The Erie Community Foundation

Named Funds

If you make annual contributions to many local and national nonprofit organizations, a named fund can simplify this process while providing maximum tax benefits.

Named funds are typically established with cash or appreciated securities. You will be eligible for a charitable income tax deduction equal to the market value of the original gift. In subsequent years, you can recommend grants from available income, or if desired, principal.

In all cases, The Erie Community Foundation ensures grant recipients meet accepted criteria for fiscal responsibility. Named funds can be created in a matter of minutes, with minimal paperwork.

They are:

Personal: You can recommend grants to your favorite charities, wherever they are located—Erie County or throughout the nation and world.

Flexible: You, or anyone, can add to the fund whenever you want. There is no minimum gift size for additions.

Efficient: The Erie Community Foundation keeps track of your donations and will provide a single year-end report for tax purposes. The Foundation holds, manages, and invests the assets.

Accountable: You receive a bi-annual statement showing all activity, including grants from the fund and gifts to the fund.

Educational: Donors receive special mailings and are invited to many Foundation events. Some donors also enjoy meeting with Foundation staff to learn more about current needs in our community.

Thoughtful Stewardship: Named funds are pooled with other Foundation assets. This creates maximum investment returns while minimizing investment management expenses. Endowed funds also create an important charitable legacy for future generations.

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