Create your own Fund

Establishing a fund at the Elk County Community Foundation is an easy, effective way to invest in your community.

Over the years, many donors just like you have started a fund in honor of someone, in memory of a loved one, or in tribute to a family name.

Establishing your own charitable fund doesn’t require great wealth and isn’t necessarily complicated. There is a fund for everyone. We offer a variety of fund options to help you achieve your charitable objectives no matter how big or small.

Individuals, families, businesses, and other nonprofits use us to create charitable funds. We invest and administer those funds, and award grants to human services, environmental, educational, religious, and cultural organizations as well as scholarships to deserving young people.

Watch our video about donor-advised funds.

We'll make it easy for you.

Create a fund to make your own philanthropic impact and ECCF staff will help you every step of the way – from planning your initial gift to making the impact you desire. Funds can be created in as little as one meeting, with a short fund agreement, and an initial tax-deductible gift. When you are ready, we’ll help you create something special that will make a lasting impact in the community. It’s a flexible and effective way to fulfill your charitable goals.

The choice is yours.

The type of fund you establish can be based on your own preferences. You can focus on specific organizations, issues or communities, or create a fund with a flexible purpose. You can establish your fund to benefit the community now, or remember the Community Foundation in your will or estate plans. A charitable bequest can reduce your estate taxes, and will ensure your legacy lives on in our community, forever. The wishes stated by you, the donor, will guide the Foundation forever in its use of funds.

Convenience and expertise.

We think you’ll find numerous advantages in partnering with the Community Foundation. We provide administrative and accounting services, relieving you of the burden of overwhelming paperwork. As a public charity, we offer maximum tax advantage as permitted by law. Your fund will be part of an actively managed, diverse investment portfolio. Our expertise in long-range investing gives you maximum return on every dollar you donate. Modest administrative fees established by the Board of Directors are charged against all funds.

We’re happy to work with you and your financial advisor to accomplish your goals. Our staff will meet with you to learn about your charitable goals, explain how it works, and help you select the type of fund that best fits your interests. Contact us to learn more.

Types of Gifts

The Community Foundation accepts all kinds of gifts from individuals, families, businesses, nonprofits, and estates. Donors may give by creating a named fund, by contributing to one of our existing funds, or by establishing an estate plan. The foundation will accept cash, publicly-traded stock, life insurance policies beneficiary, charitable remainder trusts, and IRA/Retirement plans to name a few. We can work with your financial planner by contacting us.

Types of Funds

Below are various funds to choose from to establish an endowment that best suits your philanthropic goals.

Agency Endowment

An Agency Endowment Fund is created, usually by the organization itself, for the express purpose of providing a source of permanent, ongoing support to a specific nonprofit organization. The endowments are usually open-ended so once they are established other donors may contribute to the fund. An agency endowment is a perfect vehicle to accept charitable bequests.

Designated

Designated funds allow you to direct your gift to a specific agency or purpose. Almost any 501(c)(3) nonprofit organization may be designated to receive support for its mission. You identify the recipient(s) you wish to benefit through your gift and our staff manages the annual distribution of funds from the endowment. Whether you are interested in education, youth, healthcare, the arts, a geographic location, or some other area of impact, these funds are broad in scope, yet targeted to meet the particular needs of the field. Our staff and board can use their expertise to award grants to qualified and deserving programs or agencies within those parameters.

Donor Advised

Donor Advised Funds are for individuals and families seeking active involvement in the grant making process. It is easy for donors to support multiple nonprofits through donor advised funds. The Foundation can help identify appropriate nonprofits and programs, ensure their charitable status and provide grant making and administrative support. These funds offer a tax benefit while allowing donors to make grants over time to their favorite nonprofit organizations.

Scholarship

Individuals, families, companies, and organizations establish scholarship funds to allow students to pursue academic goals. Working with the Foundation, you determine the criteria for your scholarship such as level of education from preschool to postgraduate work, a field of study, and other eligibility requirements.

Unrestricted

This general fund allows the Community Foundation the flexibility to address your community’s changing needs through strategic grant making each year. Rather than designating how the money will be spent, you allow the Foundation to determine the most effective ways to meet our community’s most compelling opportunities and most pressing needs.

A Fund with the Elk County Community Foundation is:

Personal:	You can recommend grants to your favorite charities, wherever they are located, in Elk County or beyond.
Flexible:	You can add to the fund whenever you want. Donations of almost any asset can be accepted.
Efficient:	The Community Foundation provides a receipt for each gift for tax purposes. We hold, manage, and invest the assets for you.
Accountable:	You receive annual reports of your fund.
Fast:	A fund can be set up in a few hours.
Informed:	Staff is available to help you learn more about nonprofit groups that meet your philanthropic interests.
Family-friendly:	If it is a donor-advised fund you can involve your family in giving at any time, and allow them to advise grants from the fund.

Why establish a fund with ECCF instead of a private foundation?

Benefit or Reason	Donor Advised Fund	Private Foundation
Tax deductions for cash	50% of AGI	30% of AGI
Tax deductions for appreciated securities	Up to 30% of AGI	Up to 20% of AGI
Tax deduction for real estate	Fair market value	Cost basis only
Excise tax	None	2%
Distribution rules	None	5%
Tax return to file	None	Yes, complex 990-PF form
Administrative paperwork	Minimal or none	Can be complex
Length of time to establish	1 day	3-9 months
Disclosure to the public	Can remain anonymous	Yes
Cost to establish and administer	Inexpensive to establish and administer	Expensive to establish and administer, plus ongoing accounting costs

“Don’t judge each day by the harvest you reap, but by the seeds you plant.”

-Robert Louis Stevenson

Create Your Own Fund - Elk County Community Foundation