It is easy to establish your own named charitable fund; in fact, it can usually be done in less than a day! Working with the Wamego Community Foundation and your financial advisor, if you choose, you will take these simple steps:
- Determine your charitable purpose or intent.
- Select the type of charitable fund that best supports your purpose.
- Select a name for your fund. You can use your name, the name of a family member, the name of a favorite cause, or a name that allows you to remain anonymous.
- Complete a simple governing document. The Community Foundation staff will help you complete a document that makes your intentions clear.
- Depending on the type of fund you establish, you may designate current fund advisors such as yourself and your spouse, as well as successor advisors such as your children. This information will be included in your governing document.
- Make your initial contribution.
You will receive a tax deduction at the time the fund is established and each time you make additional contributions to the fund.
Once you have established a fund, you can:
Add to the fund at any time and in any dollar amount;
Specify how grant disbursements are to be acknowledged
(i.e., in the name of the fund or anonymously).