Setting Up a Donor Advised Fund
To create a Donor Advised Fund with the Grand Rapids Community Foundation, an individual must follow a few simple steps.
1. Contact the Community Foundation's development staff in order to establish the fund and make an initial contribution. The minimum donation required is $50,000. Additional gifts can be made of any amount at any given time.
2. Name the fund as it should appear in correspondence and in the Foundation's annual report.
3. Appoint one or more advisors to the fund, who will share certain fund responsibilities, usually involving grant recommendations.
4. Name successors to the fund. A successor gains full responsibility for advising the fund upon the death of all original donors. Advisors servicing the fund can be named as successors.
5. Award grants from the fund. Grant recommendations and disbursements can be made at any time and Community Foundation program staff can provide grantmaking tools to assist donors in decision making.
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