What is the Hampton Roads Community Foundation?
the Hampton Roads Community Foundation is a nonprofit community foundation that
manages and invests charitable funds for individuals, families,
businesses and other nonprofit organizations. It was founded in 1950
and is the largest grantmaker and scholarship provider in southeastern
Virginia. Since its founding it has provided more than $110 million to
improve life in southeastern Virginia.
How is it different from a commercial gift fund?
The Foundation offers more charitable options at the same, or
lower, service charges than donor advised commercial gift funds. The
Foundation also has staff members who know their community and its
needs so they can help connect you to causes and interests.
How does the Society of Smith Scholars work with
the Hampton Roads Community Foundation?
The society was started at the Hampton Roads Community Foundation in 2006 by a
group of physicians who all received scholarships from the Florence L.
Smith Medical Scholarship Fund. The Foundation administers the society
and its Web site as well as the Smith scholarship fund. The society
has a volunteer steering committee. (link to steering committee list)
Why does the Smith Fund need donations?
The cost of medical school continues to escalate. In 1952, when
the scholarship started, most Smith Scholarship recipients received an
average of $914 a year, which nearly covered the cost of tuition,
fees, books and room and board. Most Smith Scholars graduated with no
Today, medical school and related expenses average $40,000 a year, and
Smith Scholars often graduate from medical school more than $100,000
in debt from loans. the Hampton Roads Community Foundation is working to increase
amounts of Smith Scholarship awards, which now average $5,474 a year
for each student. If the Foundation can increase the corpus of the
Smith Fund then it can continue to increase scholarship awards to keep
pace with rising costs of medical education.
What advantages will I enjoy by making a gift to
the Hampton Roads Community Foundation?
With its public charity status, the Foundation offers the maximum tax
advantage allowed by federal tax laws. Your contribution to a
Foundation fund may receive a higher deduction than the same gift to a
private foundation. In addition, our staff provides personalized
attention to help you fulfill your philanthropic wishes.
What types of assets can I use to create a fund or
add to an existing fund?
Options include cash, securities, real estate, retirement accounts,
insurance policies and interests in privately held corporations and
limited partnerships. In addition, collectibles such as stamp
collections are assets that can be sold to create a fund.
Are there options if I cannot afford to part
with assets or income at the present time?
Absolutely. You can make a bequest through your will or trust. You can
also select a charitable gift annuity or charitable remainder trust,
which provide income and current year tax deductions. Some
arrangements can help provide current income, help diversify a
portfolio and avoid capital gains, gift or estate taxes.
How are investments managed?
Funds are managed by outside investment managers in a diversified
investment portfolio structure. Investment performance and management
are regularly reviewed by the Foundationís investment committee and
board of directors. Click here for financial results.
What amount is needed to start a scholarship fund?
You can create a named fund with an initial contribution of $25,000,
or less if you plan to increase the amount during a specific period of
time. You can also contribute any amount to the Florence L. Smith
Medical Fund or any other existing fund at the Foundation.
How are scholarships for medical students awarded
Our scholarship staff accepts applications directly from long-time
Virginia students attending medical school in Virginia. scholarship
assistance. Applications are accepted from December through March 1
for the following academic year. Recipients are selected on the basis
of financial need, academic achievement and initiative. Scholarship
checks are written to the medical schools earmarked for specific
students. For details on scholarships click here.
Would establishing a private foundation make sense
A private foundation works for some people, but it can involve months
of paperwork to establish. It then can become an ongoing
administrative burden. Private foundations can be expensive to
administer and have rules and regulations some donors find limiting.
For example, a private foundation must file a separate tax return, pay
excise tax and meet an annual pay-out requirement. For a comparison
chart on private foundations and the Hampton Roads Community Foundation click here.
Can I keep my donations anonymous?
Absolutely. The Foundation respects all requests for privacy.