Frequently Asked Questions

about the Community Foundation for Northern Virginia

Below we have compiled some frequently asked questions of the Community Foundation Staff.  We hope this is helpful, but if you would like to speak with our team directly, please contact us today.

About Community Foundations and CFNOVA

A community foundation is a nonprofit organization that helps people, families, and businesses invest in the communities they care about. It brings together charitable resources, local knowledge, and long-term stewardship to address community needs and create lasting impact.  

Founded in 1978, the Community Foundation for Northern Virginia serves the counties of Fairfax, Loudoun, Arlington and Prince William, and the cities of Alexandria, Falls Church, Fairfax, Manassas and Manassas Park. We steward charitable funds, award grants and scholarships, provide research and community leadership, and connect generous people with local organizations working to address the region’s most pressing challenges. Our goal is to make Northern Virginia a thriving, inclusive community for everyone. 

Since 1978, CFNOVA has invested more than $100 million to support education, health, housing, and other community priorities across Northern Virginia, working alongside donors, nonprofits, and civic leaders to strengthen our region. We know the region well, we study its needs, and we work with local leaders to find solutions. We also help donors make the biggest possible impact with their giving. 

Our data and research center, Insight Region®, sets us apart. It is dedicated to understanding the unique needs, trends, and opportunities within Northern Virginia’s neighborhoods, towns, and cities—helping donors and partners make informed, effective decisions.  

We are a 501(c)3 nonprofit organization, but while most charities focus on one issue, like hunger or housing, CFNOVA supports many different needs across Northern Virginia. We do this not only through our research, grants, and scholarships, but also through our partnerships with donors. Our donor funds are managed responsibly so your gifts make a long-term difference. 

CFNOVA is a trusted charitable giving partner, and meets National Standards for U.S. Community Foundations, undergoes annual audits, and shares clear reports so donors can trust how funds are managed. 

We serve Northern Virginia, including Fairfax, Loudoun, Arlington, Prince William, and the cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park.
CFNOVA is governed by a volunteer Board of Directors and staffed by nonprofit professionals dedicated to serving the Northern Virginia region. 

Funds & Giving Options

CFNOVA offers several options, including donor-advised funds, designated funds, field-of-interest funds, and scholarship funds. Each provides flexibility for supporting causes you care about. 
A Designated Fund provides ongoing support to one or more specific nonprofits you choose. 
A Field of Interest Fund targets giving to a specific area of need, such as education, health, or the arts. 
A Donor-Advised Fund is like a charitable savings account. You make a contribution, receive an immediate tax deduction, and then recommend grants to nonprofits over time. It’s flexible, personal, convenient, and impactful. 
The Permanent Fund for Northern Virginia is an unrestricted, flexible charitable fund from which the Community Foundation makes grants to local nonprofits so that we may help build a Northern Virginia that works for everyone. 
Endowed funds are invested for long-term growth, creating perpetual support. Non-endowed funds allow immediate grantmaking but don’t guarantee long-term sustainability. There are considerations in establishing either, and we encourage you to reach out to us for more questions. Call us at 703-879-7640 or This email address is being protected from spambots. You need JavaScript enabled to view it.. 
Private foundations require significant start-up costs and ongoing administration. Donor-advised funds are simpler, offer higher tax deduction limits, and allow anonymous giving if desired. We serve as your trusted charitable giving advisor, managing your fund with care and expertise. 
 
For a more detailed comparison of a donor-advised fund and a private foundation, click here. 
Yes. You can keep your foundation’s name and advisory role while CFNOVA handles administration, compliance, and reporting. Conversion offers lower costs, higher tax benefits, and access to CFNOVA’s local expertise. 
CFNOVA offers personalized service, local expertise, and opportunities to engage in community leadership. Fees support research, emergency grants, and programs that strengthen Northern Virginia—benefits commercial gift funds don’t provide. 

A donor-established fund offers flexibility and benefits that direct gifts do not. You can donate complex gifts, such as appreciated assets, stock transfers, and QCD distributions, which smaller nonprofits may not be able to collect. Donors can make one contribution that supports multiple charities and take an immediate tax deduction while giving over time.  

We can also facilitate collective giving and collective impact by inviting other donors to contribute to your fund – something that commercial gift funds and smaller nonprofits are not equipped to support. 

Opening a fund with CFNOVA allows family involvement, creates a lasting legacy, and offers investment options to grow your charitable impact. 

Sign a fund agreement with CFNOVA. We’ll customize it to reflect your charitable goals, fund name, and whether it’s endowed or non-endowed. Most agreements are finalized within a few hours. 

For more information on setting up a donor-advised fund, visit our Establish a Fund page. 
Cash, marketable securities, real estate, closely held stock, life insurance, retirement assets, and other property that meets CFNOVA’s gift acceptance guidelines. See our Ways to Give page for more information. 
You have 12 months after signing your fund agreement to make the initial contribution. 
Yes! Your contribution is either invested in CFNOVA’s pooled portfolio managed by Goldman Sachs or held and managed through our custodian bank, Truist. For funds of $250,000 or more, you may also request external investment management. 

Endowed funds are invested in CFNOVA’s pooled portfolio managed by Goldman Sachs. Non-endowed funds can also be invested upon request. 


Grants & Scholarships

Explore our grant opportunities and apply online during open cycles. Proposals are reviewed by staff and volunteer committees. 
Yes. CFNOVA manages approximately 35 scholarship funds that support Northern Virginia students pursuing undergraduate and graduate degrees. Each year, the Community Foundation awards over $500,000 in scholarship funds to nearly 150 students. Awards range from $1,000 single scholarships to $5,000 per year for four years. 
Submit recommendations through your Donor Portal or by completing a Grant Recommendation Form. 
We review each recommendation to make sure the nonprofit is eligible and in good standing. For grants over $25,000, our Board approves the request; smaller grants are approved by staff. Once everything is verified, we issue the payment and send it to the nonprofit with a confirmation letter. Most grants are completed within about two weeks, and you can track progress through the Donor Portal.
No. Grants from donor-advised funds can be recommended to any nonprofit, school (excluding for-profit schools), or faith-based institution across the nation. We also offer the opportunity to make international grants to qualifying organizations. 

Fees & Minimums

Foundation Support Fees, reviewed regularly by our Board of Directors, follow industry best practices and ensure CFNOVA can serve the community for the long term. These fees cover the work that makes philanthropy possible—responsibly managing funds, providing personalized donor support, conducting important research, and leading community initiatives. They allow us to deliver high-quality service to fund holders while supporting local nonprofits and addressing evolving community needs for generations to come. 
CFNOVA charges a tiered Foundation Support Fee based on fund type and size, with a minimum annual fee of $250. In addition, there is a one-time setup fee of $250 to establish a fund. 
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Yes. Funds invested in CFNOVA’s pooled account are managed by Goldman Sachs, which charges 0.35% annually. 
Effective January 1, 2026, fees will be assessed quarterly using the fund’s average balance for the quarter, ensuring equitable fees for contributions that are granted out within the same period.  We compute the Average Daily Balance (or weighted quarterly average) and apply the annual rate prorated for the quarter.  
  • Permanent Funds, Designated Funds, and Donor-Advised Funds: $10,000 
  • Field-of-Interest Funds: $25,000 
  • Scholarship Funds: 
    • Donor-Managed: $50,000
    • Foundation-Managed: $100,000 
  • Funds requesting a customized grantmaking strategy: $150,000–$200,000 
  • Externally Managed Funds: $250,000 

(Starting January 1, 2026, these minimums ensure each fund can create meaningful impact over time.) 

Donor Services & IRA Gifts

The Community Foundation’s Philanthropic Services team stands ready to assist all donors to fulfill your charitable goals. We provide personalized support, invitations to donor events, data on local needs, and opportunities to engage in community leadership. We also help connect you to causes you care about most. 
Many retirees have more in their IRAs than they need for living expenses. If left in an estate, much of that money could be reduced by taxes before reaching heirs. Giving directly from your IRA lets you support causes you care about now, avoid extra taxes, and make a meaningful impact. 
Contact your IRA custodian for a transfer form to send funds directly to CFNOVA. 
No, but the amount transferred is excluded from your taxable income, which can reduce overall tax liability. 
If you’re 70½ or older, you can transfer up to $100,000 annually from your IRA to charity, satisfying required minimum distributions without incurring income tax. 

IRA gifts cannot go to donor advised funds, supporting organizations, or split-interest gifts like charitable trusts or annuities. 

They can support CFNOVA’s general operations, the Permanent Fund for Northern Virginia, any field-of-interest fund (such as the Community Investment Funds, Environment Fund, or Ross-Roberts Fund for the Arts), Giving Circles, and designated funds that benefit specific nonprofits. 

General Inquiries

info@cfnova.org
703-879-7640

P.O. Box 10005
McLean, VA 22102
EIN# 51-0232459

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