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Starting A Fund
Establishing a fund with the Eastern Shore of
Virginia Community Foundation is simple. An individual, family, business,
nonprofit organization or a private foundation can open a fund and receive
all the benefits offered by the Foundation. These include administrative and
record-keeping services, timely distribution of grants and assistance in
identifying grant opportunities for donors with donor advised funds.
Steps to Opening a Fund
To open a fund, follow these simple steps.
Have your client decide which charitable fund options
work best. The Foundation can assist in selecting the appropriate fund to
meet your client’s interests and needs. A Guide to Giving is available
through ESVCF from The Norfolk Foundation to share with clients. Let us
know if you need a copy of the latest edition.
Have your client complete the appropriate Charitable
Gift Fund Agreement. You and your client determine the amount and date of
the gift, name of the fund, eligible advisors if it is a donor advised
fund, and the purpose of the gift fund. We are available to help you and
your client determine the best ways to carry out charitable goals and
benefit the community.
Have your client make an irrevocable endowment gift
through the foundation of at least $25,000 to create a gift fund. A lesser
amount can be used to start a fund if your client has a plan to increase
the amount. Donor advised funds require a $50,000 initial gift or a plan
to raise a smaller amount to that level within a specified number of
years. For types of assets that work well to establish funds, please
contact the ESVCF staff. We can also assist you with simple instructions
for transferring appreciated assets.
The Foundation’s chairman and the president of The
Norfolk Foundation, which oversees assists comprising the ESVCF Family of
Funds, will sign the document and return a copy to you along with an
acknowledgement letter. This letter serves as your official receipt, which
must be retained for tax records. (Note: Regardless of the number of
distributions from a gift fund, your client needs only this one letter for
tax purposes.)
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