With over 100 scholarship funds, they are second to the DAF at the Southwest Florida Community Foundation. Endowed and Pass Through Scholarship Funds are very popular ways to express a donor’s legacy. You can start a fund now with any amount and build it up to the minimum $25,000 for endowment. There are lots of ways to structure it whether it be a one-time award or ongoing in perpetuity. Just share your thoughts with the Foundation’s team and it only takes a few minutes to set up.
Why not start the philanthropic journey now and consider a Designated Fund for your favorite charity? You can start a Designated Fund as a pass thru with a set amount to be given every year to your favorite charity until it is depleted, or as an endowed fund whereas the foundation’s standard payout rate applies. The money is invested and the payout is calculated based on the average balance of the last 12 quarters. The Foundation’s payout is currently 4.1%. Endowed funds are designed and invested to last in perpetuity but if you wish to establish the timeline (ex: 20 years), the Foundation will adjust the calculations to give the funds proportionately until it is depleted. This is a great way to help the charity or charities you care about on an ongoing basis, and you can add to it every year or every other year, according to your tax planning. Again, it only takes a few minutes to establish the fund. The tax deduction can be taken when money is given to the fund.
These types of funds are established to support the cause areas that the donors wish to support such as: the Environment; Education; Arts and Community Culture; Animals, Health & Safety, etc… Field of Interest Funds are invested and endowed so that every year the funds can go into the Foundation’s competitive grants cycle for nonprofits serving the cause areas in the SWFL region. Since the Foundation has adopted the United Nations’ Sustainability Goals, Field of Interest Funds go to work in the community in measurable ways rolling up into the high level goals affecting the quality of life in the region. The fund can be named after a person, a cause, a family, whatever the donor desires. Like all the other fund types at the Southwest Florida Community Foundation, it only takes a few minutes to establish. The tax deduction can be taken when money is given to the fund.
A virtual endowment is a great way to start giving now and see the community change your generosity creates. Ideal for philanthropists who have included the community foundation or a charity in their estate planning, a virtual endowment gives you a head start in giving. Decide how much you want to donate annually and the foundation will calculate the amount of your bequest (to be given to the foundation later).