Starting a Named Fund

Hampton Roads Community Foundation is southeastern Virginia's expert in charitable funds. We make it easy for you to honor a loved one with a permanent fund (e.g. the Jane M. Doe Scholarship Fund).

The fastest way to get full information about all the options you have for being charitable? Spend a few minutes on the phone with us. We are always happy to talk to charitably inclined people. Call Nan Edgerton, vice president of development, at (757) 622-7951.

 

Here are the basic steps to starting a fund.

1. Talk with us and your attorney, accountant or other advisor and determine if a fund at the foundation is right for you.

2. If it is, you will need to decide whether to make a current gift or arrange for a bequest or other future gift.

3. Complete the appropriate Charitable Fund Agreement

• Donor Advised Fund
• Field of Interest Fund
• Designated Fund
• Scholarship Fund
• Unrestricted Fund

4. Make an irrevocable gift of at least $25,000 or arrange for a gift through a bequest or other estate plan.

5. When we receive your gift, we will sign the gift agreement and return a copy to you along with an acknowledgement letter that will serve as your official receipt. Please retain it for your tax records. (Note: Regardless of the number of grant distributions we make from your gift fund, you will only need this one letter for tax purposes.)

If we can help you, please contact Nan Edgerton at (757) 622-7951. We also encourage you to contact your advisor before you make a final decision on creating a charitable fund.