Creating a Fund
Funds at UCCF are created for a variety of reasons. The idea of a scholarship (or another type of charitable fund) to perpetuate the memory of a loved one can be a comfort, or donors may want to support their churches or favorite non-profit organizations.
An endowed fund – one that will last in perpetuity – should have a minimum amount of $10,000. The donor is allowed three years to raise that total. Once the fund is fully endowed, a calculated amount of this investment will be available for awarding scholarships or grants. A built-in growth factor is determined and continued gifts are encouraged. A quarterly financial report is provided and there is a small management fee.
There is no charge for creating a fund and the donor may begin developing assets immediately upon verification from this office. At an appropriate time, the donor or designee will be asked to decide about the specifics of the grant or scholarship. The donor may want to designate a particular school, a field of interest (education, art, religion, etc), or charitable organization. The donor has a great deal of flexibility in dealing with specifics that will meet individual needs.
Union County Community Foundation, Inc. is a 501(c)3 and 701(b) public non-profit organization; gifts are tax-deductible as they apply under IRS Federal Regulations.
For more information, call the Union County Community Foundation at 870.862.8223.
Types of Funds
Memorial Endowment Fund
Unrestricted Endowment Fund
Field of Interest Endowment Fund
Donor-Advised Endowment Fund
Designated Nonprofit Endowment Fund
Scholarship Endowment Fund