You and Your Client
When it comes to charitable giving, we help you help your client by serving as a simple alternative to the costs and burdens of establishing and managing a private foundation. The Richmond Community Foundation has the expertise and resources to provide you and your client with different giving options and vehicles, with a broad range of strategic consultation and services on grant making, and with all the administrative and technical support that goes with it. We can help you help your clients give smartly to provide for the needs and causes they care about as part of their overall financial planning. We can help you help your clients create a rich charitable legacy in their estate plan.
We work with estate attorneys, financial advisors, tax accountants, and other professional advisors to help them comfortably move their clients into philanthropy – and to ensure clients get the results they want and need from their charitable giving.
We draw upon the expertise of our Professional Advisor Committee, a panel of top estate, financial and tax-planning professionals that meets with us regularly as a sounding board for our marketing and service strategies.
We ensure we provide the highest level of service — for you and your clients — through consistent involvement with the Association for Fundraising Professionals, Northern California Planned Giving Council, and similar professional organizations.
Frequently Asked Questions
Why should my client establish a fund with the Richmond Community Foundation?
A charitable fund at the Richmond Community Foundation carries tax and administrative advantages not enjoyed by setting up your own private foundation.
Financial services firms also offer charitable funds. How is working with you different?
We not only invest the funds and provide administrative services, but we also provide strategic philanthropic consulting based on our knowledge and expertise of community needs and programs that achieve results filling those needs. This kind of consulting is not widely offered by financial services firms.
What does my client have to do in order to work with you and open a charitable fund at the Foundation?
Your client completes a formal contract with the Richmond Community Foundation. In this contract, called a Fund Agreement, your client specifies the name of the fund, the identity of the person who will work with RCF in regards to the fund, the charitable goals of the fund, how the money should be invested (we provide three investment options depending on the fund holder's grant making horizon), and a few other details.
Some of our fund holders who have clear and definite intentions have established the agreement very quickly, even by email. Most have wanted discussion with our highly skilled staff, providing advice and counsel to help clarify their intentions. For more information on establishing a fund, click here.
What costs and fees are involved?
Typically, the administrative fee on our donor advised fund is 2.00% annually based on the average daily balance of the fund, but the administrative fee on very large donor advised fund is graduated down. There is a minimum balance of $10,000 required to establish a donor advised fund. The fee helps offset the costs of providing administrative services to our fund holders and helps to support the Foundation's program work helping people get good jobs and the education leading to those jobs.
Do you charge advisors like me a fee as well?
No. We view working with professional advisors as part of our responsibility to broaden philanthropy.
Are there any advantages for me personally in having my client work with you?
When clients come to you with questions on charitable giving and philanthropy, we provide you the answers. We help you satisfy your client's needs. You also have the advantage of working with our network of advisors on a range of issues. For example, we have a Professional Advisors Committee consulting with us regularly and providing topical information for our e-newsletter for advisors.
Do you manage the investments of all of your charitable funds or is there a way in which my client can work with you and I can still manage the investments in the fund?
The fund holder's professional advisor, under certain conditions, can manage the investments in the fund. We have written policies that pertain to the individual vetting process required by the Investment Committee of our Board of Directors. We make these exceptions for endowed funds amounting to $250,000 or more. For additional information, please contact the Richmond Community Foundation at (510) 234-1200.
What kind of assets can my client contribute to a charitable fund at the Richmond Community Foundation?
Your client can contribute cash, stock, mutual fund shares, restricted stock, real property, life insurance policies and other assets.
What kinds of funds or vehicles for charitable giving do you offer?
We offer five different vehicles and can help you and your client select the one that best suits your client's objectives and desired level of involvement in the actual grant making.