Start a Fund
We have a fund to meet your needs
Starting a charitable fund at Hampton Roads Community Foundation is easy. When needed, we have helped donors create an endowed or other charitable fund in as little as an hour.
First, make four decisions
- Does a charitable fund that grows over time while doing good in your name make sense for you? Ask us along with your attorney, accountant or financial advisor.
- If so, which type of asset will you donate? Some are more tax-smart than others.
- Which type of charitable fund is best for you? You have many excellent choices (see below).
- For whom would you like your fund named? You, your family, a special friend, your business or an organization are among the possibilities. Or you can remain anonymous. Check out a sampling of Our Current Funds for examples.
Within days of her passing, teacher Jennifer Mooney Greene's memorial scholarship fund was created to forever help students from her Virginia Beach high school.
Second, complete a Charitable Fund Agreement for the fund you choose
- Designated Fund - provides annual grants to nonprofits you name
- Donor-advised Fund - active philanthropy lets you and successor advisors recommend grants to specific nonprofits that you change over time
- Field-of-Interest Fund - names an area of concern like arts or education with grants going to nonprofits doing great work in your focus area
- Organizational Fund - builds an endowment for a specific nonprofit that can choose to receive annual grants or let its fund grow more
- Scholarship Fund - Helps students pay for college
- Unrestricted Fund - Provides grants to an array of nonprofits and causes in Hampton Roads
Third, make an irrevocable contribution of at least $25,000 in assets to start your fund
We will sign the gift agreement and return a copy to you along with an acknowledgement letter that you should retain for your tax records. Your fund will be invested to grow over time while providing grants or scholarships as you have directed.
A bequest lets you create a future fund or add to one
If you choose to include a bequest to the Hampton Roads Community Foundation in your estate plans, just follow the same steps listed above. A new, named fund would need to meet the minimum contribution of $25,000. However, a gift to an existing fund could be for any amount. A new donor-advised fund must name an appropriate donor advisor to recommend grants.
Talk with us today to explore what fund option works best for you.