Creating a Fund

Creating a fund is simple.  You can begin the process by sending an email to the Gift Planning team or by calling the Foundation at 502.585.4649.  Heather Cash, JD or Dana Johnson will guide you through a simple process based on your charitable goals and objectives.

There is no minimum to create a Charitable Checking Fund. Endowment funds generally require a minimum gift of $25,000. However, named funds within the Fund for Louisville may be created with a minimum gift of $5,000.You may make a charitable gift of any amount to any existing fund.

Many donors use their family name for their fund. You may prefer a name that is representative of the types of programs you want to support, or you may choose a name for the fund that preserves your anonymity.

The Foundation can accept many types of assets including cash, publicly traded securities, closely held and restricted stock, real estate, and life insurance policies.

Read a list of acceptable assets here.

Endowment fund holders may choose from four investment pools for your endowment fund: the Signature Fund, the Equity Fund, the Fixed Income Fund, the Socially Responsible Fund. Within each investment pool, the Community Foundation hires managers who specialize in particular asset classes to ensure that there is superior performance and adequate diversification. Our goal is to benefit from a range of expertise from managers in a way that would be impractical and cost-prohibitive for individual investors.

Other investment options exist with local financial institutions. Please call the Community Foundation to discuss these options.

All gifts represent an irrevocable contribution to the Community Foundation of Louisville and are not refundable.

Yes, your fund can be named as a beneficiary of your estate to fulfill your charitable goals. If you would like to discuss this further, please contact Heather Cash or Dana Johnson at 502.585.4649.

Yes, MyFund is your personal online tool for managing your fund. You may view your current fund balance, make grant recommendations, and review past grants. You will also receive a quarterly donor statement by mail.

To access MyFund, click here. Once on the log-in page, enter your User ID and Password, which can be found in your fund handbook. If you do not have a User ID and Password, would like to explore the features of MyFund, or have any other questions about using this tool, please contact Elise Waddell at 502.855.6996.

Making Gifts to My Fund

The Foundation can accept many types of assets including cash, publicly traded securities, closely held and restricted stock, real estate, and life insurance policies.

Read a list of acceptable assets here.

Yes, your fund can be named as a beneficiary of your estate to fulfill your charitable goals. If you would like to discuss this further, please contact Heather Cash or Dana Johnson at 502.585.4649.

In all cases the receipt will show the date the gift was received, the fund the contribution was credited for and any special mentions like an honorary or memorial gift. If the contribution was a check, the dollar amount and check number will also be shown.

If the gift was in the form of securities, the receipt will list the date the securities transferred and the number of shares. Your tax advisor will be able to determine your charitable deduction from this information.

Receipts for real estate and other non-cash gifts identify the property transferred. The IRS may require you to obtain an appraisal and to file a Form 8283 with your income tax return. We can provide you a Form 8283 on request.

Yes, others can make contributions to your fund, perhaps to mark a special occasion or support a special project that interests you.

Making Grants from My Fund

The easiest and most convenient way for you to recommend a grant is through MyFund. If you do not have a User ID and Password, would like to explore the features of MyFund, or have any other questions about using this tool, please contact Elise Waddell at 502.855.6996.

Throughout your lifetime, or until you resign from the Advisory Committee, you may recommend grants from your fund. You may also designate your spouse or partner, your child, or another member of your family or a friend to the Advisory Committee. You can name your children and grandchildren as successors to the Advisory Committee. At the end of the Advisory period for your fund (after your death or resignation or your successors) the Foundation’s Board of Directors will make grants from your fund in accordance with your wishes.

Charitable Checking Funds do not allow for successor advisors, but remaining funds at the time of death can be designated to charities of your choice.

Grant distributions from your Community Foundation fund are not tax deductible. You receive your charitable tax deduction when you make a gift to the Community Foundation. Even if a nonprofit sends you a receipt for your grant distribution from your fund, you may only claim a charitable tax deduction for your original gift to the Community Foundation.

You may recommend grants to qualified nonprofits and government entities. To comply with applicable IRS regulations however, the Community Foundation’s Board of Directors retains the final responsibility for approving distributions from funds. Grants are generally made to organizations recognized under Section 501(c)(3) of the Internal Revenue Code.

The minimum grant amount is $100.

We have professional staff members who are available to help you make effective and meaningful grants. We can help you learn about nonprofits who work in your areas of interest or conduct research on causes that matter most to you. Contact Mike Schultz, VP Development and Stewardship, at 502.585.4649 to discuss your charitable interests and goals.

According to IRS regulations, the cost of a ticket to such an event cannot be paid from your fund, even when only a portion of the ticket price is identified as tax-deductible and another portion as non-tax-deductible. Two examples illustrate this point:

  • If a nonprofit’s fundraising event is $250 per person, and the nonprofit states that $100 is tax-deductible and $150 is non-tax-deductible, you may not divide the event support between a donor-advised fund and your personal check. You must pay the full $250 personally.
  • If you wish to sponsor a nonprofit’s event (at which individual tickets cost $200 per person) at a $5,000 level, you may recommend a grant of $5,000 from your donor-advised fund to support the nonprofit and personally pay $200 per ticket to attend.

You may support the event by recommending a general operating grant so long as you do not attend the event.

In some cases, membership dues can be paid from a fund, as long as any benefits or privileges received are considered “incidental benefits” that would not reduce the value of a charitable deduction in return for an annual contribution. If you refuse a membership benefit you can a recommend a grant for membership through your fund, but only if you explicitly reject the benefit at the time the gift is made. You cannot choose to refuse the benefit after you already received it. In a case like this, we suggest that you recommend the grant for general operating support in order to avoid the appearance of conflict. General operating grants to a nonprofit are always allowed.

Please contact the Community Foundation at 502.585.4649 if you have any questions regarding grants that may include membership benefits.

Grant recommendations that are received by Friday will generally be processed and mailed by the following Friday. Grants to nonprofits that require additional time for verification may take longer to process. Grant recommendations of $250,000 or more require additional review and may be delayed.

Challenge grants are grants offered to nonprofits to help them to raise “matching” gifts. A donor may offer a nonprofit a challenge grant of $50,000, but the nonprofit must first raise $50,000 in order to receive the grant. If you are interested in making a challenge grant the Community Foundation staff will be happy to discuss the details with you.

Although you may not fulfill an irrevocable personal pledge through your fund, you may recommend that the Foundation make a multi-year grant from your fund to a nonprofit or school. Please contact the Community Foundation if you are interested in a multi-year grant.

Yes, you can recommend a grant anonymously at any time. You may request all grants to be made from your fund anonymously, or you can do so on a grant by grant basis. Both the name of your fund and your own name can remain anonymous to grant recipients.

Yes, you may recommend grants anywhere in the U.S., as long as they are made to IRS-approved, 501c(3) nonprofits, schools or churches.

The Foundation sends checks directly to nonprofits. You can, however, present a Grant Certificate to inform the nonprofit of your pending grant.