Establishing a fund at The Norfolk
Foundation is simple. An individual, family, business,
nonprofit organization or a private foundation can open a
fund with a gift of $25,000 or more and receive all the
benefits offered by the Foundation. These include
administrative and record-keeping services, timely
distribution of grants and assistance in identifying grant
opportunities for donors with donor advised funds.
To open a fund, follow these simple steps.
- Have your client decide which charitable fund option works
best. The Foundation’s
staff can assist in selecting the appropriate fund to meet
your client’s interests and needs. Let us know
if you need a copy of the latest Guide to Giving to
share with clients or
read
it here
.
- Have your client complete the appropriate
Charitable Gift
Fund Agreement. You and your client determine the amount
and date of the gift, name of the fund, eligible advisors if
it is a donor advised fund, and the purpose of the gift fund.
Our staff is available to help you and your client determine
the best ways to carry out charitable goals and benefit the
community.
- Have your client make an irrevocable gift of at least
$25,000 to the Foundation to create a gift fund. A lesser
amount can be used to start a fund if your client has a
plan to increase the amount. Gifts can also be added to
existing funds or the
Community Funds to support general grantmaking or
specific concerns such as arts and culture; civic
leadership; educational achievement; the environment;
health and human services, and scholarships. For types of
assets that work well to establish funds
click here. Please
call the Foundation to receive simple instructions for
transferring appreciated assets.
- The Foundation’s president will sign the document and
return a copy to you along with an acknowledgement letter.
This letter serves as your official receipt, which must be
retained for tax records. (Note: Regardless of the
number of distributions from a gift fund, your client needs
only this one letter for tax purposes.)
