Here are some frequently asked questions by our donors and recipients.
Frequently Asked Questions
Why do people establish funds at the Greater Milan Area Community Foundation?
Can I be informed of the investments?
Can I have my money manager handle the fund I establish?
Can I choose how the funds I contribute are invested?
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.
Can I suggest grants to organizations outside of the Greater Milan Area?
Can you send me the grant check to give to the charity?
Are there restrictions on the grant suggestions I can make?
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.
Can I participate in the giving of grants?
Is the fund I establish permanent?
What are the costs involved?
If I set up a fund to support charities, what types of charities can I contribute to?
If I establish a donor-advised fund, what happens after my death?
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.
Can other people contribute to a fund I establish?
Can I pay for a needy person’s college tuition?
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.