Setting up a Fund
The County Community Foundation offers a number of ways to support our community's well being. We have a variety of funds available for our donors to consider. Many of them are open funds where gifts may be made by any interested contributor at any time thereby allowing even modest contributions to be joined with others - gifts for maximum charitable benefit.
The Community Fund is comprised of donations, large and small, from a variety of sources - individuals, corporations and foundations. A donation to this fund gives the Foundation the greatest flexibility. The earnings on this fund enable our Board of Directors to respond to current community needs through the provision of grants to charities throughout Prince Edward County.
A Designated Fund gives donors the opportunity to specify, at the time the fund is established, which particular charities to support in perpetuity. If, an organization ceases to exist unexpectedly, we can redirect the fund to support a similar cause. The minimum donation to open a designated fund is $10,000 per beneficiary.
A Donor-Advised Fund enables donors to participate in the selection of charities that will benefit from the fund. Donors may choose this type of fund instead of creating a family trust or private foundation. Existing foundations may transfer their assets to the County Community Foundation to reduce administration while still remaining involved in allocating grants. The minimum donation to open a donor-advised fund is $25,000.
Charitable Organization Endowment Funds can be created and administered by the Foundation on behalf of registered charities. This allows the organization freedom from investment responsibility and gives donors the confidence of knowing that a permanent foundation is in place to professionally administer the charity's endowment. Once established, the charity can encourage their donors to contribute to their endowment fund. The minimum donation to open this type of fund is $10,000.
Community Impact Funds work much like our Community Fund, except that donors identify an area of interest that they would like to target their support. Examples include the arts, heritage, environment, health, seniors, children, recreation, relief of poverty, or education. With these funds, the donor defines the area of interest but empowers the Foundation's Grantmaking Committee to select worthwhile projects to support. The minimum donation to open a community impact fund is $25,000.
Emerging Funds enable donors to establish a fund in any of the above categories with an initial donation and a pledge to meet one of the minimum donation levels as described above within ten years of the initial gift, either on a monthly or annual basis. Until such time as the pledge is fulfilled the earnings generated will be invested back into the fund.
There are many ways to make a gift to the County Community Foundation. With increasing demands for support it is important to take the time to determine how to make "the best gift" - the gift that provides maximum benefit to the community within one's capacity to give.