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Start A Fund

Donors

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Step-By-Step

You may contribute to one of our existing funds or establish your own community resource. Setting up a fund is an important decision, and we simplify the process by providing step-by-step guidance from beginning to end.

Step 01

Initial Meeting

We’ll meet with you to make sure we understand your intentions and goals. We’ll ask you questions such as:

What kind of fund do you envision?

See Our Funds to learn more about types of funds available

Do you want your name – or someone else’s name – as part of the fund name?

Giving money in memory or in honor of someone can be very meaningful.

Do you want this to be a “forever” fund (an endowment), or do you prefer that your gift be disseminated over a certain period of time?

This is sometimes chosen when a donor would rather make a bigger impact over a short period of time than a possibly smaller impact over a longer period of time.

How much do you wish to contribute 1) now, 2) later, 3) after your death (through your will/estate plan)?

How often—and how much—do you want grants or scholarships to be made from your fund?

How much do you want to be involved (or have your family involved) in the selection of grants or scholarships made from your fund?

This will affect the type and terms of the fund you establish.

A person in a yellow sweater signs a document on a clipboard, held by another person in a jacket, indoors.

Step 02

Fund Agreement

Based on our discussion, if you decide you want to establish a fund, the Foundation will provide you with a Fund Agreement to be signed by the donor and Foundation representatives after the wording is approved by everyone involved.

 

More Details

To learn more or establish a fund, contact us at the number below:

 

540.465.1444

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Step 03

Activate the Fund

If your intention is to activate the fund right away (as opposed to later or after your death), the signed Fund Agreement would be accompanied by an initial gift/donation to the Foundation. This gift activates the fund. The donor is eligible for a tax deduction in the year the gift is given.

The Foundation will set up the fund on its books and invest the money in the fund with its other investment assets so it will start accruing investment gains/losses. There will be a quarterly administrative fee assessed (1/4% per quarter based on the balance at the end of the previous quarter), and the Foundation will record quarterly gains/losses as well as any new contributions made to the fund or grants/scholarships taken from the fund. The Foundation will handle all investment decisions, bookkeeping, and annual tax filings and will send the donor an annual report of the fund annually.