Although many people donate to different charities over the course of their lives, some people decide that they want to focus more heavily on the good that their charitable giving can do in their community. They may want to make their charitable giving more strategic, and could also want to ensure that their charitable giving is used for exactly what they would like it to be. They may also want to make sure that there is some recognition for the support that they give to the community. In cases like that a ‘named fund’ can prove the ideal solution, and the Community Foundation is the local expert in establishing named funds.
About a Named Fund
Having a named fund is a little like having your own charity. The big difference is that the Community Foundation takes care of all the administration for you. That means that the costs are less, but also that you get to spend the time doing what you want to do – helping to ensure that the people you want to benefit do benefit, rather than lots of time filling out paperwork.
There are several aspect to a named fund, but the most common ones are:
Name
You get to decide the name of your fund. It might be that you want it in your own name, the name of a loved one, or the name of your business. It doesn’t have to be one of those, you can choose any name you want, within reason, and it could be related to the cause you are trying to support.
Remit
You get to decide the remit of your fund. It can be as broad or as specific as you like, providing it meets overall charitable guidelines, but we can support you with that.
Value
Normally, for a named fund, the minimum value to make it viable is around £25,000, but this can be made as a single donation, or built up over several years. We can help you to plan your charitable giving to make sure that it works the way that you want it to.
Costs
The costs for a named fund vary depending on what you want to establish it for and how much you will be using to set it up. Costs take into account set up fees, administration and management fees of the donation, reporting to you as a donor, administering the funding to ensure it gets to where it is most needed in line with your wishes. Whilst every fund varies, it is always cheaper than setting up your own separate charity, and is far more affordable than most people realise.