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Family Foundations

How To Establish & Manage Your Own Charity

Interested in giving money to a charity, but think you can do a better job of managing it than the charity?

There are several ways to give your assets away to charity and continue managing them, including establishing a donor advised fund or your own private foundation.

For many people, however, the best and easist option is to establish a Foundation at NHF, established under the auspices of the National Heritage Foundation -- www.nhf.org. NHF does all the “administrivia” for you, including receiving all donations, writing checks, making approved disbursements, sending charitable receipts for donations your foundation receives, and all accounting, state and federal compliance and reporting. Your charitable project, once accepted by NHF, becomes an integral part of the National Heritage Foundation, and attains nonprofit status under the NHF. You can support existing charitable organizations such as your university, church, or any public charities. You can establish a Foundation at NHF either during your life or upon your death, through your Will or Living Trust, to make lasting charitable gifts that will be carried on in your name. You can even support the salaries and expenses of charitable activities that you or your other family members participate in.

A Foundation at NHF is inexpensive to start and inexpensive to operate. There is a $285 application fee if you apply directly with NHF, or $100 if you apply through a Philanthropic Development Officer (PDO) such as Evan Farr. If you apply directly with NHF, it charges 2.5% of each incoming donation to your foundation as its administrative charge. If you apply through Evan Farr as a PDO, half of that 2.5% fee will be returned back to your foundation.

For more information on establishing a Foundation at NHF, please make an appointment today with Mr. Farr.

If you want to establish a more traditional Family Foundation -- one that stands on its own and is not part of NHF, please click here for additional information.