The Northern New Jersey Community Foundation makes it easy to establish a charitable fund that carries your name, commemorates a special event, supports a special project or honors a favorite organization, friend or family member. You can choose when and how to make gifts from your fund or you can rely on the Foundation to determine how best to make an impact in a community.
The assets you use to establish your fund can range from bequests and outright gifts of cash and securities to a trust that provides a steady stream of income during your lifetime. So explore your options and select the approach that works best for you.
To get started, the NNJCF and CFNJ team partners with you – and your professional advisers if you choose – to complete a simple, six-step process.
Establish a Fund in Six Simple Steps
- Define a charitable purpose or intent.
- Select the type of charitable fund that best supports your purpose.
- a. Decide whether you will determine which grants are made (donor-advised funds) or whether you will leave those decisions to the Foundation (community grant-making funds).
- Select a name for your fund. You can use your name, that of a family member, the name of a favorite cause, or choose a name that allows you to remain anonymous.
- Depending on the type of fund you establish, you may designate current fund advisers such as yourself and spouse, and successor advisers such as your children. This information will be included in your governing document.
- Complete a simple governing document to make your intentions clear.
- Make an establishing gift: Contribute an initial, tax-deductible gift of cash, securities, real estate, IRA distributions or life insurance to establish the fund.
Once your fund is established you can:
- Add to the fund at any time in any dollar amount.
- Specify how grant disbursements are to be acknowledged – whether in the name of the fund or anonymously.
- Receive a tax deduction at the time the fund is established and when additional contributions are made to the fund.
- If you’ve established a donor advised fund you may recommend distributions to charities, locally or throughout the United States.
If you have any questions or are interested in establishing a fund, please contact us at 201-568-5608.