1What is a community foundation?
A community foundation is a tax-exempt nonprofit composed primarily of permanent funds established by many separate donors for the long-term benefit of the residents of a defined geographic area (Woodbury). The WCF is governed by a volunteer board of directors.
2Why should I create a fund at WCF?
Creating a fund at WCF makes it easy and satisfying to fulfill your philanthropic wishes. Additional benefits include tax advantages, a professionally managed portfolio, and access to the support and expertise of our professional staff. Click here for more information on why you should choose the Woodbury Community Foundation: WCF - Legacy - Why a Community Foundation
3Why should I create a fund at WCF instead of donating directly to an organization?
The WCF will perform due diligence on each organization, and our work with other donors and organizations often allows us to identify a need within the community that fits with your philanthropic goals. Also, you may, with our donor-advised funds, give directly to an organization when you make your own grant recommendations. For more information on leaving a legacy, click here: WCF - Legacy - Leaving a Legacy
4What types of funds does WCF offer?
We offer advised, designated, discretionary, field of interest and endowment partner funds.
5How much money do I need to start a fund?
You can enter into an agreement with OCF to create a step-up fund with an initial gift of $5,000 (or less), and gradually build assets toward a permanent fund. Permanent funds (including advised funds) start with an initial gift of at least $10,000.
6What assets can I contribute to a fund?
We accept gifts of cash, real estate, securities and personal property. Bequests by will of cash or property, and life insurance or retirement plan assets that name WCF as the beneficiary, are other possible contributions.
7Is there a minimum amount for a grant?
Not really, but we recommend individual grants of at least $1,000, but $250 is the suggested minimum.
8May I set up an anonymous fund?
Yes. Simply let us know when you submit your grant recommendations that you would like to remain anonymous.
9What types of organizations may I recommend for grants?
You may recommend qualified nonprofit public charities, schools and government programs. This type of information can be found by consulting the most up to date information from the IRS.
10Can I recommend a grant to an individual?
The WCF does not make grants to individuals, only to qualifying nonprofit public charities.
11I want to make grants to a specific type of organization, but I am not familiar with any. Can the WCF help me identify some good candidates?
Yes. We can work with you to identify worthy nonprofit organizations that meet your charitable goals.
12Can I use my fund to pay off a pledge I made to my another organization?
No. Unfortunately, tax regulations prohibit grants that satisfy personal pledges.
13How can I get my children involved?
If your children are of legal age, you can engage them as advisors on your advised fund. You can also name them as successors on the fund.