Establishing a Fund
Setting up a new fund at the Grays Harbor Community Foundation typically takes about an hour. For most funds, we modify a simple agreement corresponding to one of six basic fund types, tailoring it to fit the donor’s objectives. The basic fund types are: unrestricted, area of interest, designated, donor advised, agency, and scholarship. However, some donors’ interests may warrant the design of a custom agreement.
Once your fund is set up, we maintain a separate file for it and handle all tax filings, grants processing, and other paperwork for the fund.
While each fund is accounted for individually, the assets of most funds are pooled together for investment purposes. Our ability to pool funds helps us realize certain economies of scale that would not be available were each of our funds managed separately.
There’s no fee to establish a fund. There is a minimum amount we ask donors to contribute, but each fund request is considered individually. (Of course, too small a gift may not be sufficient to meet a donor’s objectives.) Our expenses are covered by a 1% annual fee we charge to all of our funds. That means that for a gift of $10,000, we will allocate from the fund $100 each year to cover our administrative expenses. This sort of fee-arrangement has been the standard practice of community foundations across the country for 95 years.
Our staff has access to an extraordinary range of experience and resources for donors with specific goals. As members of the Council on Foundations, we have access to a network of more than 850 community foundations throughout the country. Our aim, now and always, is to provide professional service and thorough knowledge of community needs for all donors in Grays Harbor.