Legacy Funds – Meeting ever-changing community needs
When you establish a Legacy Fund, your gift can address a broad range of local needs — including future needs that often cannot be anticipated at the time your gift is made. We evaluate all aspects of community well-being: arts and culture, education, environment, health and human services, neighborhood revitalization, and more. The flexibility of your gift enables our community foundation’s volunteer board members to respond to the community’s most pressing needs, today and tomorrow.
The Legacy Fund enables our staff and board to do what they do best — assess community needs and respond by awarding grants to the nonprofit organizations that undertake our community’s most critical work. Legacy Funds enable your community foundation to support long-term solutions, respond quickly to emergencies, and meet changing social, cultural, educational, or environmental needs in Virginia.
Community grants are made possible by the fund you establish, creating your personal legacy of giving. The minimum gift to establish a Legacy Fund is $10,000, which can be paid over a period of time at your convenience. You may give your gift immediately, over time, through your will, or another estate planning strategy. Whichever method you choose, your fund name will be recognized right away and will become a permanent part of the Virginia Community Foundation.
Here’s how it works:
- The $10,000 gift can be made over period of time (similar to a pledge).
- The name of your fund is completely decided by you, the donor.
- The Fund will be recognized publicly right away through all our publications, mailings, and donor wall.
- You can make payments at your convenience.
- The foundation awards community grants on a bi-annual basis.
Frequently Asked Questions:
Q. Can other people contribute towards the fund?
A. Yes! Anyone can give to your fund. This could be a great way to recognize a momentous event, birthday, or remember someone special. It could become a creative new tradition in your family or business place.
Q. How will the fund be recognized?
A. When you establish a Legacy Fund, it becomes a permanent part of the Virginia Community Foundation. Your fund will be listed in all of our publications, mailings, website, and on a special donor wall. When someone receives a grant from the foundation, we will include the list of Legacy Funds that made their grant possible. People will see first-hand your commitment to our community.
Q. What if someone stops making payments before the Fund total is realized?
A. If no payments have been received for a 3 year period, and if the total gift amount has not reached the $10,000 minimum fund requirement, it will no longer be identified as a Legacy Fund. Any previous contributions will be used in the general foundation fund for granting purposes.
If you would like to find out more about starting a Legacy Fund, please contact Ronda (Rudy) Harvey, Executive Director, at 218.749.8239 or email firstname.lastname@example.org