Establishing a Fund
The Coral Gables Community Foundation provides a simple and highly personal approach to giving. We offer a variety of giving tools to help individuals, families, and businesses achieve their charitable goals.
Choosing a Fund
There are a variety of ways to participate in the Coral Gables Community Foundation. You may choose to establish any of the following Funds:
Have a favorite charity? You may choose to direct your gift to a specific nonprofit organization. Help provide ongoing funding for a senior center, museum, or virtually any nonprofit charitable organizaiton. A Designated Fund enables nonprofit organizations to build their endowment and enhance their ability to accept large and complex gifts.
With a Donor-Advised Fund, you can have an ongoing involvement in the use of your gift. You can work with our staff to identify ways of using your Donor-Advised Fund to address the issues and needs you care about most. Your recommendations are submitted to our local Board for approval. Many of the funding options may be established in your name, or in the name of your family, organization, or anyone you wish to honor. All grants distributed from the fund you establish are then awarded to charities in the name of that fund. It’s a great way to always be involved with, and remembered for, your community investment. We recommend that Donor-Advised Accounts be opened with a minimum of $10,000, and a minimum account balance of $10,000 must be maintained. (There is an annual fee of 3% of the Fund’s assets.)
The Coral Gables Community Foundation allows new, small and limited activity charitable programs that reflect a similar commitment to the goals set forth in our mission, the opportunity to operate under our 501 c (3) non-profit status. As a fiscal sponsor, the Foundation acts as an umbrella non-profit organization for a charitable organization and accepts and administers funds on its behalf. The Foundation is legally responsible for the funds received and insures that the funds are used for charitable purposes, and that donor reporting requirements are met in a timely fashion. Fiscal sponsorship permits your charitable cause to receive tax-deductible donations while we handle the administrative work. This arrangement also minimizes the cost of meeting the record-keeping and reporting requirements imposed by the State and IRS as the Foundation handles these necessary filings. As the fiscal sponsor, the Community Foundation maintains full discretion and control over the funds received for a project and has the right to withdraw support from the project if its original goals are not being accomplished or the grant agreement is not followed.
Field of Interest Funds
You can target your gift to address needs in an important area of community life, such as: The Arts, Aging, At-Risk Youth, or, you may identify any field of personal interest that is close to your heart. Our Board then awards grants to the community organizations or programs that are making a difference in the field you select.
With Unrestricted Funds, your gift can address our community’s ever-changing needs. We continually evaluate all aspects of community well-being: arts and culture, economic development, education, environment, health and human services, and more. The flexibility your unrestricted gift affords enables the Foundation’s program experts to respond to the community’s most-pressing needs, today, and for the unanticipated needs of tomorrow.
Your company’s Community Fund can serve as a central vehicle for all of the firm’s philanthropic efforts and can be used to promote and strengthen the company’s commitment to our community. The company receives double promotion of their giving: by the company’s own promotion and the Coral Gables Community Foundation’s promotion of the company’s giving. The company’s Community Fund will serve as a central source to receive and make contributions from and on behalf of the Company, as well as its shareholders, directors, managers and professional support employees.
Benefits & Guidelines
Need to know more? Here are some important details:
• Funding is flexible: you may use a check, cash, appreciated stock, marketable securities, or a wire transfer. Gifts to the Foundation may also be in the form of cash, property, stock, etc. (Please contact the CGCF office for our secure wire-transer instructions.)
• You can receive tax benefits in the year your Gift is made.
• Depending on the type of Fund you establish, you may recommend grants from your Fund.
• We handle the administrative details.
• Your Gift, and all future earnings from your Gifts, can be a permanent source of community capital, helping you do good work forever.
Guidelines & Specifics
• We recommend that Donor-Advised Accounts be opened with a minimum of $10,000, and, a minimum account balance of $10,000 must be maintained. (There is an annual fee of 3% of the average annual balance of the fund.)
• Donors may appoint a successor or successors to designate Gifts from the account. (The minimum amount for a distribution check is $250.)
• Gifts may be designated for IRS-qualified charities only. A specific purpose or allocation can be included in the transmittal letter.
• Gifts may not be used for any private benefit, such as: school tuition, dues or memberships, benefit tickets, fundraising dinners, your time or services, gifts to individuals, goods bought at auction, or to fulfill pledges.
• Forms to establish a charitable fund are available from the CGCF office. After receipt of your completed Advised Gift form, you will be notified when funds have been approved, and are being distributed to the specified charities.
Invest in the future
Your sponsorship will enhance the quality of life for everyone working and living in our City. How you can participate? The Coral Gables Community Foundation welcomes the opportunity to meet with you to learn more about how you would like your gift of today to be your legacy for tomorrow.
For more information, please call our Executive Director, Mary Snow at 305.446.9670, or email her at firstname.lastname@example.org.