Start your own fund: A win-win for you and for our community
By establishing a fund with Whidbey Community Foundation, you can make a knowledgeable, meaningful impact on your community. Working with you to understand your interests, passions and vision for the difference you want to create through philanthropy, you can establish an endowed fund to support local charities you care about. (And, of course, you can always support local nonprofits and support the Foundation without setting up your own fund.)
Donor-advised funds are long-term philanthropic vehicles that may give you an immediate tax benefit while also helping the people and charitable causes you care about through grants that you control. Think of it as a charitable savings account. You, your family members and friends may contribute to the fund as frequently as you wish and then recommend grants to your favorite Whidbey nonprofits whenever you’re ready.
Funds that are set up as endowments, rather than funds that distribute all their proceeds, can serve as a lasting legacy for you and your family. The principal remains intact and the interest earned by the endowment from the Foundation’s wise investments are donated according to your wishes year after year after year. Your caring influence continues in perpetuity long after you’re gone.
Working with the Foundation, here are the steps you will take to set up your donor-advised 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.
You will work with professionals to identify ways to use your fund earnings to address the issues and needs you care about. You can also establish a fund to support an existing nonprofit organization.
Contact us at firstname.lastname@example.org or 360-660-5041. We welcome an opportunity to discuss the many options available.