Answer: Creating a fund within the Hancock County Community Foundation is an easy process. By working with you individually, as well as your financial advisor, the staff at the community foundation is able to customize a fund to achieve your philanthropic goals.
The Hancock County Community Foundation generally uses the following process when creating a new endowment fund.
- Meet with Foundation staff to discuss philanthropic goals.
- Determine organization, institution, or cause to benefit from the fund.
- Determine restrictions that may be placed on the fund’s income
- HCCF will ensure that benefiting organizations is qualified to receive grants according to IRS regulations.
- HCCF will draft an endowment fund agreement.
- Found of fund will review the endowment fund agreement outlining purpose of the fund to assure that charitable desires are correctly defined.
- Founder of the fund will sign the fund agreement and make contribution to establish the fund (no minimum).
- The Hancock County Community Foundation Board will review and approve the fund agreement.
- Fund will be invested with Foundation’s endowment pool, increasing its earning power.
- When the fund balance reaches its required minimum fund balance, assuming it has been invested for no less than one year, the fund may begin making grants from the generated income. The organization has the annual option to reinvest the income to help grow the fund.
- A fund statement will be sent on an annual basis showing all fund activity for the prior year.