Overview
Since 1982 donors have created funds at the Outer Banks Community Foundation with the goal of improving life and meeting the local needs in Dare County and the Outer Banks. Their generous gifts have made the Outer Banks Community Foundation the county’s largest grant and scholarship provider.
There are several ways to give to the Outer Banks Community Foundation. Donors can create a “named fund” or add to an existing fund. They can also make an unrestricted gift to the Foundation, which supports general grantmaking.
Starting a Fund
Creating a fund with the Outer Banks Community Foundation is a flexible and effective way to make a lasting impact on your community and fulfill your charitable goals. The Foundation provides an alternative to starting a private foundation and accepts both current and deferred gifts. The Foundation often plays an important role in donors’ estate planning. Its staff members and board members regularly work with potential donors and their professional advisors to help individuals achieve their charitable goals. As the largest grantmaker and scholarship provider in Dare County, the Outer Banks Community Foundation can help you learn to explore ways your gifts can improve your community.
An individual, family, business, nonprofit organization or a private foundation can open a fund and receive all the benefits offered by the Foundation. These include administrative and record-keeping services, timely distribution of grants and assistance in identifying grant opportunities for donors with donor advised funds.
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Steps to Opening a Fund: |
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Our staff can assist you in selecting the appropriate fund to meet your interest and needs. Our staff can work with you and your professional advisor to decide which charitable fund option works best. |
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Work with our staff and your advisor to determine the amount and date of your gift, the name of the fund, eligible advisors if it is a donor advised fund and the purpose of the gift fund. Our staff is available to help you determine the best ways to carry out charitable goals and benefit the community. |
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To create a named fund, make an irrevocable gift of at least $5,000 to the Foundation. A lesser amount can be used to start a fund if you plan to increase the amount within a specified amount of time. Gifts can also be added to existing funds or to the undesignated fund of the Foundation to support general grantmaking. Donor advised funds require a $5,000 initial gift or a plan to raise a smaller amount to that level. Giving current assets or making planned gifts, or both, may be used to establish funds. Call the Foundation office to receive simple instructions for transferring appreciated assets. |
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The Foundation’s president will sign the document and return a copy to you along with an acknowledgement letter. This letter serves as your official receipt, which must be retained for tax records. (Note: Regardless of the number of distributions from a gift fund, you need only this one letter for tax purposes.)
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