Frequently asked questions
- Are there any tax benefits to converting my foundation to a donor advised fund with the NCCF?
Yes. New gifts to your fund at NCCF will provide much more attractive tax deductions and more options for tax savings.
- Is my fund’s information confidential at the NCCF?
Yes. A donor advised fund at the NCCF can be completely anonymous. You can determine which – or whether – your grants are public and which ones remain anonymous. The NCCF files its 990 as a compilation of more than 1,000 funds under its administration, and no third party can access information about your fund’s assets, advisors, grants etc.
- Will I be required to distribute 5% of my fund’s earnings every year?
No. The NCCF is a community foundation so is not legally bound by the 5% annual pay-out regulation that governs private foundations.
- Will I be able to keep my broker and investment manager?
This is negotiable, depending on your fund’s asset size.
- Can my private foundation keep its name after converting to a donor advised fund?
Yes. Families, individuals, businesses and organizations can utilize the same name they have been using (ex: The John and Mary Smith Family Foundation or the Greystone Company Fund)
- Can the same advisors remain involved, even if they are family members?
Yes. Your committee or advisors can remain intact. (Scholarship funds, however, have regulations regarding selection committees.)
- Can I plan for my fund’s successors with a community foundation structure?
Absolutely. The NCCF will document and follow the intent you specify for your fund, including your wishes for the involvement of future generations.
- What are the minimum amounts required to open funds?
The minimum amount to open an endowment is $10,000 and $25,000 for a scholarship.
- How much does it cost?
In general, NCCF’s fees do not exceed 1.5 percent of the fund’s average balance, with some types of funds charging only 1 percent of the average balance. Fees for funds in excess of $1 million are negotiated.
- What services does the NCCF provide?
All fund-holders and foundations at NCCF can choose from a menu of services without any extra charge. These include but are not limited to: investment management, financial reporting, grant making, planned giving, marketing and overall administration of the fund.
- Who can I contact to get more information?
Please contact Beth Boney Jenkins, Vice President for Development, at 919-828-4387; or Leslie Stewart, Regional Development Officer, at 828-328-1237. Professional advisors may contact Mary Morgan, Philanthropy Counsel, at 919-828-4387.
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