Starting a new fund is
a very simple process. It usually takes less than a ½ hour to walk
a donor through several considerations. Here are some questions
a donor would be asked.
- What will be the purpose of the fund?
- Will the donor want input into the
granting process, or will they prefer the board make direct granting
decisions?
- If the funding will be donor advised,
does the donor wish to identify a successor representative?
- If the fund is designated for a scholarship,
what shall be the eligibility requirements and the selection process?
- What unique instructions might the
donor like included to inform future board members?
The charter agreement is
then typed and signatures of the donor(s), the president of the board
and the executive director are attained. When the gift is made,
the fund is officially established.
