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.
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. Donor Advised
Scholarship
Unrestricted
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.
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| 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
