OUR NONPROFITS

HOW TO START A FUND

Step 1

Step 2

Step 3

Identify the need for a new fund and a potential name.

Gather all of the information needed to submit the application below.

Complete the form below and wait to be contacted by a staff member.

Step 1

Identify the need for a new fund and a potential name.

Step 2

Gather all of the information needed to submit the application below.

Step 3

Complete the form below and wait to be contacted by a staff member.

Do you have a passion to help others or see an issue in our community that needs to be addressed? Are you unsure of how to get started making a difference? The Community Foundation of Carroll County can help you establish your Nonprofit under our umbrella so that you can focus on fulfilling your mission. All we need is some information to get you started. Please fill out the information below and we will contact you about reaching your philanthropic goals.

Start a Fund

Name(Required)
Address(Required)
(describe your goals and mission for this nonprofit)

Questions about starting a fund?

Being a Fund of the Community Foundation of Carroll County offers your organization the benefit of our fiduciary responsibility to you and all our member Funds. You are part of a network of caring individuals who are working for the benefit of Carroll County and beyond. This is a mutually beneficial partnership.

Each fund is responsible for the following items:

  • Bring all/any money to the Community Foundation of Carroll County office at 255 Clifton Blvd, Ste 313 Westminster for deposit.
  • When bringing deposits, fill out the provided deposit form and return to the office.*
  • When requesting a reimbursement, fill out the provided reimbursement form and return to the office.
  • When submitting invoices for payment, fill out the provided invoice payment form and return to the office. 
  • All fundraising, marketing, and general operation of your organization.
  • Sending personal notes and personal acknowledgements to donors. (Staff sends the necessary IRS letter for donations.)
  • Keep detailed operations records.

 

*Deposit instructions:

  • Checks to your fund can be made out to Your Fund Name, or any variation of that. 
  • Checks received made out to Community Foundation of Carroll County or anything other than your Fund Name, MUST have your Fund Name in the memo line in order for them to be credited to your account.
  • Fill out the provided Deposit Form, noting your Fund Name on the form, and return to the Community Foundation of Carroll County office during business hours with all monies.

 

Your success is our success. Above all, communication is most important. Please remember that our staff is here to support you and be a resource, but only if we know what you need! 

FAQ's

You can start a named fund for as little as $200 — using cash, securities, real estate, life insurance, art, or other assets. In fact, there are so many ways to establish and add to Your Fund that you should consult your attorney, banker, accountant, or call the Community Foundation.

Some people have asked if we accept only cash contributions. The answer is no. There are many ways to establish a fund. Some ideas you may wish to consider are listed here.

You establish Your Fund by giving a check to the Community Foundation. Your Fund grows through appreciation and through any additional contributions you may make. You receive the maximum tax deduction for your contribution in the year you make it. Any unused deduction can ordinarily be used over the five succeeding years.

You donate the securities to Your Fund. You get the maximum tax deduction, equal to the current value of the securities. If that deduction is larger than what you can use in the year of your gift, the excess amount may ordinarily be deducted over the five succeeding years.

If the securities are appreciated, you pay no capital gains tax. If you own depreciated securities, you may sell them, take the loss for personal income tax purposes, and contribute the proceeds to the Community Foundation.

Your real estate holdings can also benefit charity. Gifts of long-term appreciated real estate offer advantages similar to gifts of appreciated securities. Real estate will be accepted by the Community Foundation if it is readily saleable and does not require management.

You donate your life insurance policy to Your Fund. You receive an immediate tax deduction, usually in an amount equal to the cash surrender value. Your Fund grows through appreciation and through any additional contributions you may make. If you wish to keep the policy in force, your continued premium payments are also tax deductible.

Or, if you don’t want to give up the policy, you can name the Community Foundation as a full or partial beneficiary.