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How to Become A Donor
Frequently Asked Questions
How can I create a fund?
Creating a fund at Minot Area Community Foundation is easy and straightforward. As a donor, you have considerable flexibility in deciding how your fund will be managed to meet your charitable goals. The Foundation can provide a simple agreement letter that you should then review with your own attorney or financial advisor.
What's the best time to give?
You may create a fund during your lifetime or through a will or trust arrangement that benefits both your family and your charity. Tax deductions are earned at the time of the gift, while grantmaking from your fund continues into the future.
How should I name my fund?
You may name the fund after yourself or your family, or create a memorial to someone special. Every grant made from the fund will carry the name you choose. If you prefer anonymity, you can choose a name that reflects your fund's charitable purposes.
What kinds of assets can be used to create a fund?
You can use almost any kind of asset to start a fund, including cash, publicly-traded securities, qualified retirement plans, and insurance policies. With prior approval by the Board of Directors, you can also use real estate and tangible personal property to establish a fund. Gifts of long-term appreciated property earn tax deductions for their full market value, while eliminating any tax on the capital gains.
Is there a minimum gift to start a fund?
No. However, the minimum endowment principal to pay out distributions is $10,000. Smaller gifts can be made to start the fund with a plan to add in a few years.
How much does it cost to establish a fund at Minot Area Community Foundation?
It costs nothing to set up a fund. The donor or contributing agency signs a fund agreement provided by the Foundation, therefore no legal fees are involved. Each fund held by the Foundation is subject to two fees:- • Investment Management Fee:
Each fund is subject to a fee for custody of assets and investment management. These fees are based on the market value of the funds under management. The fees are assessed daily. Total investment fees for 2007 were approximately .65% of the total market value.
• Administrative Fee: The annualized administrative fee is assessed to the total market value on the last day of each quarter. The administrative fee is set by the Board of Directors and is used by Minot Area Community Foundation to support its administration and programs. This fee contributes to the total operation of the Foundation, from stewardship to grantmaking to community leadership.
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