How To Establish a Fund

A named fund may be established with a gift of $10,000 given at once, or over five years. The process is straightforward, the paperwork is minimal and the results are tremendously satisfying. A family, individual or corporation may establish a named fund with a gift of cash, securities or other property valued at a minimum of $10,000 (or they may start with $2,500 and contribute a total of $10,000 within a five-year period). The donor decides the grant making purpose of the fund and whether fund principal may be distributed.

Select from one or  more of these options:

• Discretionary Fund - The donor entrusts the CFVI Grants Committee with selection of the most promising and urgent community programs and organizations to receive grants based on a competitive evaluation process.
• Field of Interest Fund - The donor identifies one or more areas of community interest, leaving specific grant selection to the Grants Committee.
• Donor Advised Fund - This is a service for individuals or families who want to work with CFVI's staff on a tailored giving program. Donors' retain the right to recommend distributions.
• Unrestricted Fund - This fund provides maximum flexibilty to meet ever-changing community needs.
• Designated Fund - The donor identifies one or more specific nonprofit organizations to receive annual support. In the event that the organization no longer exists as a nonprofit charitable entity, CFVI is authorized to select an alternate beneficiary to fulfill the donors' intent.
• Scholarship Fund - The donor establishes the criteria and may select from a range of available Foundation services, including outreach, selection and award monitoring, to provide direct financial aid for students to further their education.
• Agency Fund - Nonprofit organizations may transfer assets to establish designated funds, benefiting from CFVI's administrative services, investment management and permanence.
• Gifts to Existing Funds - To maximize smaller gifts or participate in ongoing efforts led by others, anyone may contribute gifts of any size to existing grant making funds. The Foundation has created the Angel Fund (a discretionary fund) to attract community support for pressing concerns.

Our donors' are of virtually all ages, incomes, races, ethnic and cultural backgrounds, spiritual traditions, and interests.  Because we pool their gifts to maximize return and minimize administrative expenses, even small donations have a real impact in the community.

Determine which asset you will use in creating your fund:

• Cash
• Securities (publicly traded or closely held)
• Real estate
• Tangible personal property, such as art, antiques, or jewerly

Assets with a low cost basis are often wise choices since they offer maximum tax advantages:

• You pay no capital gains tax.
• You receive a favorable income-tax deduction.
• You may also want to review assets inside your qualified retirement plan for possible charitable use.

Choose a name for your fund:

• Donors can establish a fund in their name, in a family name, or in the name of any person or organization they wish to honor. Many donors choose a family name, but you can use any name that's meaningful to you.
• Grants distributed from a donors' fund are awarded in the name of their fund. This person or organization will always be remembered and linked to good in our community.

You may also choose to make a gift through your will and join the MAHOGANY LEGACY. Appropriate language to make sure your will meets legal and tax criteria as well as your philanthropic goals is available through our office.

From here on, your philanthropy is nearly worry-free. The Community Foundation of the Virgin Islands takes care of government reporting, grant paperwork, auditing, and accounting. Most important, you will have joined hundreds of others who have perpetuated their giving to benefit the community. It is this legacy that is true philanthropy.

Community Foundation of the Virgin Islands
PO Box 11790 | St. Thomas, USVI 00801-4790 | Phone: 340-774-6031 | Fax: 340-774-3852 | www.cfvi.net