It is very simple to establishing a fund at The Peninsula Community Foundation of Virginia. An individual, family, business, nonprofit organization or a private foundation can open a fund and receive all the benefits we offer. These include administrative and record-keeping services, timely distribution of grants and assistance in identifying grant opportunities for donors with donor advised funds.

Steps to Opening a Fund

To open a fund, follow these simple steps:

• Have your client decide which charitable fund option best meets their interest. The Foundation's staff can assist in selecting the appropriate fund to meet your client's interests and needs. Let us know if you need a copy of the latest Guide to Giving to share with clients or read it here.
   
• Please contact our staff to receive the appropriate charitable gift fund agreement for your client. You and your client determine the amount and date of the gift, name of the fund, eligible advisors if it is a Donor Advised fund, and the purpose of the gift fund. Our staff is available to help you and your client determine the best ways to carry out charitable goals and benefit the community.
   
• Have your client make an irrevocable gift of at least $25,000 to the Foundation to create a gift fund. A lesser amount can be used to start a fund if your client has a plan to increase the amount. Donor Advised funds require a $50,000 initial gift or a plan to raise a smaller amount to that level within a specified number of years. For types of assets that work well to establish funds click here. Call the Foundation to receive simple instructions for transferring appreciated assets.

The Foundation's Executive Director will sign the document and return a copy to you along with an acknowledgement letter. That letter serves as your official receipt, which must be retained for tax records.

(Note: Regardless of the number of distributions from a gift fund, your client needs only that one letter for tax purposes.)

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