Legacy External Advisor Program

At Legacy Foundation we are committed to providing strategic leadership and impactful philanthropic support that strengthens our local communities.

We now offer donors the flexibility to recommend their own trusted Investment Advisor when opening an endowed fund, through our Legacy External Advisor Program (LEAP). This custom approach allows donors to benefit from the philanthropic expertise of the community foundation, while keeping charitable assets with a valued advisor.

Benefits to the Donor

  • Keep charitable assets under the management of the current investment advisor, subject to Legacy’s approval.
  • Gain from Legacy’s valuable community relationships, grantmaking experience, due diligence and administrative services.
  • Give to any U.S. based charity in or outside of Lake County.
  • Make grants anonymously if desired.
  • Maximum tax advantages over creating a private foundation.

How It Works

The donor establishes an endowed fund of at least $250,000* with Legacy Foundation and recommends a registered Investment Advisor to manage the donor’s assets. Legacy’s Investment Committee reviews the recommended advisor’s credentials and application.

The donor signs a fund agreement with Legacy Foundation outlining the charitable purpose of the fund. The Investment Advisor, if approved, develops a portfolio aligned with Legacy’s Investment Policy Statement, with the goal of growing those assets to meet Legacy’s and the donor’s grantmaking goals.

All donors receive online access to view fund activity, gifts, grants, and balance. Donors can add to the fund at any time and with a variety of assets (cash, stocks, real property, etc.)

*A gift of a lesser amount may be considered for external management, if the Donor is requesting to retain an already approved advisor.

Legacy Foundation Funds

Legacy Foundation holds over 350 funds established by individuals, families, and organizations to support the charitable causes they care about. Generous donors and prudent stewardship have grown the Foundation’s assets to approximately $80 million. Annually, grant awards total over $3 million and scholarship awards total over $1 million.

What Types of Funds Can the Donor Establish?

Agency Fund

To provide 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

To support a specific named organization

Donor Advised Fund

To provide flexible and streamlined giving for those who want to be actively involved

Field of Interest Fund

To support a broad interest area

Scholarship Fund

To assist students in a particular field of study, high school, university or from a geographic area

Unrestricted Fund

Supports Legacy Foundation’s local community grantmaking and key programs and initiatives in Lake County. (Currently qualifies for a $2-for-$1 match!)

Frequently Asked Questions

Legacy Foundation External Advisor Program Application

Advisor Details

Advisor Name(Required)
Professional Designations
Accepted file types: pdf, Max. file size: 29 MB.

Administrator Details

Administrator Name(Required)
Professional Designations

Firm Details

Firm Assets Under Management(Required)
Primary Advisor Assets Under Management(Required)
Registered Representative(Required)
Registered Investment Advisor (RIA)(Required)

Within the last five years, have you or a member of your advisory group been involved in any business litigation, SEC administrative proceedings or other legal claims? If yes please provide an explanation and indicate the current status.

Please be aware that we will pull BrokerCheck reports and background information in addition to the information provided. If there is any business litigation or other proceedings that you would like to explain further, please enter below.

Do you consider yourself a fiduciary?(Required)


When considering proposed fees, we expect fees for this portfolio to be lower than individual client fees because we do not require financial planning, estate planning, tax planning, legal services or other services you may provide to individuals.

This field is for validation purposes and should be left unchanged.