Forms for Establishing Endowed Funds
Field of Interest Fund Agreement
Instructions for Contributions of Stocks and Bonds
Establish a Fund
The minimum opening balance for endowed or non-endowed funds varies by fund type.
- $5,000 for Community Cares Funds
- $10,000 for Agency, Field of Interest, or Scholarship Funds
- $15,000 for Donor Advised Funds
This amount may be built up over five years. Other than that, you decide when to give, what to give, and the purpose of the fund. Contact the staff at the Homer Foundation to discuss establishing a fund today, or through a planned gift or bequest.
Frequently Asked Questions
An endowment is a permanent fund that is invested. A percentage of the total return is used for charitable purposes. The remained is added to the fund so it will grow over the years and continue to do good things forever.
Grants are made to a variety of nonprofit organizations in areas such as education, arts & culture, health and human services, community development, and many others. See our annual reports for details on the grantee recipients each year.
By having a fund at the Homer Foundation, your values will continue to have a presence in your community for generations to come. Partnering with the Homer Foundation will give you the benefits of flexibility and efficiency in your charitable giving. Because our legal status as a public charity is already in place, a fund can be established, and the maximum tax advantages secured, in a very short time. We work with you and your financial advisors and attorneys to incorporate financial stewardship into your life.
- What kind of grants can a donor advised fund recommend?
- Donor advised funds can recommend grants to a large variety of nonprofit organizations in support of charitable activities. Donor Advised Funds may not be used to recommend grants to individuals or for the fulfillment of prior pledges.
- Can donors recommend grants to individuals?
- No. The Pension Protection Act of 2006 prohibits making grants from donor advised funds, including scholarships, directly to individuals.
- Are donor advised grant requests ever denied?
- While tax laws require that a community foundation not be bound by the donor’s advice, the Homer Foundation is pleased to have the opportunity to consider recommendations that benefit the community and are consistent with the Foundation’s mission and all current laws and tax codes.
- Do grants have to be made every year?
- The Homer Foundation promotes annual grant distributions from Donor Advised Funds, but allows for some flexibility, however, if no grants have been made from a fund for three years, we will attempt to contact the fund advisor(s). If we are unable to contact the fund advisor(s), a fund may be turned into a designated, unrestricted, or field of interest fund that still honors the donor’s original intent.
- Can more than one person be an advisor?
- Yes, two or more advisors may be listed with equal authority to make recommendations on their own.
- Can a donor advisor change current advisors or name successor advisors?
- Yes, successor advisors may be named in accordance with the original gift agreement. Successor Advisors may be named using the Successor Advisor form. If a successor advisor is not named, the fund may be turned into a designated, unrestricted, or field of interest fund that still honors the donor’s original intent.
- How does an advisor recommend grants from a donor advised fund?
- Complete and return the Donor Advised Fund Distribution Form and Guidelines.
- How often can grants be recommended?
- A fund advisor can recommend grants as often as they like.
- What if my distributable amount is less than the amount I would like to recommend for grants?
- Fund holders have the ability to create a Grants Reserve Fund associated with their Donor Advised Fund. This is a pass-through fund to hold contributions specifically earmarked for future grant making and are not part of the permanent Donor Advised Fund. These restricted funds may be accessed at any time.
The Homer Foundation provides the IRS reporting, fund accounting, investment management, and financial accountability for funds. The Homer Foundation assures that all grant and scholarship recipients meet the IRS criteria for tax-exempt status and that the monies granted are used for the intended purpose. Where appropriate, the Homer Foundation advises potential grant recipients of the donor’s intent to request proposals or fund certain categories of interest. Donors receive quarterly fund statements and are kept informed of special community needs, grant opportunities, and high quality organizations.
Starting a fund is simple and can easily be done in a day. You can set up an unrestricted fund to help meet a variety of needs within the community, or specify a purpose or area of concern to support with a field of interest fund. Some donors choose a designated fund which identifies a single charitable organization to support. Others opt for a donor advised fund, which allows active involvement in recommending grants. You also may name the fund you create – for yourself, a spouse, family members, a company, a friend, or something meaningful to you. The name of the fund is your prerogative as the donor.
There is no cost to establish a fund at the Homer Foundation. We will handle your fund’s grant administration, tax reporting and record keeping. This ensures that more of your charitable dollars go to the projects and issues close to your heart.
We accept cash, publicly-traded and privately held securities, immovable property and other assets, such as artwork or even a fleet of kayaks! These may be given as a bequest or during the donor’s lifetime. See our Ways to Give page for a more complete list of ways you can donate.
Yes. The Homer Foundation appreciated the opportunity to share stories of inspired generosity but we will always respect the donor’s privacy if he or she does not wish to be recognized.