Establish A Fund
Establishing a Donor Advised Fund is simple. A gift of cash or other assets is made to the Richmond Community Foundation and the money is held in a fund named by the donor, such as the "Thompson Family Fund", or "Hope Fund". The donor can recommend grants to charities from the fund at any time. Final approval of grants rests with the Richmond Community Foundation Board of Directors. Many donors use their Donor Advised Fund to make contributions to the charitable organizations that they normally would write checks to each year. Others use the Richmond Community Foundation's expertise and community knowledge to help plan or expand their grant making. You can establish a fund today and make grant recommendations now or in the future. Grant requests from a Donor Advised Fund may be made at any time online, or with Foundation staff assistance.
We take care of all the paperwork and required reporting. Grant awards are made in the name of the fund, unless you request anonymity.
Corporate giving is a reflection of a company's unique culture and values. Let Richmond Community Foundation assist your company with a community grants program tailored to your charitable goals and business. A Corporate Advised Fund is a component fund operating under RCF's Federal Tax ID; thus there are no tax returns for your company to file, no excise taxes to be paid, no minimum payout requirement, no upfront legal fees, and no legal liability. It is a seamless means of strengthening your corporate giving program. Setting up the fund is easy. Your company makes a gift to Richmond Community Foundation using cash, stocks, real estate, other assets, or a combination of assets. Your company selects the name of the Corporate Advised Fund which accompanies outgoing grant checks. Our professional staff will work with your representatives to design a giving program that meets your corporate giving objectives.
Establishing an Agency Fund at the Richmond Community Foundation is a simple and efficient way to invest your funds and provide an annual distribution to your organization for its own use. Our experienced staff can identify potential giving programs you can use with your donors that would build your fund while RCF takes care of investment management and administrative details.
How it Works
- We set up a special fund in the name of your nonprofit organization. It may be a designated fund or a permanent endowment fund.
- Your board determines how much to contribute for the initial investment to establish your fund, and then determines the investment allocation for its management. Gifts may be added at any time.
- We work with your staff to understand the nuances of accepting complex asset gifts to your fund, like stock, trusts, appreciated assets (such as art) and bequests.
Your organization's donors may leave a bequest through the community foundation to benefit your organization forever. We handle investment management and the administrative responsibilities related to fund management so that your staff and volunteer hours are concentrated on fulfilling your mission.
A Field of Interest Fund is established with an initial gift to the Richmond Community Foundation for a broad area of impact such as education of the arts. Once the fund has been established, the donor instructs the community foundation to use the available grant dollars in the impact area rather than restricting the money to one organization. The foundation determines the specific grant recipients. Field of Interest Funds are flexible enough to meet changing and future community needs in a specific interest area.
The simplest way to leave a gift to benefit our community is to make a bequest including specific language in your will or living trust naming Richmond Community Foundation as the recipient of a testamentary gift. The gift can be a specific dollar amount, a percentage of your estate or what remains after other bequests (including those to family members) are made. A bequest is ideal for families and individuals who want:
- Complete access to all their assets during their lifetimes
- To make a difference in their community after their lifetime
- To redirect dollars from taxes to the causes and/or organizations of their choice
To get started, discuss your overall estate planning with your advisor, and include sample language provided by RCF in your will when making a charitable bequest. RCF can also provide you or your advisor a customized Fund Agreement, if you desire to establish a permanent fund with your bequest.