Designated Funds
A Designated Fund is designed for the philanthropist that knows exactly which organization (or organizations) it wants to provide support to and does not anticipate that changing. At the time this fund is created, the donor designates who the beneficiary of support will be from this fund. Designated funds at the Greater Grand Island Community Foundation support 501(c)3 organizations.
A Designated Fund provides donors with a wonderful way to give back to one or more specific organizations they are passionate about. Because the Greater Grand Island Community Foundation handles the details, nonprofit organization staff are freed up to focus on their mission. A Designated Account can be established and funded right now or through a will, charitable trust, gift annuity, retirement plan designation, or insurance policy. Donors may add to the account at any time.
How does a designated account work?
• Identify an organization(s) you wish to benefit
• Make a gift to your community foundation of cash, appreciated stocks, real estate, or other assets
• A named account is established to benefit the organization(s) important to the donor
• Receive tax benefits in the year your gift is made
• Donors receive updates on the impact the fund is making through quarterly statements.