Many donors find named funds to be a simple and flexible solution for meeting philanthropic goals. Here’s why:
- Named funds within your Erie Community Foundation can be created in a matter of minutes, with minimal paperwork
- There is no cost to create a fund, and a small annual fee withdrawn from the fund covers all administrative and investment management costs
- All funds are covered under a single audit and a single and simplified IRS 990 form
- There are no taxes on fund earnings and funds are invested in a tax-free environment.
It is also easy to make a grant from a named fund. Twice a year, we will send you a statement on fund performance. Your client may suggest grants at these regular intervals, or by simply contacting The Foundation at their convenience. All grants are made in the name of the fund, and charities are encouraged to thank the donors for their generosity.
Named funds are normally established with a minimum gift of $10,000. However, we can open a fund for a lesser amount if there is a plan in place to bring the fund up to the required minimum. Most of our named funds are endowed, but you may also create a fund that spends a portion or all of the fund principal.