Funds
Many individuals and families desire to create a charitable legacy that will continue to impact their community, state, country, or important causes around the world long after they are gone. The Greenwood County Community Foundation is the perfect vehicle for fulfilling those philanthropic goals – now or in the future – through the creation of a fund that will be customized to your personal giving wishes and professionally administered throughout your lifetime and beyond – if you wish.
Endowed or Non-Endowed
Your Fund can be a permanent Fund (endowed). A percentage of your Fund balance is available for granting each year. Any earnings, after grants and fees, are added to the Fund so that it grows over time. This allows the Fund to build in perpetuity, so that the amount available for grant recommendations also grows in proportion to the Fund. A Fund may also be established where the entire amount of the Fund can be available for grantmaking (non-endowed) now or later. In either case, you can add to your Fund at any time.
Because they provide the maximum tax benefit allowable, all funds created at the Foundation are considered “irrevocable gifts” to be used for charitable works.
Funds generally fall into one of the following categories
Donor Advised – A flexible, personalized way to support nonprofit organizations, the fundholder retains the ability to advise the Foundation concerning distributions from the fund’s earnings, and in some cases, its principal. GCCF handles all of the administrative details and assures all legal compliance.
Field of Interest – These funds are an excellent way to provide support to organizations that work on broader issues of importance to you, the fundholder. “Hunger”, “the arts”, and “childhood education” are good examples of Field of Interest areas. GCCF Staff and Board of Directors identify recipients and make grants from your fund to nonprofits committed to your specified issue.
Designated – These are Endowed funds that enable you to support your favorite causes or charities forever. The organization(s) you choose will receive annual gifts in your name as long as they remain in operation.
Agency – Area nonprofit organizations with an eye on long term financial support can consider an endowed fund with GCCF. The earnings on these funds can be reinvested to provide growing operational income in the future, or they can be utilized to underwrite special projects of the organization. Another positive aspect of an Agency fund is the ability to accept outside contributions from their supporters.
Scholarship – Scholarship funds support higher education opportunities for future generations. A scholarship may be established by an individual, family, civic club, church or other entity.
Community Impact Fund – This fund is accessed to provide grants to Greenwood County nonprofits through Community Impact granting cycles and to address community needs as they emerge. It was created from the initial anonymous gift that formed the basis for GCCF. The Foundation currently grants up to $100,000.00 annually through this fund. The Community Impact Fund ensures that the Foundation will have sufficient resources to address any current or future issue.
A Gift Now or a Gift Later?
A planned gift may be a more appropriate option to achieve your charitable goals. Including GCCF in your estate plans is easy and perhaps the simplest way to create your legacy. A provision in your will or trust allows you to leave a meaningful gift after you are gone and assets are no longer needed. Simply direct a remainder, a percentage, or specific item or dollar amount to the Greenwood County Community Foundation to fulfill your stated charitable wishes. We will preserve your family name and forever connect you to the causes about which you care most deeply.
Of course, you want to know that your gift will continue to work for the benefit of your charitable cause forever. Our Finance Committee works hard to assure just that. Their primary role is to deliver performance while safeguarding investment assets. They review the performance of the Foundation’s investment managers and other fiscal agents, review all investment policies annually, and recommend any changes or modifications to the full Board of Directors for approval.
Contact us at any time. We welcome a conversation with you about how we can help you strategically meet your philanthropic goals.
