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Endowment

Want to set up a fund to make gifts for a while after your death, or possibly in perpetuity?

If you have millions, you may want to create a private foundation with your name on it. It will involve a charter, a board of directors, bookkeeping, investment policy and implementation, audits, distributions, etc. It will involve government reports of various kinds annually, board elections, safekeeping of records, opening and operating a bank account, an investment account, etc.

If you have a smaller amount, consider the Family Advised Endowment Fund. As donor, you may make an outright gift to Link Charity, to be held and kept invested, with only the income or a portion of the income donated to charities of your choice once or twice a year. Your gift forms part of Link Charity's permanent investment pool, currently nearly $10,000,000. Your gift earns its proportionate share of the income.

You, and your successors, advise Link Charity periodically as to which charity or charities are to receive the income. Link Charity does all the work except decide the recipients. The gift could be as small as a $20,000 to provide a $1,000 scholarship per year (selected by an educational institution, not Link Charity) or it could be hundreds of thousands in which case the annual gifts could continue the gifts you are making during your lifetime.

There are any number of variations possible, from keeping part of the income each year so the endowment builds and keeps pace with inflation, to terminating the endowment after a certain number of years. You can even gradually spend the capital over a certain number of years so that your gifts and support are phased out over time. Think of yourself as the CEO of the "foundation". Within the parameters of the government's prudent person rule, you may even request special investments aside from the regular investment pool if you have experience and expertise.

Once you start an endowment fund, you and others may add to it at any time. However, only you may change the rules, or make decisions about distribution of income. All gifts to an endowment fund receive an immediate charitable receipt in the year of the gift.

There could be many issues to discuss, and a Link Charity representative would be pleased to do so at your convenience.