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RCF has a variety
of fund options to meet your charitable goals. All funds have a minimum gift level of
$10,000 or more. Administrative fees
are based on the size and type of fund you create (please refer to the
Administrative Fee Schedule.)
DONOR-ADVISED FUNDS
Donor-advised funds allow donors to play an active role in grant-making
without incurring the paperwork, taxes and administrative headaches of
establishing and maintaining a private foundation. Donor-advised funds can be
established by an individual, a business or any group of people who share
charitable interests and can benefit whatever charitable cause(s) the donor
specifies.
Considerations for
donor-advised funds
- Funds can be named
for the donor, family, company or someone the donor wishes to honor.
- Funds can benefit
any qualified charitable cause or causes.
- The donor receives a
tax deduction for the gift(s) because the Foundation controls the assets.
- The donor can name a
second generation of donor-advisors to continue a legacy of grant-making.
- The fund can be
established as an endowment so that the principal is preserved in perpetuity
and only earnings are spent.
- Grants from
donor-advised funds can be made only to qualified charitable organizations as
defined in Section 501 (C) 3 of the Internal Revenue Code. No grants may be
made directly to individuals or to benefit
specific individuals. This includes reimbursement of any expenses incurred to
maintain or increase the fund or scholarship awards to individuals or
educational institutions.
FIELD OF INTEREST FUNDS
Rather than naming a particular organization as the beneficiary, donors may
establish a field of interest fund to address broad areas of needs within the
community, such as the arts, healthcare, aging, or at-risk-youth, or for a
specific area such as diabetes, teen suicide, or even a geographic region.
Consideration of Field of Interest Funds
- The RCF Board
controls all aspects of these funds once they are established and awards
grants based on the purpose established by the donor.
- RCF encourages
donors to remain involved with Field of Interest Funds by adding to the fund
at any time, helping to promote the fund and encouraging others to make
contributions.
SCHOLARSHIP FUNDS
The Renton Community Foundation is a champion of good education as a means to
prepare our young people for the future and helping those changing careers or
going back to work after a long hiatus. Therefore, we offer several options
for donors who share an interest in providing educational opportunities.
Consideration of Scholarship Funds
- Donors can make a
contribution to one of our existing scholarship funds.
- Donors may establish
a new scholarship fund which identifies a specific educational organization
to which grants will be made. In this
case, the entire scholarship process is managed by the educational
institution receiving the grant. While
the donor may specify what type of students are eligible to receive the
scholarship, neither the donor nor anyone from the Renton Community
Foundation participates in the selection process.
- Donors may also
establish a scholarship fund here at RCF and then participate in the
selection process by sitting on our "selection committee." In this case, the donor can stipulate all
the requirement the scholarship applicant must meet, but by law, cannot have
the deciding vote on who receives the award. The majority of the selection
committee must also be selected by the Foundation and cannot include
relatives or employees of the donor.
DESIGNATED FUNDS
Donors who have a passion for a specific program or organization may
establish a fund to receive grants for a variety of needs within that
organization, including operations, programs, or capital needs.
Consideration of Designated Funds
- The RCF Board
controls all aspects of these funds once they are have been established.
- RCF encourages donors
to remain involved with Designated Funds by adding to the fund at any time,
helping to promote the fund and encouraging others to make contributions.
UNRESTRICTED FUNDS
Donors may establish general community funds which are unrestricted in nature
and depend on the Foundation to award grants to appropriate organizations,
programs or projects to help meet priority needs. As with all of the
Foundation funds, distributions are made in the name of the fund, or
anonymously, as the donor wishes.
Consideration of Unrestricted Funds
- The RCF board
controls all aspects of these funds but encourages donors to remain involved
with Unrestricted Funds by adding to the fund at any time, helping to promote
the fund and encouraging others to make contributions.
AGENCY-ADVISED FUNDS
Many nonprofits recognize the benefit of partnering with the Renton Community
Foundation and choose to pool their funds with ours. Therefore, RCF offers other nonprofit
organizations the option of establishing their own fund within the Foundation.
In return, the Foundation provides networking opportunities; education on
board development, fundraising, budgeting, and donor cultivation; promotional
opportunities; pooled investment funds and gift processing services. This
allows the agency board to concentrate on priority needs within their
organization and to serve as a bridge from the community foundation to the
rest of the community.
Considerations for
Agency Funds
- Agency funds are
controlled by the Foundation but remain the property of the agency.
- Disbursements can be
requested from the Fund with a thirty-day notice to the Foundation Board.
FISCAL SPONSORSHIP
FUNDS
The Renton Community Foundation approves a limited number of fiscal
sponsorship funds that allow us to extend our tax-exempt umbrella over an
organization or project that is actively fundraising, but has not sought tax
exemption under the IRS. These groups must fill out a Fiscal Sponsorship
Application and be approved by the Board and the group must follow specific guidelines
in all fundraising efforts. Once approved, a restricted fund will be
established ($10,000 minimum) within the Foundation specifically to support
the group’s efforts. In most cases, the Foundation extends this benefit for a
limited time, encouraging the group to eventually obtain their own tax-exempt
status.
Considerations for Fiscal Sponsorship Funds
Please contact the Foundation office if you wish more information on Fiscal
Sponsorships.
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