Here are some frequently asked questions by our donors and recipients.
The minimum dollar amount for a named fund is $5000. There is no maximum. Contributions can be made to existing funds in any amount. We have received contributions ranging from 25 cents to $1 million.
There are as many reasons as there are people. Most people, however, want to leave a legacy to their community. You can select the charity or charities you want to support, and your fund will go on giving to those charities … forever!
Yes. Upon request, names of investment managers, fees charged, members of the Finance Committee who is responsible for investment and oversight will be made available.
No. For the same reason that you cannot tell us where to invest the funds you contribute to us.
No. When you give us money, in tax language 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.
Yes, but the mission of the Community Foundation of Monroe County is primarily within Milan and the surrounding area.
No, but if you want to make the presentation personally, we can prepare a certificate for you to give to the charity.
Grant suggestions must conform to the broad charitable guidelines of the Community Foundation. 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.
Yes, if you establish a donor-advised fund.
Yes, unless the governing instrument (fund agreement) allows for invasion of principle. The purpose of the Community Foundation is to build permanent endowments for the Greater Milan Area.
There is a $100 origination fee to establish a fund. A modest annual administration fee is charged to each endowed fund, presently ranging between 1 and 2%, depending on the amount of administration required. Scholarship funds are 2%.
In most cases, charities must be classified by the Internal Revenue Service as 501 (c) (3).
After a donor’s death, the fund can continue to be advised by individuals named by the fund’s founder (the person who signed the fund agreement). If no succeeding advisor is named, after the donor’s death the Board of Trustees will distribute grants according to the terms established in the fund agreement.
Yes, but we are not set up to help donors with fundraising, including charity events and mail solicitations.
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) with certain criteria (grade point average or financial need). Scholarship grants are almost always paid to the educational institution for tuition, fees or books.
Almost any asset can be used to start a fund. We have set up funds with cash, securities traded on major exchanges, mutual fund shares and closely held stock. You can also name the Community Foundation of Monroe County in your will.
