With the Community Foundation for Northern VirginiaIt is easy to establish your own named tax-deductible charitable fund – and it can be done in less than a day!
A Donor Established Fund at the Community Foundation for Northern Virginia helps build the local community. Grants from any Donor Established Fund may be recommended anywhere in the domestic U.S. and even abroad. Donor Established Funds include support fees that support research and the publication of data driven reports on critical community needs, emergency grants to basic needs assistance programs serving Northern Virginia, community events and seminars, and donor education events that improve the impact of our collective grant making. Many Existing Donor Established Funds have helped hundreds of individuals and institutions over the years.
“I established the J. Watkins Fund for Arts and Education in 2018 to provide a timely and structured way to create a legacy for my husband, J., who made it his life ambition to do good things for others. J. loved theater, music and the arts. He was very generous with his knowledge and talent, and he felt that education was the best way to share them and lift others up. With this donor-advised fund, I hope to keep J.’s giving spirit and his boundless energy alive by continuing to support the things that he held most dear.”
— Bradley Frey, Advisor, J. Watkins Fund for Arts and Education
By working with a member of our staff, and your financial advisor if you choose, we are more than happy to help you create your own charitable fund by following 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, the name 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 to review the types of contributions you can make.
- Receive a tax deduction at the time the fund is established and any time additional contributions are made to the fund.
Enjoy giving to the causes you care about through your fund. Once your fund is established you can:
- Add to the fund at any time in any 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, throughout the United States, or even globally.
For more detailed information about donor established funds here at the Community Foundation, see our Donor Handbook and explore our Donor Funds Table for a full list of our charitable funds. You can also find FAQ's for Donor Advised Fund questions here.
Year-End Tax Planning
Just earned a large bonus, but no time to decide on the most deserving charities? Establish a Fund for an immediate tax deduction, and stay involved in your gift for years to come.
A Better Alternative to Private Foundations
Thinking about establishing a private foundation, but looking for a better, simpler way? Or, frustrated with the ongoing management of your private foundation? Establish a Fund to stay personally involved with the distribution of gift dollars.
Selling a Business
Own highly appreciated stock in a company that is about to be acquired? Structure a charitable gift of stock before the company is sold to reduce capital gains and increase charitable deductions. Establish a Donor Advised Fund so a once-in-a-lifetime event can help you do good, forever.
Preserving an Estate
Estate planning identifies significant taxes going to the IRS, but want to keep tax dollars local? Reduce taxable estate through charitable bequest or other planned gift. Create personal legacy in community that stays true to your charitable intent forever.
Ready to establish your charitable fund or have any additional questions? Complete this very simple questionnaire to provide basic information on your charitable intent, and our philanthropy team will contact you.