Endowed funds provide a permanent source of support for a variety of charitable causes based on the donor’s wishes. Donors have five years to fulfill the funding requirements as outlined in the table below. The fund is invested for growth and income. The income generated provides annual grant or scholarship awards.
To view a list of TCF Endowed Funds visit the Endowed Grant Funds and Endowed Scholarship Funds link.
Areas of interest to our donors include, but are not limited to the following options:
Animal Welfare Arts Church Funds Community Based Funds Community Development
Disaster Relief Economic Development Education Emergency Services Environmental
General Charitable Purposes Health Historic Preservation Libraries & Literacy
Parks & Recreation Scholarship Senior Citizens TCF Operations Youth
Unrestricted Funds allow for maximum flexibility in awarding the money where it is most needed.
MINIMUM FUND REQUIREMENTS
FIELD OF INTEREST:
An Endowed Fund is a simple and effective way to put your charitable assets to work and an affordable alternative to operating a private foundation. Most funds can be created with one simple meeting and can be as broad or as focused in scope as you wish. We’ll handle all the administrative, accounting, audit, legal and reporting requirements. A press release will announce the fund and it will be recognized in the our Annual Report. Donors may give anonymously.
The Foundation is a public charity, which means your gift qualifies for maximum deductions. You will not pay taxes on investment earnings from your fund. Because community foundations manage a large number of endowed funds, administrative costs and service fees for any one fund are minimized, meaning less overhead cost to the donor’s fund.
The Federal Tax Code provides significant incentives for contributions to a community foundation. Gifts to community foundations during the donor’s lifetime are deductible to the maximum extent permissible under current tax laws for gifts of cash, an amount equal to 50% of Adjusted Gross Income. If in any year the donations exceed the percentage limitation prescribed by law, the excess may be carried over for the next five years.
There is also a significant benefit in the deductibility of gifts of appreciated property to community foundations. The full, fair market value of such gifts (long-term capital gain property such as stocks and bonds, real estate, or personal property) is deductible up to 30 percent of Adjusted Gross Income.
Your gift will serve the causes you care most about – now and forever. Should the community issues you wish to address become resolved in the future, the Foundation board will preserve the integrity of your fund and redirect grants from your fund to similar causes.
Because the Foundation serves many donors and fundholders, we have unique opportunities to leverage common interests and pool resources for gifts that have lasting, meaningful impact in our region.