Community Foundation of Abilene : About Us : Frequently Asked Questions

Established in 1986, we are a community foundation that serves the greater Abilene, Texas area. The Community Foundation has over 275 permanently endowed funds that have been created for charity and charitable causes by individuals, families, and organizations in the Abilene area. We are growing every year because of our ability to help our donors carry out their charitable wishes.

 

How is the foundation governed?

The foundation is governed by a 15 member Board of Trustees comprised of civic and business leaders. Trustees serve for a maximum of two three-year terms. Please see our list of previous Trustees and our current Board. top↑

 

What types of charitable funds do you administer?

There are five basic types. Discretionary funds are used to help our community; recipients of these endowments' earnings are those charities that are addressing our area's most pressing concerns. A donor who establishes a Field-of-interest fund is concerned with a broad area of charitable interest such as Abilene children, the arts, the needs of the elderly, etc. Designated funds are specified to benefit a particular nonprofit organization(s). Donor advised funds are funds in which the donor (or his or her appointees) maintains the ability to recommend grants from the fund. Finally, Scholarship funds provide a means to assist others in obtaining vocational or higher education. (See Types of Funds for more details.) top↑

 

How much does it cost to start a fund at the Foundation and what ongoing fees are there?

There is no cost for starting a fund at the Foundation. Our annual administrative fee depends on the type of fund and ranges from .50% to 1.25. This fee contributes to the total operation of the Foundation, from stewardship to grantmaking to community leadership. top↑

 

Why do donors establish funds at the Foundation instead of giving directly to their favorite charities?

Some donors have a desire to provide ongoing support to a particular organization in perpetuity. Many feel more comfortable making those gifts through the Foundation because of our permanence, our professional investment management and our oversight role in making sure their wishes are met by the recipient organizations. top↑

 

What is the minimum amount required to establish a fund at the Foundation?

Our minimum size endowment is $10,000; for scholarship funds, we suggest $20,000 as a minimum. We encourage donors to consider our "Build-a-Fund" program that grows an endowment over 3 to 5 years. (See How to Give.) top↑

 

Can I make a gift to the Foundation and retain income for myself or a family member?

Yes, working with your financial advisor, we offer a charitable remainder trust option that provides life income for you (and loved ones) after which an endowment of your choice is created.  top↑

 

How long does it take to get a fund established?

We think you'll be pleased at how easily and quickly the necessary paperwork can be completed once you and your advisors make the decision about the type of fund you want and the asset you wish to donate.  top↑

 

Do I need to come to your office to discuss establishing a fund?

No. We are pleased to talk with you by phone or visit you in your home or office to discuss a possible gift or gift plan, if this is your preference. We often visit with you at your attorney's office as you begin to consider using the Community Foundation in your estate planning.  top↑

 

Can I recommend gifts to charities outside of the Abilene area or Texas?

The Community Foundation of Abilene awards grants based on donor advice anywhere in the U.S., as long as the recipients are nonprofit organizations qualified as 501(c)(3).  top↑

 

Can my children or other family members get involved?

Yes, if you choose a donor advised fund, you may name co-advisors and successor advisors to continue to guide the fund both while you are involved and far into the future.  top↑

 

Do you have a question you don't see answered here? Or do you have a suggestion for a Frequently Asked Question we should add to this list? Email us at cfainfo@abilene.com, or call us at (325) 676-3883.