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Fund Options at The Community Foundation
The Community Foundation has been organized as a vehicle to facilitate flexible charitable giving. A principal objective is the acceptance of donations to establish permanent endowment and other funds that will produce income to enhance the quality of life in the Central Savannah River Area. This objective dictates that the Foundation conserve and prudently manage its funds. The purpose of this information is to establish guidelines and policies for acquiring endowment and other funds as well as the management of those funds.
How do I Establish a Fund with The Community Foundation?
The Community Foundation may accept outright or testamentary gifts of various kinds of property for Foundation endowments, including, but not limited to: cash, securities, life insurance, interest in or gifts from trusts, real property or in any other form. Proposed gifts of real estate and stock of privately held corporations owning real estate will not be accepted without specific Board approval after meeting the requirements spelled out in The Community Foundation Requirements for Accepting Real Property Donations. The Directors retain the option to decline any gift, which they deem not to be in the best interest of the Foundation.
Please be advised that the Foundation regularly works with area attorneys who focus on wills, taxes, trusts, estates and estate plans, as well as accountants, financial and estate planners, stock brokers, insurance advisors and bank Trust departments. The Foundation strongly encourages every prospective donor to consult with one or more of these specialists to insure fulfillment of their personal goals as well as their philanthropic goals.
Types of Charitable Funds
Through The Community Foundation, donors/organizations can create a personal philanthropic Fund suited to their specific needs and interests. The Fund created may bear the name of the donor/organization, the name of a loved one, or any other name the donor chooses (anonymity is available for donors who prefer that option). The donor has many creative options for contributing to a community foundation that allow the donor significant involvement in the investment and grant-making decisions affecting his/her fund. The Foundations Board of Directors is legally responsible for approving all grants. Described below are some of the Fund options available at The Community Foundation:
Unrestricted funds are not specifically designated for use for a particular agency, cause or area of interest. The Foundations Board of Directors oversees the use of these funds, setting priorities for their use and determining how grants will be distributed to support the charitable needs of our community. Unrestricted funds give the Foundation the ability to respond to pressing and changing needs in the counties of Richmond, Columbia, Burke and McDuffie in Georgia and Aiken and Edgefield counties in South Carolina.
Donor Advised Funds
This type of Fund provides maximum convenience and flexibility by enabling donors to make contributions to charitable organizations and have access to The Community Foundations professional advice and management. Many donors choose this type of Fund (as well as Designated and Scholarship Funds) to remember their alma maters, churches and other favorite charities. A Donor Advised Fund allows donors to advise the Foundation about charitable distributions to specific organizations. It is especially useful for donors who want to take a charitable deduction in one year, and make distributions over several years. The preferred minimum amount to establish this type of Fund is $20,000.00.
Field of Interest Funds
This Fund type will allow a donor to support a broad area of concern, such as education, the arts, youth services and/or the elderly. The Community Foundation administers the grants. This Fund can make a timeless impact on a certain aspect of the community by leaving specific grant-making decisions to the governing committees of the future. The preferred minimum amount to establish this type of Fund is $20,000.00.
This Fund type ensures that support will be provided to specific eligible organizations that donors/organizations may name. Donors/organizations who wish to support a specific agency or cause can do so by establishing a Designated Fund. If the original named charity ceases to exist, becomes obsolete or is unable to perform their charitable purpose then The Community Foundations Board of Directors can reallocate the funds in accordance with your original intent. The preferred minimum amount to establish this type of Fund is $20,000.00.
This Fund type can be designated for any level of education, from preschool to postgraduate work, and can be established by companies, organizations, families or individuals. Donors should designate a particular field of study, select eligibility requirements, and name an advisory committee. Donors often choose this type of Fund to memorialize a loved one or to honor a special person. The preferred minimum amount to establish this type of Fund is $10,000.00.
Individual or Organization Endowment Funds
This Fund type holds assets for a named individual or charitable organization and generally distributes investment income to charities or to organizations on a semiannual or annual basis. With an increasing need for the services of nonprofit organizations and fewer sources of support available, endowment building becomes critically important for future stability and growth. If any of these organizations should cease to operate, The Community Foundation would continue the organizations charitable objectives. The preferred minimum amount to establish this type of Fund is $10,000.00.
This Fund type gives donors the opportunity to provide support for the ongoing operations of The Community Foundation by creating or adding to its administrative Funds. No minimum is suggested for this type of Fund.
It is the intent of The Community Foundation to be flexible in providing an opportunity to donors to establish customized funds. The above listing of the types of Funds provides only some of the salient features of the respective funds. Donors should contact The Community Foundation at 706.724.1314 for more detailed information on the available possibilities.