establish a fund
It is easy to establish your own named charitable fund – it can often be done in a day.
The following steps will help you take action. If you have questions, please call our staff at any time for personalized support. We are available to answer questions and to clarify options. We are also happy to talk to your professional advisor if you would like.
- Learn about giving through the foundation.
Our webpages Questions Prospective Donors Ask and Ways to Give share useful information. Let us know how we can help! Click the "open a fund" button above to share your charitable goals with foundation staff. - Consider the type of charitable fund that fits your needs.
The foundation offers a variety of fund types, such as Donor Advised Fund or Scholarship Fund. Descriptions and examples of available fund types appear in the table below, Fund Types and Descriptions. - Choose a name for your fund.
Donors can choose their own name, the name of an honored person, the name of a business or even a meaningful place or phrase. Some donors choose to remain anonymous. - Consider donor advisors to oversee your fund.
Many donors choose themselves and their spouse, along with successor donor advisors such as their children. A corporate donor might choose a company founder, board president, or CEO. - Create a fund agreement.
A fund agreement is a governing document created through the foundation that outlines the name and purpose of your fund, distribution of income, financial responsibility, and fund classification.
By working with The Community Foundation, you can give with confidence. The foundation’s staff and Board of Governors have a long-standing reputation for excellent financial management of funds and a closely monitored investment strategy. The foundation thoughtfully stewards each individual charitable fund in perpetuity.
| Fund Types & Descriptions | ||
|---|---|---|
| Fund Type | Fund Description | Fund Example |
| Unrestricted Fund | Supports the development of timely and strategic grants that address critical needs in our community. | The Community Fund |
| Designated Fund | Donors who wish to support a specific agency or cause can establish a designated fund. If the original charity ceases to exist, becomes obsolete or is unable to perform their charitable purposes, our Board of Directors is able to redirect the funds to an organization providing similar services without the cost of expensive legal action. Many nonprofit organizations establish an endowment fund with us in order to grow assets to meet both current and future needs. They look to our Board of Governors for strong investment oversight services and ask our staff to manage all of the administrative details of the endowment. This can provide a relatively constant source of annual income and help maintain their mission in perpetuity. It also frees the nonprofit to focus on what they do best in the community. Donors can create a new designated fund, or contribute to an existing one. | The Doris E. Buffett Pool Fund The Trust for Public Education IV Fund |
| Donor Advised Fund | Donor Advised Funds are established by donors who wish to actively participate in the grant-making process. Individuals who establish a donor advised fund recommend charitable projects or organizations they want to support. It is easy to give to multiple nonprofits through a donor advised fund. Our Board of Governors is legally responsible for approving all grants. | The Jan and Björn Bieneck Endowment Fund The Hilldrup Move-Up Charitable Fund |
| Family Legacy Fund | A type of Donor Advised Fund designed to honor a family legacy, to share charitable activities among families, and/or to instill philanthropic values in younger generations. | The Forbush Family Legacy Fund The Josiah P. Rowe III Family Legacy Fund |
| Field of Interest Fund | Field of interest funds are often established to support particular interest areas, specific program initiatives, causes or geographic areas. At the donor's request, use of the funds is restricted to a specified area of interest, but flexibility remains to meet changing situations. | The Virginia Heritage Fund The Wilson Family Fund for Health and Education |
| Organization/Agency Fund | Supports program and/or administrative needs of specified organizations. | The Fredericksburg Regional SPCA Endowment Fund The St. George's Landmark Building Fund |
| Scholarship Fund | The creation of a scholarship fund is attractive to many donors and can be structured to benefit students at any education level, or for a specific institution. A scholarship fund can be established to honor or memorialize a loved one. Some donors choose to stay involved through advisory relationships, while others rely on The Community Foundation’s Scholarship Committee to assist in the selection of recipients. Either way, our staff will handle the necessary paperwork and will ensure that scholarships are distributed in an equitable manner. | The Mary Carter Frackelton Scholarship Fund The Ira and Gladys West Scholarship Fund |