Designated Endowment Funds
An endowment fund is a permanent fund in your name, in the name of someone you wish to honor, or in a name that is meaningful to you. Endowed funds are designed to provide an ongoing source of money to the charitable field of interest, designated for an entity or donor advised as noted in the endowment agreement. For a new fund, an initial donation and signed pledge to reach $5,000 within five years is all that is needed. Endowment Funds become “endowed” once they reach $5,000 in value. Prior to this time, distributions from the fund do not occur.
Some people create endowment funds during their lifetime so that they can witness firsthand the benefits of their giving. Others create a legacy by establishing endowments that go into effect through their estate plans, in order to ensure that the causes they hold most dear continue to be supported for generations to come.
Consider giving a gift to one or more of these endowment funds established by individuals, families, businesses and organizations that want to create a legacy of giving for years to come.