Valley Falls Community Foundation

Establishing a Fund with VFCF

Establishing a charitable fund with a community foundation, such as the Valley Falls Community Foundation, is a simple and straight forward undertaking.  Donors who desire to take this step will be provided the opportunity to consult with and received guidance from staffs from the Greater Manhattan Community Foundation, the Valley Falls Community Foundation and such donor advisors as a donor may designate.  Together they all will work toward completion of the following tasks: 

  1. The donor will be provided the opportunity to select the type of fund that best supports and accomplishes the donor’s charitable objectives which will be pursued in concert with the donor’s advisors and professional staff from these Foundations.  Fund options for the donor will be chosen and considered, with the discussion focused on the distinctive characteristics, advantages and scope of charitable giving flexibility offered by each fund type.
     
  2. The donor will participate in the preparation and completion of an agreement specifically tailored for the type of fund the donor selects, which will also be accomplished with guidance and assistance from the staff of these Foundations.  Of particular importance is receiving assurance from the donor that the donor’s charitable desires and intentions are accurately and clearly incorporated into the donor’s completed fund agreement.
     
  3. Through participation in the preparation and the completion of a fund agreement, the fund donor will also be provided with the opportunity to name and designate the current advisors for the fund, which may consist of the donor and the donor’s spouse, as well as designating successor advisors for the fund, such as the donor’s child or children, other relatives or independent third parties.
     
  4. In order for the fund creation to be finalized and the fund to become operative on a timely basis, the donor will be required to make an initial asset contribution to the fund at or before execution and delivery of the final fund agreement.
     
  5. The donor will be entitled to delivery of an itemized receipt confirming the amount and/or value of the donor’s initial contribution to the fund, which will be provided by the Greater Manhattan Community Foundation and the Valley Falls Community Foundation.  The receipt shall be in sufficient detail so as to provide conclusive evidence and confirmation of the tax deduction to which the donor shall be entitled at the time assets are irrevocably deposited with the fund.  Furthermore, other donors who contribute gifts to the fund shall also be entitled to receive such tax deductible receipts when their contributions are made to the fund, whether at completion of the establishment of the fund or in the future.

Following the completion of the creation and initial contribution to a fund, the donor advisors for the fund may recommend such distributions from the fund to charities located in the local community in which the fund is created or to other charitable causes throughout the United States as such donor advisors deem to be consistent with the fund’s stated purposes. 

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