Find the fund that fits your giving
Some donors know exactly which organizations they want to support. Others prefer to stay flexible and respond to needs as they emerge. Whatever your approach, we offer a fund to match it. You can open your own named fund or give to an existing community fund.
Compare your options at a glance
The main difference in the types of funds available are who recommends the grants, where the money goes, and how much it takes to get started.
| Fund | Best if you want to… | Who recommends grants | Minimum |
|---|---|---|---|
| Donor advised | Stay active and flexible in your giving | You and anyone you name | $5,000 |
| Field of interest | Support a cause or community you care about | Our board and staff, through competitive grants or in resopnse to emerging regional opportunities | $5,000 |
| Designated | Support specific nonprofits, year after year | Set by you at the time the fund is established | $5,000 |
| Committee advised | Give as a family, business or group | A committee, with a designated spokesperson, you appoint | $5,000 |
| Scholarship | Help students pursue higher education | Volunteer review committees, using your criteria | $50,000 |
| Giving circle | Pool gifts and decide together with others | Circle members, by vote | $1,000 |
| Agency | Build long-term resources for your nonprofit | The nonprofit, for its own mission | $25,000 |
| Bequest | Leave a legacy through your will or trust | As your estate plan directs | None |
Most funds can be endowed, providing support in perpetuity, or non-endowed, giving you greater flexibility to grant the full balance now.
Learn more about each fund
Open a fund type to see how it works and who it is ideal for.
Donor Advised Fund
A donor advised fund is a flexible, convenient and cost-effective way to organize your giving. You receive an immediate tax deduction when you contribute, then recommend grants to the nonprofits you care about whenever you are ready. You decide the amount and timing of each grant, and we take care of the paperwork.
Our team can also help you set goals for your fund and find organizations doing strong work in the areas that matter to you.
Ideal if you want to
- Stay active in your giving, without the paperwork
- Choose organizations on your own timeline, or join us in high-impact initiatives
- Involve your children and grandchildren
Minimum to open: $5,000
Field of Interest Fund
A field of interest fund directs your giving to a broad area you care about, such as education, health care or a particular community in Central Virginia, rather than to named organizations.
Through our competitive grants program, we identify the organizations having the greatest impact in that area. Grants carry the name of your fund, and you decide how much publicity you would like, including giving anonymously.
Ideal if you
- Are passionate about a specific cause
- Trust our team to find effective organizations doing good work in that area
Minimum to open: $5,000
Designated Fund
A designated fund names one or more charitable organizations to receive grants. Your gift becomes a steady source of support for them, growing with the fund over time.
If an organization closes or its purpose changes, we will redirect your fund to another organization serving similar needs, so your intent is always honored.
Ideal if you
- Have a strong connection to a particular organization
- Know where you want to give but prefer not to manage grants yourself
Minimum to open: $5,000
Committee Advised Fund
A committee advised fund works much like a donor advised fund, but grant recommendations come from a committee rather than an individual. It is a good fit for a business giving program, a civic club, a memorial fund or a family that wants to make decisions together.
We handle the administration and can help your committee set goals and review opportunities.
Ideal for
- Businesses and employee giving programs
- Clubs, associations and memorial committees
- Families who want to give as a group
Minimum to open: $5,000
Scholarship Fund
A scholarship fund helps students reach their goals in higher education. We will work with you to set criteria that are meaningful to you. Scholarships can focus on a school or geographic area, a field of study or students of a particular heritage, and can be based on merit, need or both.
Our staff manages the entire process, from promoting the application to sending the awards, and volunteer review committees recommend recipients.
Ideal if you
- Want to make higher education more affordable and accessible
- Would like to name an award in honor or memory of a loved one
Minimum to open: $50,000
Giving Circle Fund
A giving circle brings people together to explore shared interests, pool their resources and make a greater difference together. Members contribute each year to a common fund, agree on a focus for their grants, and vote together on which organizations to support.
Ideal if you
- Want to organize around shared community interests and values
- Enjoy connecting with others through a collective giving experience
Minimum to open: $1,000
Agency Fund
Nonprofits, churches and schools open agency funds to build long-term financial strength. An agency fund can hold reserves, an endowment, or the proceeds of an annual or capital campaign. Organizations request distributions when they need them, and we handle the fund accounting and investment management.
Ideal for nonprofits that want to
- Build their reserve funds
- Create a reliable stream of income
- Access professionally managed investments
Minimum to open: [$10,000 flexible, $25,000 endowed]
Bequest Fund
A gift in your will or trust is one of the most meaningful and lasting decisions you can make. Your bequest can support the causes you care about, or let us meet the most pressing needs of our region over time.
Donors who include the Community Foundation in their estate plans are welcomed into our Legacy Society, or we will honor your wish to remain anonymous. We have extensive experience with planned gifts and are glad to work with you and your advisors.
Ideal if you want to
- Create a legacy that continues beyond your lifetime
- Know your fund will always be used as you intended
- Give your children or grandchildren a way to carry on your giving
No minimum
Donor advised fund or private foundation?
Both can be powerful ways to give. A donor advised fund offers many of the same benefits with far less cost and administrative burden.
| Donor advised fund here | Private foundation | |
|---|---|---|
| Costs | ||
| Minimum to start | $5,000 | Typically recommended for millions in charitable assets |
| Startup costs | None | Can be substantial, including legal work and filings |
| Ongoing expenses | Comparatively low | Can be substantial |
| Required annual giving | None; you decide | 5% of assets each year |
| Administration | ||
| Record keeping and filings | Handled by the Community Foundation | Your responsibility, including annual state and federal returns |
| Privacy | Gifts and grants can stay private | Gifts and grants are publicly disclosed |
| Excise taxes | None | [1.39%] of net investment income |
| Tax deduction limits | ||
| Cash | Up to 60% of adjusted gross income | Up to 30% of adjusted gross income |
| Publicly traded stock held over a year | Up to 30% of AGI, at fair market value | Up to 20% of AGI, at fair market value |
| Real estate and private business interests | Up to 30% of AGI, at fair market value | Up to 20% of AGI, at the lower of fair market value or cost |
This comparison is general information, not tax advice. Please consult your tax advisor about your personal situation.
What your fees support
Fund fees cover grantmaking, gift and fund management, investment oversight, our annual audit and tax filings, and due diligence on every grantee. Every fund receives quarterly reports of income, expenses and grants, along with personal guidance from our team.
Because we are a nonprofit, we do not profit from your fees. They are reinvested in the Richmond region, helping to fund critical community projects, so simply having a fund here strengthens our community.
Connect With An Expert
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