Create Your Own Fund
Because the overall goal of The North East Community Foundation is to build a permanent source of philanthropic support for our community for generations to come, the vast majority of our named funds are permanently endowed. The following describes the type of funds available. In all cases, The North East Community Foundation works with individual donors and professional advisors to create funds that meet unique philanthropic and estate-planning needs.
Named funds are typically established with a minimum gift of $10,000 or more. Funds may be established during a donor's lifetime, or via bequest.
It's simple to create your own fund—you can do it in a matter of minutes. Just email Susannah Weis Frigon or call her at (814) 454-0843.
Typically created by individuals with broad charitable interests, these funds offer The North East Community Foundation maximum flexibility to respond to the changing needs in the community.
Field of Interest
Perfect for donors wishing to support a particular broad charitable cause, such as education, the arts, health, youth or the disabled, to name a few.
These are created to perpetually benefit one or more specific charities. Grants will be made in the name of the fund so long as the organization remains in operation and is consistent with its original charitable purpose.
An attractive alternative to the creation of a private foundation, a donor-advised fund receives a 100 percent tax deduction for the original and any future gifts. In future years, they may suggest deserving charities to benefit from fund income or, if desired, principal. Grants are then made, in the name of the fund, to favored charities.
Donors whose charitable interests are limited to a particular geographic area within Erie County can establish geographically restricted funds.
If you value education and want to give others an opportunity to pursue their dreams. You may want to establish a legacy to honor a loved one. Scholarships within The North East Community Foundation are often a perfect option for these donors.
The North East Community Foundation is home to over four named scholarships. Scholarships can support students who are graduating from a particular school, attending a particular school, or studying a specific subject. Each scholarship is unique and each is accomplishing the wishes of the original donor.
Annuities and Trusts
An active Charitable Gift Annuity program is available, at no cost, to organizations with Agency Endowments. We also have significant experience with the charitable remainder and lead trusts. These planned giving alternatives often create beneficial situations for both donors and local charities.
Enrollment forms can be obtained from your professional advisor.
Named funds can be established that allows a gift to The North East Community Foundation to "pass through" to their favored charity. This may be appropriate when anonymity is important, unique property is used to make a gift, many gifts are planned for a single asset or in other unusual circumstances.
When a nonprofit organization transfers all, or part, of its endowment to a designated fund within The North East Community Foundation, they establish agency endowments. Individual donors can also establish agency endowments. The North East Community Foundation provides basic planned giving services to the agency to help attract additional gifts. Agency endowments are the property of The North East Community Foundation and are managed in accordance with FASB guidelines. This type of fund is not appropriate for operating reserves; it is for true endowments. These partnerships bring investment economies of scale, expertise and reduced fund management costs to other nonprofit organizations.