An alternative to a private foundation, a Donor-Advised Fund operates like a combined charitable checking and savings account. You can make grants to your favorite causes now, while also growing your fund so you can give back for years to come. You can even appoint successor advisors to manage your fund after you're gone, if you wish.
It's one thing to write a $100 check to your favorite charity, but imagine supporting it forever with a charitable fund.
Charitable funds at Akron Community Foundation allow you to streamline and simplify your giving in one location, while preserving charitable dollars for your favorite causes now and long after you're gone.
No matter your philanthropic wishes – whether you want to help students attend college or give to a variety of causes over your lifetime – one of our six types of funds can work for you.
Benefits of a Charitable Fund at ACF
- Long-term growth
- Greater tax deductibility
- Streamlined gift accounting
- No administrative burdens
6 Types of Funds
A charitable fund at Akron Community Foundation can be started with as little as $5,000, with the exception of Scholarship Funds, which require an initial gift of $25,000. Once your fund has been established, you can contribute at any time with a variety of assets. There is no minimum gift requirement, and you can even set up recurring gifts to your fund.
We assess fees of approximately 2% for administration and investment management, but only after you have received the full tax deduction for your contribution. These fees are deducted directly from the fund – never out-of-pocket. And unlike for-profit financial organizations, Akron Community Foundation does not profit from our services, allowing us to offer the most personalized services at a very modest fee schedule.
If you know the specific charities you want to support and don't want to make decisions on an ongoing basis, a Designated Fund may be right for you. You decide which charity or charities you would like to benefit, and we'll handle the distributions in perpetuity (Designated Funds are almost always endowed).
Learn more about our Designated Funds.
Agency Endowment Funds provide nonprofits with a predictable, stable source of income for their mission, while offering donors a permanent alternative to annual giving. Nonprofits can request distributions as needed or set up a recurring schedule of payments.
Learn more about our Agency Endowment Funds.
A Scholarship Fund allows you, your school, or your organization to create a brighter future for area students. You determine the selection guidelines and, as long as there is no conflict of interest, can even assist in recommending the selection committee and scholarship winners.
Learn more about our Scholarship Funds.
A Field-of-Interest Fund enables you to support a particular issue, such as education, dance or health care, while leaving the decision-making up to the community foundation's board of directors.
Learn more about our Field-of-Interest Funds.
Board Discretionary Funds put the full power of the community foundation to work for you. Each quarter, our board requests applications to meet the community's most pressing needs. Then we study, vet, and award grants to the nonprofits best equipped to tackle these important issues – all in your fund's name.
Learn more about our Board Discretionary Funds.
When Does a Charitable Fund Make Sense?
- When you're about to sell your business, or have highly appreciated assets like stocks or real estate, and may face significant tax consequences
- When you'd like to honor or memorialize a family member, friend or colleague
- If you have received a considerable inheritance
- If you have a private foundation that is costing too much or taking too much time to administer
- If you have the minimum $5,000 to donate immediately and would like to simplify your charitable giving
The Power of Endowment
An important decision when creating your fund at the community foundation is whether you will make it last forever. An endowment is a permanent fund, and with it comes several advantages:
Provide a lasting stream of income for your favorite charities
Carry on your family's name and values forever
Allow future generations to continue your family's giving traditions after you're gone
Feel confident knowing your fund's assets and charitable intent will always be preserved