discuss other options with you, such as bequests, charitable remainder trusts, charitable lead trusts, pooled income funds, charitable gift annuities, and life income.
Choose the name for your fund.
Most of our funds are named for the donor or the donor’s family or as a memorial to someone special. Every grant from the fund will carry this name. If you prefer anonymity, you can choose a name that reflects your fund’s charitable purposes
Choose a type of fund.
Determine the fund type (see Types of Funds) and purpose for which the fund will serve.