Open A Charitable Fund
Philanthropy is personal – it reflects your personal values and passions. At Legacy Foundation, we offer a range of funds that meet your philanthropic goals; making your charitable giving convenient and strategic. Here is where you will learn about the different types of charitable funds we offer and how to set one up!
Starting a Charitable Fund Checklist
The following steps will help you create a fund that meets your charitable intentions.
- What causes or organizations do you want to support?
- Would you like to vary those causes or organizations from year to year?
- Do you want to impact students’ education?
- How involved would you like to be in selecting grant recipients from your fund?
- An endowment is a permanent fund. Endowment funds are put into a long-term
investment pool for maximum benefit and invested to achieve long-term capital growth. - Nonpermanent funds have no permanent principal balance and are immediately available
for grant distribution.
- Do you want to establish a fund during your lifetime and witness the impact?
- Would you prefer to defer your gift through a will or other planned gift?
- Charitable funds can be named after your family, to memorialize someone special, to
recognize your passions, or on behalf of a business or an organization.
- Many donors choose themselves and their spouse.
- Company or organization donors might choose a founder, board president, or CEO.
- Legacy Foundation can accept cash, publicly traded securities, real estate, life insurance,
personal property, private foundation assets, or a variety of other assets.
- Legacy Foundation will create a fund agreement that outlines the name and purpose of
your fund, specific distribution instructions, and fund classification.
Benefits of Starting a Fund with Legacy Foundation
Advisor Partnerships | We partner with your advisors to find the most tax-effective ways to give.
Start Now | You can start your giving today and continue your impact forever.
We Make Giving Easy | Eliminate administrative overhead. We handle the gift acknowledgment letters and tax filings.
Professional Staff | Work with a professional staff who can provide knowledge of local and regional charities and help you learn more about community needs.
Accessibility | Gain access to donor events and donor collaboration opportunities.
You Have Options | Choose to give to the charity of your choice, in or outside of Lake County, Indiana.
Maximize Your Investment | Endowed gifts are pooled with others to achieve maximum investment efficiency and return.
The Lauer Family | Shaping The Future They Want To See.
Bob and Lauren Lauer were cognizant of the struggles faced by many with less and recognized the impact they could have by starting a fund in their thirties. Inspired by a popular podcast, they committed to giving back 10% of their income annually to actively shape their envisioned future. The Lauers worked with Legacy’s CEO, Donor Engagement Director, and Scholarship Administrator to identify the causes they wanted to support.
In addition to opening a donor advised fund, the Lauers started a scholarship fund that reflected Bob’s role at a computer programming school. Discussions with Legacy staff highlighted the shortage of scholarships that support non-traditional forms of higher education, even as the number of students enrolled in such programs continues to steadily increase. The Lauers created the Building the Future Vocational Scholarship, aimed at empowering Lake County residents to pursue vocational or trade school education with the goal of local employment. The collaborative effort not only resulted in the creation of a meaningful scholarship, but also underscored the potential for positive change when community stakeholders work together.
“By working with the Legacy Foundation to give back locally, we’ve been able to build a strong sense of connection and purpose within our community, which we deeply value. We hope to inspire other young individuals to join us in contributing to positive change.”
Types of Charitable Funds
Agency Fund
Provides perpetual annual income for a nonprofit. Agency Funds are typically established at the request of a charitable organization for its own exempt purposes.
Designated Fund
Provides perpetual annual income to a specific charity or multiple named charities.
Donor Advised Fund
For donors who want to be actively involved, this provides flexible and streamlined giving to multiple local or national charities.
Field of Interest Fund
Supports a broad grant focus area (environment, senior citizens, health, etc.)
Scholarship Fund
Grants to assist students in a particular field of study, high school, university or from a geographic area
Unrestricted Fund
Legacy hosts a competitive grant process for local charities. Volunteer Grant Committee determines most pressing needs.
Open a Charitable Fund Today!
We’re here to help you support the causes you care about.
Erica Fizer
Vice President of Philanthropy
efizer@legacyfdn.org