Want to Support a Specific Charity? Open a Designated Fund.
What is a designated fund?
Establishing a Designated Fund is a great way to give back to one or more specific organizations that have touched your life. If you have a favorite charity that is near and dear to your heart, a designated fund might be the perfect fit.
Your gift provides more than just funding – your favorite organization(s) will benefit from the Community Foundation of Mississippi’s investment stewardship and ability to manage endowment funds. Because CFM handles the details, the nonprofit organization’s staff is freed up to focus on its mission. And, CFM can facilitate even the most complex forms of giving, such as planned gifts or gifts of appreciated stock or real estate. You can add to the fund at any time. If the organization you select ceases to exist or changes in mission, the fund can be redirected so that it continues to address your charitable intent. Designated funds are perfect if you would like to make regular gifts to organizations without having to be active in the day-to-day details of your giving.
How it Works
- You identify an organization(s) that you wish to benefit.
- You make a gift to the Community Foundation for Mississippi – you can give cash, appreciated stocks, real estate, or other assets.
- We set up a special fund in your name or in the name of the nonprofit organization you choose.
- You receive tax benefits in the year your gift is made.
- CFM issues grants to the designated nonprofit organization.
- We handle all the administrative details, including managing specific qualifications that you may establish for grant disbursements.
Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift – and all future earnings from your gift – is a permanent source of community capital, helping to do good work forever.
Interested in setting up a designated fund? CFM has representatives to guide you through the process. Contact CFM at info@formississippi.org or call 601-974-6044.
Mississippi is incentivizing philanthropy, encouraging charitable giving, and building on the strong tradition of neighbors helping neighbors in our state through the Endow Mississippi Tax Credit Program. Endow Mississippi provides a 25% tax credit to donors who give to permanent endowments at qualified Community Foundations.
Donors who give from a minimum of $1000 ($250 state tax credit) to a maximum of $200,000 ($50,000 state tax credit) to an endowment at a qualified Community Foundation are eligible for the credit.
A total of $500,000 of tax credits are available annually. Contact us to find out if there are credits available and for information about qualifying endowments.
Examples of Designated Funds
The Meyer and Genevieve Falk Endowment Fund for Culture and Arts was born from Genevieve’s love for and commitment to the arts in Jackson. Genevieve left a bequest to benefit five arts organizations—Ballet Mississippi, Mississippi Museum of Art, Mississippi Opera Association, Mississippi Symphony Orchestra, and New Stage Theatre—in addition to any other arts organization the Community Foundation’s Board of Trustees identified as aligned with Genevieve’s philanthropic mission in the future.
Genevieve’s granddaughter, Lynn Crystal shared her perspective on the motivation and importance of leaving a legacy gift.
“I think the family’s commitment to being charitable comes from the Jewish tradition of charity, taking care of your community. I once heard a rabbi say that it is more important to care for your community than for your neighbor, and more important to care for your neighbor than yourself.”
In 2006, Peggy Harris visited the Community Foundation of Greater Jackson (now the Community Foundation for Mississippi) and brought with her a team of people—a CPA, attorney, and financial advisor—with the skills and experience to help her realize her philanthropic goals and honor the memory of her son. The Foundation helped Mrs. Harris establish a bequest to create the Thomas G. Ramey and Peggy Huff Harris Charitable Fund. From filling pantries to fulfilling the promise of public broadcasting through Mississippi Public Broadcasting, this endowed fund continues to support the charitable organizations closest to her heart and will continue to, for good. Forever.