We have a strong record of working with corporate clients in managing and administering corporate funds on their behalf. We provide a flexible and cost-effective vehicle to manage charitable funds as well as access to our expertise in grant-making, governance and wide knowledge of community needs.
How to set up a corporate fund
A charity fund is set up in your company’s name or anonymously (the company chooses).
A minimum donation of €25,000 is usually required to create a Donor Advised Fund which is considered the most effective alternative to the creation of a private foundation.
The company makes an irrevocable gift to The Community Foundation for Ireland in the form of cash (which can be treated as a deductible expense) or shares.
Our Grants and Donor Care Team supports you in choosing the causes and organisations your company wishes to support.
The Community Foundation for Ireland:
- Manages all the administrative details, promotes the fund, receives, vets and assesses applications and issues grants to charitable organisations on your behalf.
- Ensures all aspects of your company’s charitable giving is administered under the highest standards of governance.
- Provides you with regular outcome reports and funding statements.
- Can facilitate short-term (flow through) grant making or can invest your gift in an endowed fund.
"In 2015 we launched an initiative called Africa Code Week, which is currently in its second year. 2016 was fantastic for the programme, we had 30 countries, 30 governments, NGO's and over 100 volunteers all working together to make it happen, reaching out to over 426,000 children. We are delighted to have received the Philanthropist of the Year Award from The Community Foundation for Ireland; it's like the icing on the cake. It's the recognition that we haven't just been following our own dream but something bigger in the world."
SAP on winning Corporate Philanthropist of the Year
Management of bespoke grant making programmes
We have worked with a number of companies to develop bespoke grant making schemes at a local community level.
While each scheme or fund is bespoke, in line with the donor’s needs and priorities, the following framework is indicative of our overall approach to developing a bespoke grant making or community benefit fund:
- Discussion, clarification and confirmation of the vision and objectives for the fund; why it is being put in place, what the company wishes to achieve, desired outputs and outcomes and critical success factors for the corporate donor.
- A planning stage which focuses on ensuring that the resources which are available for grant making are used in the most effective and transparent way. Through this process the eligibility criteria, number and scale of grants and application process are all mapped out clearly in consultation with the donor and where relevant, views of stakeholders can be sought.
- The appropriate promotion and launch of a particular fund will vary from fund to fund.
- Grant making phase during which applications for support are invited, applications are processed and assessed against the pre-agreed criteria and priorities agreed with the donor, final grants are decided with the donor and successful and unsuccessful applicants are informed. Once approved, we distribute the grants to the successful applicants as well as contacting unsuccessful applicants.
- Support and learning by maintaining agreed level of contacts with grantees throughout the process and ensure that requisite evaluation reports are submitted and reported on in the context of agreed reporting of the Fund. Such reporting normally includes regular updates on how the Fund is progressing, reporting on individual grants and a more substantive evaluation of the project at the end of the programme of support.
- Adherence to the highest standards of governance and transparency throughout the process.
- Read how we worked with Xilinx on their corporate giving
Community Benefit Funds
Companies increasingly make voluntary payments – commonly referred to as ‘community benefit funds’ in the communities they are working in. These voluntary payments which vary in value are often linked with renewable energy developments such as wind farms or other infrastructural projects.
The Community Foundation for Ireland is building a track record as an independent third party with the capability of establishing and running such funds. Our involvement is always post planning (when the requisite statutory permissions have been given for the project). We offer a professional, efficient and flexible service that avoids the need to set up a separate charitable trust, and which prioritises good governance and maximum impact from the fund in the community it supports.