Donor Information

How to Create a Fund

Once you’ve discovered how affordable and financially advantageous charitable giving can be, you may be surprised. Before making any large decision about your financial or charitable wishes, GCF suggests you consult with your financial advisor, accountant or attorney. These professionals can help you better understand how your personal situation may improve and your charitable dreams can be realized by setting up a fund at the Galesburg Community Foundation.

GCF believes that the process to establish a new donor fund should be very straightforward for the donor. In fact, it’s one of the biggest advantages of making a donation to GCF. When you’re ready to begin, simply contact us and we’ll walk you through the following steps:

  • Choose When to Give: You can create a fund during your lifetime, in your estate plan, or through a trust arrangement that benefits your family and favorite charities. Tax deductions are earned at the time of the gift, while grant making continues into the future.

  • Choose What to Give: You may start your fund with almost any kind of asset: cash, publicly traded securities, closely held stock, real estate, or tangible property. Gifts of long-term appreciated property earn tax deductions for their full present market value.

  • Choose a Name: Every grant from your fund carries its name. Many people choose to name their fund for the donor, for the donor’s family, or as a memorial to someone special. Of course, you can also remain anonymous.

    • Ways to Give

    • Cash
    • Securities
    • Life Insurance
    • Private Foundation Transfers
    • Corporate Giving
    • Bequests
    • Other

Contributions of Real Estate, Tangible Personal Property, Closely Held Stocks, Patents and Copyrights, Surplus Business Inventory, etc. are other ways of creating a fund within the Foundation.


Types of Funds

  • Donor-Advised Funds – Allows a donor to remain actively involved in their charity giving. From time to time, the donor or an advisor of their choice may suggest who is to benefit from a specific gift.  You have ongoing involvement in the use of your gift.

  • Field of Interest Funds – You can target your gift to address needs in an important area of community life (for example Art, Aids, Aging, At-Risk Youth, etc).  You identify your personal interest area when making your gift; our Board awards grants to community organizations and programs that are making a difference in the area you select.

  • Designated Endowment Funds – Allows donors to direct their gift to a specific charity, to benefit that organization or purpose.

  • Unrestricted Funds – Remain in perpetuity to address needs within the greater Galesburg area as they change over time. A committee reviews and approves grants, then makes them in a specific funds name.

  • Scholarship Funds ­– Allows a donor to help a group of students at a specific educational institution or in a particular curriculum pay for part or all of their education. The donor can be involved in establishing the selection criteria.

 

 
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