Because the legal apparatus is already in place, community foundations have appropriate forms available so that a fund can be established and the tax advantages obtained quickly and easily. Foundation personnel can meet with you to learn about your charitable intentions. Your fund can be named to honor your family or the charitable intention you wish your fund to support. Foundation personnel will explain the kinds of funds that can be established and the variety of ways to give. When deciding to establish a fund, you must decide what your charitable dream is.
Undesignated funds offer great flexibility in meeting existing and future community needs.
The donor names the charity or charities to receive the income from the fund. Within certain guidelines the donor may make suggestions on grant distributions from the fund. With a donor advised fund, a donor may support varying causes from year to year as donor's choices or community needs change. Another option is an Acorn Fund. All contributions are accumulated until the donor's goal for the fund is realized.