Is it easy to set up a fund?
First of all, consider the following questions to shape your charitable wishes:
- Is there an area or theme would you like to support?
- When would you like to give – now, in a few years or through a bequest in your will?
- What kinds of assets will you use to open your fund – cash or shares?
- We will talk to you about your charitable wishes and involve family members and your financial adviser if you like. We will illustrate our current grantmaking and offer ideas of how we will meet your charitable aims.
- Once we have listened to and understood your wishes we will provide you with a draft Fund Agreement. This simple document sets out our responsibilities for managing your charitable fund.
- When you are happy with the details and arrangements about how the fund is to be set-up and managed you and the Chair of Nottinghamshire Community Foundation will both sign the Fund Agreement
- Your fund is set up via a transfer of funds or shares or even property. We reclaim the Gift Aid and allocate it as you request. Your financial adviser will ensure you benefit from reduced tax liabilities, according to your circumstances.
- If the fund is an Endowment Fund, revenue is drawn down annually for grant making. If the fund is a Revenue Fund the monies are available for grant making straight away. Grant awards are made in line with the charitable wishes of your Fund Agreement and with your prior consent, if desired.
- We will meet with you annually to discuss the progress of your fund, the community impact of your grant awards and to confirm or amend your charitable wishes. A statement for your fund balance and the grants made will be accessible to you online, and also sent annually if you have an Endowment Fund and bi-annually for a Revenue Fund.
Remember! You are not giving to Nottinghamshire Community Foundation but through it!