1. What is The Peninsula Community Foundation of Virginia?
   The Peninsula Community Foundation of Virginia is a 501(c)(3) nonprofit community foundation founded in 2003 that manages and invests charitable funds for individuals, families, businesses and other nonprofit organizations.
    
2. How is it different from a commercial gift fund?
   The Foundation offers more charitable options at the same, or lower, service charges than commercial gift funds. The Foundation also has staff members who know their community and its needs so they can help connect you to causes and interests.
    
3. What advantages will I enjoy with a fund at The Peninsula Community Foundation of Virginia?
   With its 501(c)(3) public charity status, the Foundation offers the maximum tax advantage allowed by federal tax laws. Your contribution to a Foundation fund may receive a higher deduction than the same gift to a private foundation. In addition, our staff provides personalized attention to help you fulfill your philanthropic wishes.
    
4. What types of assets can I use to create a fund or add to an existing fund?
   Options include cash, securities, real estate, retirement accounts, insurance policies and interests in privately held corporations and limited partnerships. In addition, collectibles such as stamp collections are assets that can be sold to create a fund.
    
5. Are there options if I cannot afford to part with assets or income at the present time?
   Absolutely. You may make a bequest through your Will or trust. You may also select a charitable gift annuity or charitable remainder trust, which provide income and current year tax deductions. Some arrangements can help provide current income, help diversify a portfolio and avoid capital gains, gift or estate taxes.
    
6. What amount is needed to start a fund?
   You may create a named gift fund with an initial contribution of $5,000, or less if you plan to increase the amount during a specific period of time. You may also contribute any amount to the Foundation's Unrestricted Fund, which provides funds for grantmaking to a wide array of local nonprofit organizations. Additionally, you may add any amount to an existing fund at the Foundation.
    
7. How are grants made from funds?
   With Donor Advised Funds, you or your fund advisors communicate with the Foundation regularly to recommend grants to charities of interest to you. With Designated Funds that name specific nonprofit recipients, we make grants annually to the organizations named. Field of Interest and Unrestricted Funds are distributed through the Foundation's competitive grantmaking program. We award grants quarterly from these funds to nonprofit organizations that benefit the residents of southeastern Virginia.
    
8. How will scholarships be awarded from funds?
   When we have funds available for Scholarships, our scholarship staff will accept applications directly from students. They will also work with guidance counselors and advisors at area schools to help identify students needing scholarship assistance. Recipients will be selected on the basis of financial need, academic achievement and initiative. Our staff will work to find candidates meeting those criteria. Scholarship checks will be written to specific schools, colleges and universities and earmarked for specific students. Students will be able to apply directly to the Foundation for scholarship funding.
    
9. Would establishing a private foundation make sense for me?
   A private foundation works for some people, but it can involve months of paperwork to establish. It then can become an ongoing administrative burden. Private foundations can be expensive to administer and have rules and regulations some donors find limiting. For example, a private foundation must file a separate tax return, pay excise tax and meet an annual payout requirement. For a comparison chart on private foundations and The Peninsula Community Foundation of Virginia, click here.
    
10. Can my family stay involved in my fund?
    Absolutely. With a Donor Advised Fund you can include specific family members by naming them as donor advisors who recommend grants from the fund. When establishing advised funds, you may add up to one succeeding generation as donor advisors.
     
11. Can I keep my donations anonymous?
    Yes. The Foundation respects all requests for privacy. You can choose to give your funds a name that does not reveal your identity. You can also request that grants from your funds remain anonymous.
     
12. Can a nonprofit organization create a fund to benefit itself?
    Yes. Other nonprofits are encouraged to explore starting organizational funds at the Foundation. These funds ensure fiscal perpetuity and gain investment expertise for an organization's endowment. Grants are made directly to the designated organizations from their funds each year. Individual donors can also create a fund to benefit a specific nonprofit organization.

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