Start your own fund: A win-win for you and for our community
By establishing a fund with Whidbey Community Foundation (WCF), you can make a knowledgeable, meaningful impact on your community. WCF will work with you to understand your interests, passions and vision for the difference you want to create through philanthropy. You can establish a Donor-Advised Fund or a Designated Fund to support local charities you care about. And, of course, you can always support local areas of interest and/or support the Foundation without setting up your own fund.
A donor-advised fund (DAF) is owned and controlled by the community foundation, but the donor may recommend grants to eligible charitable recipients. You can open a donor-advised fund at WCF, receive an immediate tax benefit that year, and then provide guidance on donations given from the fund to nonprofits for as long as the fund exists – donating more money to the DAF as desired.
A designated fund specifies one or more nonprofit beneficiaries at the time the fund is opened. Designated funds can be named in honor or memory of a loved one. The nonprofit(s) receives a grant once per year from the fund.
Working with the Foundation, here are the steps you will take to set up your fund:
- Make an irrevocable contribution of personal assets — cash, appreciated securities, property, etc.
- Immediately receive the maximum tax deduction that the IRS allows for your total gift.
- Name your fund — for example, the Smith Family Fund — and designate advisors and any successors.
- We place your contribution into your account where it can be invested and grow. You may log in online to review your fund at any time.
- You may then recommend grants from your account to 501(c)(3) charities.
Opening a fund: A Donor-Advised Fund or Designated Fund may be opened with a minimum contribution of $5,000. The donor has five (5) years from the date of the fund agreement to build the fund to $25,000.
Contact us at email@example.com or 360-660-5041 for more information. We welcome an opportunity to discuss the many options available.