In 1996, members of the local Estate Planning Council began exploring the possibility of establishing a community foundation for the benefit of the Gainesville community. By 1998, the Community Foundation was incorporated, obtained 501(c)(3) status from the Internal Revenue Service and received its first gift. As of May 2012, the Community Foundation operates under the name the Community Foundation of North Central Florida. The Community Foundation is grateful to the following estate-planning professionals whose foresight and steadfast commitment to establishing the Foundation will benefit the community for generations to come.
Community foundations are different from private foundations. They have a broad mandate to serve their communities, and can’t limit their focus to a few areas. Community foundations are made up of many individual charitable funds, some that are for unrestricted purposes, and others that are for particular fields of interest, some broad, others narrow. Some funds are set up by will or through deferred giving arrangements, some by living donors who recommend grants.
Anyone listed as a fund advisor on a fund agreement can recommend grants from the fund. If you would like to add an advisor to the fund, please submit a written request to the Foundation. An advisor must be 18 years of age. Professional advisors can be given read-only access to the information available via our Donor Central online portal.
There are three ways to create a permanent endowment:
- You can leave principal in your donor-advised fund
- You can add to your fund by bequest
- You can create a fund by bequest
Endow Your Donor Advised Fund
By endowing your Donor Advised Fund, you can ensure that successive generations of your family will stay involved as advisors to the fund and that the principal of the fund will remain intact in perpetuity.
Support the Permanent Fund for North Central Florida
You may make gifts to the endowment at any time, enhancing our ability to make grants when and where the need is greatest.
Create a Named Field of Interest Fund
Passions are permanent but needs change. How might your legacy adapt to changing times? Field of Interest Funds support particular areas of community life, such as the arts or education, or specific populations such as children or the elderly. Grants will be made annually from the investment income of the fund in perpetuity.
Create a Designated Fund
Would you like to continue to support specific organizations indefinitely? A Designated Fund lets you earmark dollars for an annual contribution in perpetuity to the organizations you care about. Grants will be made annually from the investment income of the fund in perpetuity to your designated organizations.
There are many ways to incorporate the Permanent Fund into your estate planning, including gifts by will or trust, gifts of retirement plan assets and life insurance, gifts that pay you income, and gifts that preserve assets for your heirs.
- A money market fund for donors who anticipate making grants with a substantial portion of the funds they establish.
- An investment pool of managed accounts in several asset classes for donors with a longer-term orientation.
- A mutual fund pool consisting largely of a bond fund for donors who want current income.
From time to time, as circumstances warrant, you may ask us to change the investment, but please remember the money you have given us to establish a fund legally becomes our money, and while mindful of your interests or concerns, our decision on appropriate investment vehicles must remain the final one.