How can my client provide support for a favorite charity through the GACF?
There are two great options for supporting a favorite charity. They include starting a Donor Advised or Designated fund.
A Donor Advised fund gives individuals, families or businesses the opportunity to participate in the grant making process by recommending non-profits and programs to receive grants. This is a personal and highly effective, yet simple, way to give.
A Designated fund provides the opportunity for the donor to identify a specific nonprofit organization that will benefit from the grants each year or the funding can be retained for future use.
In both instances, the Community Foundation handles all of the administration, record keeping, and financial statements for the funds.
How does a Donor Advised fund work?
A Donor Advised fund with the Greenville Area Community Foundation will give your client the opportunity to take part in the grant making process without the work and expense of operating a private foundation. A Donor Advised fund can be started with a minimum gift of $10,000. Each year, your client will have the opportunity to recommend non-profits to receive grants, which then are approved by our Board of Trustees. Again, all of the paperwork, record keeping and administration are handled by GACF. This is a great way for your client to involve their children and grandchildren in family philanthropy if appropriate and to address the ever changing needs of our area by making the fund unrestricted. For more information about these types of endowment funds or others, contact the GACF office.
What is the minimum gift required to start a fund? And what type of assets can be used to start a fund?
The minimum for establishing a fund with the GACF is $10,000. But we do offer a fund building option. Contact the GACF office for more details.
GACF has the ability to accept a range of assets including:
- Stocks and bonds
- Real estate
- Personal Property, such as jewelry and artwork
- Life insurance policies
- IRA assets