Advisor FAQ

Advisor FAQ 2017-06-21T11:18:32+00:00

Have some additional questions?

Here are some answers to common questions related to establishing a fund, our investment approach, donor advised funds, and making gifts. Please feel free to contact us at 540-381-8999 or by email at cfnrv@cfnrv.org if you have additional questions. We would be happy to speak with you in more detail about your client’s specific interests and situation by phone or in person.

ESTABLISHING A FUND

The Community Foundation of the NRV makes your client’s philanthropy simple and effective. We handle all of the administration, recordkeeping, and issuance of financial statements. The Foundation is equipped to handle a wide variety of gifts. If your clients are uncertain about what charities or causes they wish to support, our knowledgeable staff can assist them in determining their philanthropic goals, suggesting charities of which they may not have been aware.

If your client would like to learn more, we can send you and/or your client information with additional detail on the types of funds we offer. We would also be delighted to speak in person or over the phone regarding the establishment of a fund. Contact us at 540-381-899 or email: jessicawirgau@cfnrv.org.

The minimum amount to establish a donor-advised, field-of-interest, designated, or unrestricted fund is $10,000. The minimum amount to establish a scholarship fund is $15,000.

In just two to three weeks. The process is very simple. Your client works with the foundation’s staff to develop a fund agreement. Once your client is comfortable with the agreement, it is approved by the Foundation’s board and an initial charitable gift can be transferred to the foundation.

CFNRV charges no setup fees. However, there are administrative fees charged by the foundation and investment fees charged by the investment advisor. Investment fees are tiered based on the type and size of the fund. Click here to see our complete fee structure.

sample fund agreement, drafted by our legal counsel, is used as a starting point to set up a fund at the Foundation. If you would like to learn more or see other example fund agreements, please feel free to contact us at 540-381-899 or email: jessicawirgau@cfnrv.org.

INVESTMENT OF FUNDS

You can find more information on our investment approach here. You may also contact 540-381-899 or email: jessicawirgau@cfnrv.org to obtain information about investment returns.

DONOR ADVISED FUNDS

A donor-advised fund may be established with a minimum gift of $10,000. Donors have five years to reach this $10,000 threshold. Once this threshold is reached, your client can recommend specific grants to 501(c)(3) charitable organizations from the established fund through the competitive grants process administered by the Foundation or anytime throughout the year by submitting a simple form to the Foundation staff.  The Foundation must approve all grant recommendations. Your client will receive a charitable tax deduction for their gifts as they are made. Click here for more information on how donors who hold Donor-Advised Funds can award grants through CFNRV through the Foundation.

Please be advised that there are some limitations on the types of gifts that can be made to donor-advised funds. The Foundation staff can assist you and your client in determining the appropriate gifts to establish and build the fund.

As a philanthropic partner, we help our donors work toward their charitable goals. Consequently, they are free to make grant recommendations outside of the New River Valley to qualified charitable organizations anywhere in the United States and its “possessions and territories”.

Yes, children can be named as successor advisors to a donor-advised fund and can continue the family tradition of recommending grants. Upon the death of the successor advisors, the foundation’s board of directors will continue to make grants from the fund in accordance with client wishes.

GIFTS TO CFNRV

The foundation has the ability to accept a wide range of assets, including cash, checks, stocks or bonds, life insurance policies, and more. You can learn more about the types of gifts that can be made here.

We do work with our own legal counsel on complex gifts to ensure that they are properly documented, transferred, and valued. We encourage potential donors to partner with us by involving their own counsel in the gift process where complex assets are concerned.

We are sensitive to our donors’ wishes to remain anonymous. At your client’s request, we can establish a fund, accept a gift, or make a grant in an anonymous manner.

PLANNED GIFTS

The foundation offers a variety of planned giving options, including charitable gift annuities, charitable remainder trusts, charitable lead trusts, and retirement account assets. See more information on planned giving options here. Also, please feel free to contact 540-381-8999 or jessicawirgau@cfnrv.org if you or your client have questions about such a gift.

There is no minimum for a bequest. However, to establish a new fund with a bequest, the gift must be at least $10,000 for a field of interest, donor-advised, or agency fund and $15,000 for a scholarship fund. There is no minimum for gifts made to existing endowments at the foundation via bequest.

We offer Sample Bequest Language that can be used in drafting wills and trusts or contact 540-381-8999 or jessicawirgau@cfnrv.org for additional assistance.

You can start by doing simplified calculations on your own using the Planned Giving Design Center’s online calculator at www.pgdc.com. You can also contact us at 540-381-8999 or jessicawirgau@cfnrv.org.

Yes, your client can state in a will or trust document what specific charities or general fields of interest he or she wishes the remaining assets of the planned gift to support.

The foundation charges no setup fees for planned gifts. Administrative and investment management fees are assessed on endowed funds once they are established with a founding gift.

We are sensitive to our donors’ wishes to remain anonymous. At your client’s request, any planned gift or resulting fund can be established in an anonymous manner.

MISCELLANEOUS

The foundation sponsors or co-sponsors a couple of events for professional advisors throughout the year. Please check our website and look for our mailings regarding upcoming events. Also, if you would like to be added to our mailing list for such events, you can sign up for our newsletter here.