Fund Options for your clients:
The flexibility of a community foundation can help your client in many ways. Whatever the charitable wish – to house the homeless, support education or the arts, alleviate hunger, or meet the needs of the disabled for generations to come – the Pinellas Community Foundation can provide assistance to you and your clients by offering a variety of fund options to meet their philanthropic goals. From donor advised funds (which allow your clients to engage in active grantmaking) to support for our discretionary grantmaking to scholarship programs, the Foundation’s funds allow your clients to choose their level of participation.
An unrestricted fund is one that is not specifically designated to particular uses by the donor. The Pinellas Community Foundation has been fortunate that, over the years, many of its donors have trusted the Foundation to distribute their gifts where they will do the most good. These funds support the Foundation’s Discretionary Grants Programs, a competitive process which annually provides funding to dozens of not-for-profits based in Pinellas County.
If your client wants certain charities to benefit from their support, and for that support to continue after their lifetimes, a Designated Fund could be the answer. Because times change, and charities may not always perform at the same expected levels, a Designated Fund alleviates this worry. We take care of the investments, and make annual grants from the fund’s income to the charities named by the donor. If one of the charitable organizations ceases to exist or stops providing the type of service that interest the donor, we will make sure the fund stays current and vital by finding another agency that fulfills the donors charitable intent.
Field of Interest Funds
If your client knows which charitable interests they want to support, and have no specific organization in mind – establishing a Field of Interest Fund at the Pinellas Community Foundation allows your client to direct their giving as narrowly or broadly as they choose. Donors who select these funds are able to provide benefits to specific programs in the arts, education, or other broad areas of interest. By naming a program area and not a specific organization, flexibility exists to meet the ever-changing needs of the community.
Donor Advised Funds: An Alternative to Private Foundations
If your client would like to maintain personal involvement in charitable giving but does not want to deal with the hassles of setting up a separate private foundation – a Donor Advised Fund, your client (donor) can create a fund without having to name any specific charitable organizations or causes. The donor retains the right to recommend grants to charitable agencies of his or her choice over time, so that while the tax benefit starts immediately, grant decisions can be made over the years. If the donor wishes, his or her children may be successor advisors to the fund, making grants from the fund, and thus continuing the family’s philanthropic involvement in the community. For more information on this topic, click here.
If your client wants to provide scholarship assistance for graduating high school students in Pinellas County but does not want the burden of administering a scholarship program – the Pinellas Community Foundation has extensive experience administering numerous scholarship funds created for a variety of purposes. The donor simply creates the criteria to be used in selecting the desired recipient, and we do the rest. Donors may also participate on a scholarship selection committees with foundation staff and foundation-appointed community volunteers to help identify recipients.
Agency (Nonprofit) Endowment Funds
Do you have a nonprofit as a client? Or do you have a client who wants to support a specific charity that could function as that agency’s endowment? The Pinellas Community Foundation manages nonprofit endowments. These funds are created to provide financial support to the nonprofit organization in perpetuity and be a conduit for planned gifts.
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