Second, complete a Charitable Fund Agreement for the fund you choose
- Designated Fund - provides annual grants to nonprofits you name
- Donor-advised Fund - active philanthropy lets you and successor advisors recommend grants to specific nonprofits that you change over time
- Field-of-Interest Fund - names an area of concern like arts or education with grants going to nonprofits doing great work in your focus area
- Organizational Fund - builds an endowment for a specific nonprofit that can choose to receive annual grants or let its fund grow more
- Scholarship Fund - Helps students pay for college
- Unrestricted Fund - Provides grants to an array of nonprofits and causes in Hampton Roads
Third, make an irrevocable contribution of at least $25,000 in assets to start your fund
We will sign the gift agreement and return a copy to you along with an acknowledgement letter that you should retain for your tax records. Your fund will be invested to grow over time while providing grants or scholarships as you have directed.
A bequest lets you create a future fund or add to one
If you choose to include a bequest to the Hampton Roads Community Foundation in your estate plans, just follow the same steps listed above. A new, named fund would need to meet the minimum contribution of $25,000. However, a gift to an existing fund could be for any amount. A new donor-advised fund must name an appropriate donor advisor to recommend grants.