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How to Start a Fund STEP 1. Determine the Type of Charitable Fund you would like to establish. A Donor Advised Fund is used mainly by individuals, families, and businesses and operates much like your own private charitable foundation. It is the easiest way to create your own foundation. You can make recommendations for grants to specific nonprofit organizations from your fund at any time. A Scholarship Fund may be established to honor a loved one. Scholarship Funds may benefit a particular school or field of study. You can specify the school or criteria from which eligible students will be selected. Designated Funds provide annual support to the particular charities you desire to benefit. One Fund established in your name can support as many charitable organizations as you desire. A Field of Interest Fund serves those who know what general purpose or issue they wish to support. Field of Interest Funds often receive gifts from many different donors. A donor who desires to be a part of the ongoing work of the foundation can establish a Community Needs Fund which serves the broad charitable needs of a particular community. STEP 2. Execute a Fund Agreement and name your Charitable Fund. (Jones Family Charitable Fund, Smith Memorial Scholarship Fund, County Public Education Fund, etc.). STEP 3. Determine the Kind of Assets with which you would like to establish your Fund. (The Community Foundation can accommodate almost any asset: real estate, stock, cash, bequests, life income trusts, etc.). STEP 4. Determine how your Fund will be managed and invested.
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