Steps to Establishing a Fund
All gifts to the Austin Community Foundation become part of the Foundation and must be applied in furtherance of our charitable goals and purposes. Donors whose gifts will eventually exceed $5,000 are entitled to the following:
- You may name your fund.
- You may create any one or combination of the following funds:
- An unrestricted fund to be used to support charitable programs selected by the Austin Community Foundation.
- A field of interest fund to be used to support specific charitable programs selected by the donor.
- A designated fund to be used to support specific public charities designated by the donor.
- An advised fund which will consider future distributions recommended by the donor, member of the donor's family or a group of advisors appointed by the donor.
- A scholarship fund.
- You may add to existing funds established in the Austin Community Foundation to achieve specific charitable goals.
- You may add to the fund at any time or cause other gifts to be received by the fund.
We call your attention to two important facts:
First, the Austin Community Foundation must review and approve the terms of the fund; and,
Second, the passage of time can sometimes outdate a fund's purposes, as expressed by the donor. A fund to help people with a disease that has now been conquered would be an example. A fund for an organization that has ceased to exist would be another. Organizations sometimes change their names, merge with others or alter their programs. Our Board of Governors has the authority, under the variance power set forth in our Articles of Incorporation, to amend a fund's obsolete purpose without having to go to court. This enables the Austin Community Foundation to carry out a donor's basic charitable purpose if, through a change in circumstances, the donor's original intentions cannot be accomplished precisely as he or she originally directed.
The information that follows will help you to understand the mechanics of establishing a fund in our organization.
Contact us today to get started.