Start a Fund
Give back for the greater good
Do you want a meaningful way to make a difference in the community? Since 1950, the community foundation has helped generous people like you make smart, charitable choices.
Meet with our charitable giving experts to set up a fund for the causes you care about.
We have a fund to meet your needs
Starting a charitable fund at Hampton Roads Community Foundation is easy. When needed, we can help donors create a 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.
William A. Goldback Fund
William A. Goldback Fund is a field-of-interest fund that provides grants to nonprofits for medical services, education, or research. William Goldback was a Norfolk business owner who had diabetes.
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 bequest of any amount is welcome. In order to have a named fund, you would need to make a minimum contribution of $25,000. However, a gift to an existing fund could be for any amount. A bequest that creates a donor-advised fund can name a donor advisor to recommend grants.