Establish a Fund

A named fund may be established with a gift of $10,000 given at once, or over five years. The process is straightforward, the paperwork is minimal and the results are tremendously satisfying. A family, individual or corporation may establish a named fund with a gift of cash, securities or other property. Donors may start with $2,500 and contribute a total of $10,000 within a five-year period. The donor decides the grant-making purpose of the fund and whether the fund principal may be distributed.

  1. Choose a name for the fund

    Whenever a grant is made from the fund, the name that is selected will be listed in the Foundation's reports as well as in grant award letters. Therefore, donors should give careful thought to their fund's name. Funds usually are named for:

    • The person(s) or business establishing the fund;
    • A family name;
    • A favorite cause, such as the Children's Fund or the Arts Fund;
    • The person memorialized by the fund;
    • Or an anonymous fund

    Select from one or more of these options:

    Donor - Advised Fund
    This is a service for individuals or families who want to work with CFVI's staff on a tailored giving program. Donors retain the right to recommend distributions.

    Distributions from a donor-advised fund may not be made to an individual, regardless of the purpose, or to any organization if not for a charitable purpose.

    Field of Interest Fund
    A donor establishes a fund for a specific charitable purpose such as education or health research. This fund is one that attracts contributions from several donors and is not tracked with reference to the gift of a particular donor. Specific grant selections are done by the Grants Committee.

    Field of Interest Fund- Advisory Committee
    A donor establishes a fund for a specific charitable purpose and recommends a person or persons with documented expertise in the field to serve as an advisory committee to the fund.

    Agency Fund
    Nonprofit organizations may transfer assets to establish designated funds, benefiting from the Foundation's administrative services, investment management and permanence.

    Scholarship Fund
    The donor establishes a scholarship to provide financial aid for students to further their education and determines the specific criteria. The Foundation provides a variety of services to include outreach, selection and award monitoring.

    Gifts to Existing Funds
    To maximize smaller gifts or participate in ongoing efforts led by others, anyone may contribute gifts of any size to existing grant making funds. The Foundation has created the Angel Fund (a discretionary fund) to attract monetary support for all we do in the Community.

    Our donors are all ages, incomes, races, ethnic and cultural backgrounds, spiritual traditions, and interests. Because we pool gifts to maximize return and minimize administrative expenses, even small donations can have a reaI impact in the community.

  2. Choose the best way to make your gift

    Gifts that go to work immediately:

    • Cash: Gifts of appreciated assets are usually more tax effective.
    • Securities: For both closely held and publicly traded stocks, the charitable deduction is based on full market value. Capital gains taxes on appreciation are also avoided.
    • Real estate and property, including tangible personal property, such as art, automobiles or boats.

    Gifts that go to work in the future: MAHOGANY LEGACY

    • Bequests: Establish a fund through your will. It's simple, cuts estate taxes and can even be advised by your heirs so that your charitable intent is preserved in perpetuity. Many donors, after providing for their loved ones, leave the remainder of their estates to the Foundation.
    • Charitable remainder trusts, pooled income funds and gift annuities: All three methods allow donors to turn over assets to the Foundation but retain income from them. These are excellent ways to improve income from low-yield, high-value assets and gain significant tax advantages as well.
    • Insurance: Name the Community Foundation of the Virgin Islands as owner and beneficiary of an insurance policy to be used to establish a future charitable fund. The donor earns an immediate tax deduction and any future premium payments are deductible, as well.
    • Designate the Foundation as beneficiary of your IRA or Qualified Retirement Plan: When sizable retirement plans become part of an estate, heavy taxes can take 75 percent or more of their assets. Designating the Community Foundation of the Virgin Islands as a beneficiary of retirement plan assets is a tax-effective way of making a charitable bequest.

    From here on, your philanthropy is nearly worry-free. The Community Foundation of the Virgin Islands takes care of government reporting, grant paperwork, auditing, and accounting. Most important, you will have joined hundreds of others who have perpetuated their giving to benefit the community. It is this legacy that is true philanthropy.

    FOR MORE INFORMATION
    For more information, or to discuss a program tailored to your needs, please contact Dee Baecher-Brown. E-mail dbrown@cfvi.net Phone (340) 774-6031.