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Frequently
Asked Questions
The
minimum size for a fund is $5,000. There is no maximum; we have
funds that are quite large, from the minimum to more than $20
million.
Almost
any asset can be used to start a fund. We've set up funds with
cash, securities traded on major exchanges, mutual fund shares,
closely held stock, real estate (including farm land), interests
in limited partnerships, literature copyrights, life insurance,
and variations and combinations of these.
In
most cases charities must be 501(c)(3) organization as classified
by the Internal Revenue Service.
There is no charge to
establish a fund. Each fund is usually assessed an annual fee
of 20 basis points of market value. If a fund is established directly
with us, it will be charged an investment management fee, with
fees ranging between 20 and 50 basis points. Funds that are set
up with one of our trustee banks are charged a bank trustees fee,
which is negotiated between the donor and the bank when the trust
is established.
Yes. It is $100.
Yes,
unless the governing instrument of the fund allows for principal
invasions. The Trust's purpose is to help individuals with their
philanthropy and build a permanent endowment for Marshall County.
After a donor's death,
the fund can continue to be advised by individuals named by the
fund's founder (the person(s) who signed the fund agreement).
If no adviser(s) is named, or after the advisor's death, it will
be used by our Distribution Committee to meet contemporary needs.
Grants suggestions must
conform to the broad charitable guidelines of The Trust. We can
accommodate most grant suggestions. By law, you cannot suggest
a grant to fulfill a charitable pledge, pay for a membership,
buy a ticket to a charitable event, or anything for which you
receive a personal benefit.
After providing for
family, you can leave a bequest to the fund you now advise, or
you can set up another fund by will.
No.
Yes.
But we are not set up to help donors with fundraising, including
charity events and mail solicitations.
Yes.
The Trust has made grants to nonprofits in most states and in
several foreign countries.
No, you cannot support
a particular needy person with a charitable contribution. You
may, however, set up a scholarship fund for a group of people
(the Senior class, for example) which has met specific criteria
(high grade point average, or financial need). Scholarship grants
are almost always directed at the educational institution for
tuition payments.
Yes. Our professional
grant staff is knowledgeable about many nonprofits and is happy
to help.
No. When you give us
money, in tax parlance you make a "completed gift" over
which you can no longer exert control. That way you receive the
maximum tax deduction allowable. If you establish a donor-advised
fund, we are very interested in what your grant program will be
so that we can tailor our investment to best suit that program.
No. For the same reason
that you cannot tell us where to invest the funds you contribute
to us. Sometimes, potential donors are so enthusiastic about their
own money managers, or so concerned that they cannot dictate where
to invest funds after they've contributed them that they may be
better served by establishing their own private foundation. While
establishing a private foundation is more expensive, and the reporting
requirements are fairly strict, donors exert greater control over
assets contributed to a private foundation than to a community
foundation.
Yes, if it's publicly
traded stock. Obviously, stocks that have restrictions (rule 144,
for example) or privately held securities require different treatments.
Our finance staff would be happy to speak to you about specific
needs you may have
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