Giving as a family
Since 2008, we have managed one particularly large philanthropic fund on behalf of a very generous, anonymous, donor family, who are giving through endowment.
This donor set up a significant endowment fund called the LFG Family Fund. By setting up the fund with us through endowment the family has ensured that their philanthropic activities are both impactful and sustainable.
An average of €250,000 in grants is given each year, amounting to over €1.4 million cumulatively across 90 grants to date. Through the LFG Family Fund grant making initiative, some impressive impacts have been achieved by giving through endowment including; dramatically reducing the waiting list at the Solas Centre for Early Diagnosis of Autism from 18 months to 2 months, involving over 100 rural families in Sligo with community arts projects and working with Our Lady’s Children’s Hospital Crumlin to deliver music programmes to seriously ill children.
Why was the LFG Family Fund was established?
Having experienced good fortune, the donor family wished to make a difference by supporting causes close to their heart and crucially they wanted to remain anonymous. It was also very important to the family that there were safeguards around how money would be spent and to have the flexibility to change direction in giving over time. They also wanted the opportunity of overseas giving. Finally, looking to the longer-term, they hoped that future generations of the family could easily take up the mantle – if they so wish, which made giving through endowment the best option.
Why did they choose to work with The Community Foundation for Ireland?
The donor became aware of The Community Foundation for Ireland through his professional adviser, who suggested setting up a Donor Advised Fund. Once the family understood the possibilities within a Donor Advised Fund, they were very supportive of the idea of setting up the Fund with The Community Foundation for Ireland.
As both the parents and children of this family are actively involved in advising on the fund, it supports a number of different areas that are of interest and have meaning to each member of the family. We work closely with the family to identify suitable recipients for grants in each area of interest. Our relationship with national and international charities, community groups and government programmes enables the family to leverage their private funds to build upon existing infrastructures, thereby effecting maximum long-term impact in the areas which are most important to them. We manage all administrative, tax, governance and compliance aspects of the Fund so that all this family needs to think about is the change they would like to see in the world.