Frequently asked Questions:
How can I create a fund?
Creating a fund at the Community Foundation for Ireland 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 Community Foundation can provide a simple agreement letter that you should then review with your own solicitor, accountant or other 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 grant making from your fund continues into the future. You should discuss your philanthropy and tax planning requirements with your professional advisors.
How should I name my fund?
Funds can be named after an individual, a family, a business or institution. Often, funds are established to create a memorial to someone special, such as a deceased parent. Each 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?
Cash
How much does it cost to establish an endowment fund at the Community Foundation for Ireland?
It costs nothing to set up a fund. The donor signs a fund agreement provided by the Foundation. No legal fees are normally involved.
Each fund held by the Foundation is subject to two fees:
- Administrative Fee: The annualised administrative fee of 1% is assessed on the total market value of the Fund on the last day of each quarter. This administrative fee is set by the Board of Directors and is used by the Community Foundation for Ireland to support its administration and programs.
- 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. These fees accrue to the Fund Managers appointed by the Foundation – and not to the Foundation itself.
Other Funds such as Donor Advised and current funds.
A minimum Administration fee of 5% will be charged on donor advised and current funds towards covering the Foundation’s expenses. Fees will be agreed at the opening of the fund and are dependent on the level of administration.
Is there a minimum gift required to start a fund?
An initial gift of €25,000 is required for a named, endowment fund. Smaller gifts can be made to start a fund where a plan exists to add to the fund in future years.
