Old boat dock over blue water

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.

Donor-Advised Funds

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.

The Benefits of DAFs Fact Sheet

Designated Funds

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:

  1. Make an irrevocable contribution of personal assets ­— cash, appreciated securities, property, etc.
  2. Immediately receive the maximum tax deduction that the IRS allows for your total gift.
  3. Name your fund — for example, the Smith Family Fund — and designate advisors and any successors.
  4. 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.
  5. 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 info@whidbeyfoundation.org or 360-660-5041 for more information.  We welcome an opportunity to discuss the many options available.