Establish a Fund
Endowment Funds at HCCF
Establishing an HCCF endowment fund at HCCF allows donors to support a cause they are passionate about in Harrison County forever.
1. Meet
Meet with HCCF Staff to discuss what you wish to accomplish, such as providing scholarships or supporting a nonprofit organization or favorite cause.
2. Draft
A draft agreement is created by HCCF Staff based on your intent.
3. Review
You and HCCF Legal Counsel make reviews of the fund agreement.
4. Approve
Once the draft fund agreement is finalized, it is sent to the HCCF Board of Directors to approve at a regularly scheduled board meeting.
5. Sign
Your signature is required to execute the fund agreement.
Endowment Fund Types
Builder’s Funds are not designated for a specific purpose, allowing the HCCF Board of Directors to approve funds for the most pressing community needs as they arise, often alongside other grant funding.
Minimum Contribution to Establish: $2,500
Matching Opportunity Available: $3 for $1
Designated Funds are established to support a specific entity in Harrison County.
Minimum Contribution to Establish: $5,000
Matching Opportunity Available: $1 for $1
Field of Interest Funds are established for a specific purpose, rather than a particular entity, allowing individuals to support a cause important to them.
Minimum Contribution to Establish: $5,000
Matching Opportunity Available: $1 for $1
Scholarship Funds are established to provide educational scholarships to individuals who meet eligibility requirements and apply.
Minimum Contribution to Establish: $10,000
Matching Opportunity Available: $1 for $1
Donor Advised Funds allow the fundholder to recommend grants from their fund to preferred qualified nonprofit organizations in Harrison County.
Minimum Contribution to Establish: $25,000
Matching Opportunity Available: $1 for $1
Frequently Asked Questions
Can any fund be started with non-cash assets?
Yes, in addition to cash, you can donate appreciated securities to establish your fund, including stocks, mutual funds, real estate, and life insurance, to avoid capital gains tax.
How long do endowment funds exist for?
Forever. HCCF is responsible for ensuring endowments are held in perpetuity. HCCF staff and the Board of Directors take additional measures to ensure the Uniform Prudent Management of Institutional Funds Act (UPMIFA) is upheld.
How are distributions made with and endowment fund?
The spendable is calculated at 5% (or 1.25% per quarter) for all funds except scholarship funds, which are 4% (or 1% per quarter). Spendable amounts accumulate over time, and the fund may be spent up to, but no more than, the full spendable amount unless the fund agreement says otherwise. There is no “use it or lose it” timetable on an endowment funds spendable, but the Inactive Funds Policy and the rule stating no more than 50% of a fund’s value may be spendable apply. You can submit Endowment Grant Requests at any time.
How does the endowment fund grant process work?
The HCCF Board of Directors must approve all grants awarded from endowment funds. Beneficiary agencies or other charitable entities may request grants from their endowment fund if eligible as described in the final agreement’s stated purpose. Requests must be made using the endowment fund grant request form (available here). HCCF staff may request additional supporting correspondence or documentation before presenting the request to the Board. The request form must contain two signatures of the charitable entity at two organizational levels.
Once an endowment fund is established, how are funds invested?
Funds increase and decrease in value based on the performance of the investment pool and their weighted average balance within the pool as a whole. All money and property in Funds will be held as general Foundation assets and not segregated as trust property of a separate trust. Donors are welcome to click here and review the Finance policies on the website to better understand invested asset classes.
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