How to Give
Establishing a Fund
It is easy to establish your own named charitable fund and it can be done in less than a day. Working with a member of our staff, and your financial advisor if you choose, you will take these simple steps:
- First, determine your charitable purpose or intent.
- Select the type of charitable fund that best supports your purpose. Our staff will outline your options and discuss advantages of each.
- Complete a simple governing document. Our staff will help you to complete a document that makes your intentions clear.
- Select a name for your fund. You can use your name, that of a family member, the name of a favorite cause, or choose a name that allows you to remain anonymous.
- Depending on the type of fund you establish, you may designate current fund advisors such as yourself and spouse, and successor advisors such as your children. This information will be included in your governing document.
- Make an establishing gift. See Ways to Give for the types of contributions you can make.
- Receive a tax deduction at the time the fund is established and when additional contributions are made to the fund.
Enjoy giving through your fund. Once your fund is established you can:
- Add to the fund at any time in any dollar amount.
- Specify how grant disbursements are to be acknowledged – whether in the name of the fund or anonymously.
- If you've established a donor advised fund you may recommend distributions to charities, locally or throughout the United States.
If you have questions about establishing a fund that have not been answered in this section, please contact us for more information.
Types of Endowed Funds
Unrestricted Named Funds
Unrestricted funds are those from which HHFP has complete discretion in grantmaking. They provide flexible permanent resources for the future unknown needs of the community.
- $7,500 minimum fund balance (1.75% annual fee)
Field of Interest Funds
The donor specifies an interest area, which can be either broadly or narrowly defined. HHFP has discretion to make grants within the donor’s interest area.
- $10,000 minimum fund balance (2% annual fee)
Donor Advised Funds
The donor retains an advisory capacity in recommending grants from the fund. The fund is individually named and identified with reference to the donor or donor family members. Donors may be individuals, families, businesses or charitable organizations.
- $10,000 minimum fund balance (1% annual fee, the minimum annual fee shall be $250)
For more information please contact Donovan Neal, Executive Director, at 248-960-9975