Creating a charitable fund within the Community Foundation of Central Illinois is quick and easy. Following are six simple steps to guide you in the creation of your own personal fund.
What do you want to achieve through the establishment of a fund? Do you have a favorite charity or charitable purpose that you would like to support? Or, are you interested in providing scholarships for younger generations?
You may simply wish to create an unrestricted fund that will serve the emerging needs of your community in any charitable field. With such funds, the Community Foundation will be responsible for responding to the most urgent charitable needs in the name of your fund.
Permanent recognition is an important benefit provided by the Community Foundation. We are in the best possible position to fulfill this objective for you. By creating an endowment fund, your fund will receive recognition in perpetuity.
You can realize nearly any charitable intent by choosing from the variety of fund types offered by the Foundation. These fund types are typically created as “endowment funds”, permanent resources for the community.
Endowment funds are permanent funds that distribute a percentage of the fund’s value for those charitable purposes set forth in the written agreement between you and the Community Foundation. The name of the fund will receive perpetual recognition as all grants will carry the name of the fund. A gift of $10,000 or more will enable a fund to be classified as an endowment.
Once you have determined your goals, you will want to consider one or more of the following fund types.
A fund’s name is a permanent part of that fund. Whenever a grant is made from a fund, that grant will be recognized by the fund name. Choosing a name is an important consideration when creating a fund. The following examples may be helpful to you.
Name of the individual establishing the fund
(John Smith Endowment Fund)
Name of the couple establishing the fund
(John and Jane Smith Endowment Fund)
Name of the family represented by the donor
(Smith Family Endowment Fund)
Name of a favorite charity or charitable purpose
(Central Illinois Healthcare Fund or Central Illinois Fund for the Arts)
Name of a deceased loved one
(John Smith Memorial Endowment Fund)
The following methods of giving will help you to create your fund now.
Should you wish to have a fund created at a future time, these methods may be used.
After you have considered the many possibilities available to you, we will do the rest. Please contact us by telephone or e-mail. We will go over all of the details with you and help design an agreement that will govern the administration of your fund. You may wish to visit us as well. The entire process will take an hour or less of your time. Please contact us today if we may answer your questions or provide additional information.
For more information about creating your own fund, contact Mark Roberts, President & CEO, at 309-674-8730 or email@example.com.