- On July 28, 2016
You may wish to establish your own fund to reflect your interests. The Foundation office administrator or the Director of Stewardship may help you on this path. You may also want to talk with your financial advisor or attorney.
There are three categories of funds that you may wish to consider:
An endowment fund is a gift of $25,000 or more (may be an initial gift of $5,000 with the remainder given within 5 years) that establishes an endowment to provide for an area of your special interest. The money is invested and the earnings (or a specified percentage of the principal) may be allocated to grants, according to the spending policy of the Foundation. This allows for your gift to continue making an impact for years to come.
A named fund may be established with a gift of $10,000 to support a ministry or program of interest to the donor. The fund may be established with an initial gift of $5,000 with the remaining $5,000 to be given within three years. While the fund is subject to the spending policy, all monies may be used for grants.
Donor Advised Fund
A Donor Advised Fund (DAF) may be established with a gift of $25,000 (funding over 3 years is possible, but no grants may be made until the full $25,000 is gifted). Many people prefer this route, because they receive an immediate tax deduction, plus they may stipulate annually the charities of their choosing. The donor suggests annual grants (75% of the grants must go to First Community Church ministries or missions, with the remaining 25% to qualified charities within the United States or to additional FCC ministries or missions). An annual fee will be charged for administrative costs to manage and administer the DAF through an arrangement between the First Community Foundation and The Columbus Foundation.