Give Your Way
The central purpose for which Legacy Foundation was established is to provide services to donors. To that end, we work with donors to create the type of fund they need and want. We get to know our donors and their philanthropic goals, documenting intentions and helping to identify the best solutions to ensure their charitable dreams live on forever. In addition to cash, Legacy Foundation accepts a variety of financial assets — from commodities and IRAs to insurance plans and securities — allowing donors to give in ways that are convenient for them.
Under our umbrella are numerous funds—endowed or expendable—set up for the benefit of our local area. Funds are established with gifts that come to Legacy from individuals, groups and businesses that want to invest in the future of this area. At the time of the gift, donors tell us about how they would like the money to be spent, what interest, cause or organization they wish to benefit. Donors can give to specific organizations such as a library, hospital or non-profit or earmark their gift for general causes like education or healthcare.
Most funds managed by Legacy will fit into one of the following categories:
UNRESTRICTED GIFTS consist of any contribution without specific direction attached. The donor allows the community foundation discretion on the use of annual income for a broad range of community issues. Unrestricted funds are important in allowing the foundation to respond to community needs. A gift of any amount may be made to an unrestricted fund at any time.
FIELD OF INTEREST FUND. Donor directs the foundation to utilize the annual income in a program area such as education, health, youth or environmental issues. Purpose descriptions are meant to be as broad as possible so that a variety of critical needs or opportunities to make a difference can be honored from this fund. A minimum contribution of $5,000 is required to set up a NAMED FUND.*
DESIGNATED FUND Donor directs the community foundation to pay the annual income to a specific public charity, in perpetuity. Public charity may include schools, hospitals, social service agencies or arts organizations. In order to ‘name’ a designated fund, an initial donation of $5,000 is requested. Legacy monitors the use of designated funds to be sure they are consistent with the wishes of the donor and Legacy’s charitable purpose.
DONOR ADVISED FUNDS allow the donor or his designee to actively participate in the grant-making process by recommending to the community foundation the purpose and/organization which might receive the annual income. These recommendations must then be approved by the Legacy Foundation Board of Directors. A $5,000 minimum donation is required to establish a NAMED donor advised fund.
AGENCY ENDOWMENT – Nonprofit organizations place their endowment funds with the community foundation for management and investment purposes. The community foundation regularly distributes the annual income back to these agencies for their general purposes or special projects.
Expendable PROJECT FUNDS – in looking at the needs of the community, the Legacy Foundation Board determines there is an unmet charitable need. By board resolution, a fund is established to meet that need. Donors contribute to the fund. Over time, the fund is expended (rather than endowed) in order to meet the community need. Sometimes, a special project fund is established by a group of community residents who want to raise funds to complete a project for the community or a specific organization.
So, what's your passion?
Legacy Regional Community Foundation has many funds to which you can choose to contribute. But each of these began with a passion. If you have a passion and it isn't represented here, you can talk with us about options to change that. Community Foundations are able to accommodate many types of gifts and can direct gifts towards many causes and organizations. With donor-advised funds, you can retain decision-making power while enjoying the investment growth, record keeping and follow-up reporting that Legacy offers to every fund holder.
Make an appointment today by calling 620-221-7224.
Need inspiration? Watch this video about the Keep 5 in Kansas campaign put together by the Kansas Association of Community Foundations.