Establishing A Fund
SETTING UP A FUND AT THE COSHOCTON FOUNDATION
It is easy to establish a fund at the Coshocton Foundation, and it is a wonderful way to honor the memory of a loved one or to memorialize a family name. Funds can be customized to the desire of the donor(s) and do not take a great deal of money to establish. Creating a fund at the Coshocton Foundation is an excellent way to invest in our community by targeting the area dearest to your heart. In addition, others may contribute to your fund and all gifts are tax-deductible.
TYPES OF FUNDS
The Foundation offers several types of funds to meet the needs of donors:
- Unrestricted funds are the broadest option. An unrestricted fund permits our distribution committee to target resources to the community on your behalf. By contributing to, or establishing, an unrestricted fund, a donor may create a living legacy that will keep pace with the community as new challenges emerge.
- Field of interest funds allow donors to address a general area of need without being pressed to name specific charities. You decide the general purpose of the fund, such as meeting the needs of children, promoting the arts, providing senior services or economic development. The Foundation will help you identify projects or organizations that most effectively and creatively address community needs.
- Donor-advised funds are the Foundation’s most flexible funds. The donor-advised fund allows you to establish a named philanthropic fund while retaining the ability to recommend grants to specific organizations that you choose. Donors receive a full, up-front charitable deduction when teh fund is created or augmented. The Foundation ensures that all beneficiairies are legitimate charities, and provides advice and information about the community’s needs and local charitable agencies. A donor-advised fund is a convenient way to simplify all your charitable giving. A donor-advised fund is an attractive alternative to setting up a private foundation because it offers maximum allowable tax benefits as well as low-cost administration and helpful grant-making services.
- Designated and agency endowment funds are established by donors who may wish to specify a particular charitable agency or nonprofit organization to receive the proceeds of their fund. The agency benefits from the Foundation’s professional endowment management, freeing the agency’s staff and board to concentrate on fufilling its mission, purposes and running its programs for community benefit. Designated funds include a wide variety of Scholarship Funds to assist area students in achieving their education goals.
HOW IS IT DONE?
A fund may be established by an individual, a corporation or a nonprofit organization.
A fund may be established by bequest or during one’s lifetime.
A fund may bear the name of the donor or a loved one; or it may bear the designation of the agency or purpose for which it was created (such as the Pomerene Center Community Arts Fund or the Footlight Players Fund).
Donors may specify whether principal and income or income alone may be used. Of course, the Coshocton Foundation encourages gifts of permanent endowment.
Gifts to the Coshocton Foundation may be emade in the form of cash, publicly traded or closely held securities, real estate, life insurance or personal property.
Setting up a fund in the Foundation requires execution of a simple governing document, samples of which are available upon request.
Call Bob Pell at (740) 622-0010 with questions or to set up a time to talk about creating your own legacy by partnering with the Coshocton Foundation.