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Starting a Fund
Online access to funds is available to donor
advised fund holders and nonprofits with organizational funds administered
by the Eastern Shore of Virginia Community Foundation.
DonorCentral enables
fund holders to view fund balances, gifts and grants.
Since the ESVCF is an
affiliate of The Norfolk Foundation, this service is provided through The
Norfolk Foundation website where you will be directed to sign on to
DonorCentral to view information on your ESVCF fund.
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Creating a fund with the Eastern Shore of
Virginia Community Foundation is a flexible and effective way to make a
lasting impact in Accomack and Northampton counties and fulfill your
charitable goals. The Foundation provides an alternative to starting a
private foundation and accepts both current and deferred gifts.
The Foundation often plays an important role in donors’ estate planning. Its
staff and board are prepared to work with potential donors and their
professional advisors to help people achieve their charitable goals.
The Eastern Shore of Virginia Community Foundation stands ready to help
donors learn how to make their gifts help improve the community.
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:
Our executive director or a board member can assist
you in selecting the appropriate fund to meet your needs. We ask that you
let us know if you need assistance or materials that can be of help in
making your decision.
Work with our executive director or a board member and
your advisor to determine the amount and date of your gift, the name of
the fund, eligible advisors if it is a donor advised fund, and the purpose
of the gift fund. We stand ready to help you determine the best ways to
carry out charitable goals and benefit the community.
To create a named fund, make an irrevocable gift of at
least $25,000. A lesser amount can be used to start a fund if you plan to
increase the amount within a specified time. Gifts can also be added to
existing funds to support general grantmaking. Donor advised funds require
a $50,000 initial gift or a plan to raise a smaller amount to that level.
For types of assets that work well to establish funds you can call the
Foundation, and we shall guide you through the process. Through our
affiliation with The Norfolk Foundation, its staff also are available to
assist.
The Foundation’s chairman and the president of The
Norfolk Foundation, which administers ESVCF funds, will sign fund
documents 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, you need only this one letter for tax purposes.)
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