Corry Community Foundation

How to Create a Fund

Our goal is to be a resource to you and your clients. The Corry Community Foundation is an effective tool to help donors accomplish their personal philanthropic and estate planning objectives in a cost-effective fashion.

Because the overall goal of the Corry Community Foundation is to build a permanent source of philanthropic support for our community for generations to come, the vast majority of our named funds are permanently endowed. The following describe the type of funds available.

Named funds are typically established with a minimum gift of $10,000 or more. Funds may be established during a donor's lifetime, or via bequest.

It's simple to create a fund. Just call Erie Community Foundation at (814) 454-0843.

Unrestricted

Typically created by individuals with broad charitable interests, these funds offer the Corry Community Foundation maximum flexibility to respond to the changing needs in the community.

Field of Interest

Perfect for donors wishing to support a particular broad charitable cause, such as education, the arts, health, youth or the disabled, to name a few.

Donor Designated

These are created to perpetually benefit one or more specific charities. Grants will be made in the name of the fund so long as the organization remains in operation and is consistent with its original charitable purpose.

Donor Advised

An attractive alternative to the creation of a private foundation, a donor-advised fund receives a 100 percent tax deduction for the original and any future gifts. In future years, they may suggest deserving charities to benefit from fund income or, if desired, principal. Grants are then made, in the name of the fund, to favored charities.

Geographic

Donors whose charitable interests are limited to a particular geographic area within Erie County can establish geographically restricted funds.

Scholarships

If you value education and want to give others an opportunity to pursue their dreams. You may want to establish a legacy to honor a loved one. Scholarships within the Corry Community Foundation are often a perfect option for these donors.

The Corry Community Foundation is home to over 20 named scholarships. Scholarships can support students who are graduating from a particular school, attending a particular school, or studying a specific subject. Each scholarship is unique and each is accomplishing the wishes of the original donor.

Annuities and Trusts

An active Charitable Gift Annuity program is available, at no cost, to organizations with Agency Endowments. We also have significant experience with charitable remainder and lead trusts. These planned giving alternatives often create beneficial situations for both donors and local charities.

Enrollment forms can be obtained from your professional advisor.

Click here for more information on Annuities and Trusts.

Pass-Through Funds

Named funds can be established that allow a gift to CCF to "pass through" to their favored charity. This may be appropriate when anonymity is important, unique property is used to make a gift, many gifts are planned for a single asset or in other unusual circumstances.

Agency Endowments

When a nonprofit organization transfers all, or part, of its endowment to a designated fund within CCF, they establish agency endowments. Individual donors can also establish agency endowments. CCF provides basic planned giving services to the agency to help attract additional gifts. Agency endowments are property of CCF and are managed in accordance with FASB guidelines This type of fund is not appropriate for operating reserves; it is for true endowments. These partnerships bring investment economies of scale, expertise and reduced fund management costs to other nonprofit organizations.

Click here for more information on Agency Endowments.

The Corry Fund for Anonymous Gifts

The Corry Fund for Anonymous Gifts is designed for those wishing to make endowed gifts without creating a fund of their own. This type of fund was created by a local couple who wanted to give to the community in a lasting way. The fund accepts gifts both large and small while the earnings are used for grant making.

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