An endowment is a financial asset donation made to a non-profit organization. The principle amount given is never spent; only a portion of income earned each year is distributed to nonprofit organizations, churches, charities or schools in the form of grants.
It is easy to establish an endowment and it can be done in less than a day. Working with The Keokuk Area Community Foundation and your financial adviser if you choose, it can be accomplished with these simple steps…
1. Start with a Charitable Intent
Most donors begin by working with us to clarify their charitable intent. What do you want to accomplish now or in the future? Do you hope to address a specific need or opportunity within our community, help a particular group or provide ongoing support to certain organizations? We’ll help you define the role you and your family or business will play in how distributions are made. There are many options available when considering your charitable giving and we can work with you to design solutions for your philanthropic goals.
2. Create a Giving Strategy
Once you’ve clarified your charitable intent, we’ll work with you to identify your giving strategy. There are many types of gifts we accept. Are you interested in giving now or establishing a planned gift? Gifts of any amount can be made to an existing fund, or you can start your own fund with an initial gift of $10,000 or more. We also have a fund option which allows you to open a fund with a minimum gift of $2,500 to build your fund over time.
3. Establish the Fund
Once you’ve clarified your giving strategy, we’ll work with you to identify the most appropriate type of fund. We can establish a fund in your name, the name of your family or business, or in honor of any person or organization you choose. Every fund is customized to reflect your giving goals.
Based on the type of fund you choose to establish, you can be involved in the work your gift supports. You can make a charitable recommendation or rely on the experienced staff at The Keokuk Area Community Foundation to determine the areas of greatest need or opportunity in our community. You will receive a tax deduction and perhaps an Endow Iowa Tax Credit at the time the fund is established and when additional donations and contribution are made to the fund.
With Keokuk Area Community Foundation Board approval, The Keokuk Area Community Foundation will issue grants in the name of the fund you establish. After established, you can add to the fund at any time in any dollar mount. The best part? We handle all the administrative details.