ESTABLISH A CHARITABLE FUND
It’s easy to establish a fund. A minimum of $10,000 (or the equivalent) is required to start. Just contact our executive director and explain what you have in mind. Here are some things to consider when establishing a fund.
Seven easy steps to establish your fund:
- Decide what you will name the fund.
- Decide if you wish to retain the right to recommend to the board how grants are made.
- Decide what the purpose of the fund will be.
- Decide if you wish the fund to be an endowment (spending only earned income).
- Decide what assets you will use to establish the fund (cash, securities, property).
- Call the Pocock Foundation executive director to make an appointment.
Once assets have been transferred to the Pocock Foundation, your fund is official and will take its place among our family of funds.
Read the definition of funds below to help clarify which type of fund you wish to establish. Then, don’t hesitate to give us a call at (206) 328-0778 for more information or to schedule an appointment.
Consideration of Scholarship Funds
- Donors can make a contribution to one of our existing scholarship funds.
- Donors may establish a new scholarship fund which identifies a specific educational organization to which grants will be made. In this case, the entire scholarship process is managed by the educational institution receiving the grant. While the donor may specify what type of students are eligible to receive the scholarship, neither the donor nor anyone from the Renton Community Foundation participates in the selection process.
- Donors may also establish a scholarship fund here at the Pocock Foundation and then participate in the selection process by sitting on our “selection committee.” In this case, the donor can stipulate all the requirement the scholarship applicant must meet, but by law, cannot have the deciding vote on who receives the award. The majority of the selection committee must also be selected by the Foundation and cannot include relatives or employees of the donor.
Donors may establish general community funds which are unrestricted in nature and depend on the Pocock Foundation to decide which programs or projects to support. As with all of the Pocock Foundation funds, distributions are made in the name of the fund, or anonymously, as the donor wishes.
Consideration of Unrestricted Funds
- The Pocock Foundation board controls all aspects of these funds but encourages donors to remain involved with Unrestricted Funds by adding to the fund at any time, helping to promote the fund and encouraging others to make contributions.