ESTABLISH A FUND
How do I create a Scholarship Fund/Donor Advised Fund/Field of Interest Fund/Agency Fund through the Amarillo Area Foundation?
Creating a fund with the Amarillo Area Foundation is an easy process. By working with you individually, as well as your financial advisor, staff at the Foundation is able to customize a fund to achieve your philanthropic goals. The Foundation generally uses the following process when creating a new fund:
1. Meet with Foundation staff to discuss philanthropic goals.
2. Determine organization, institution, or cause to benefit from the fund.
3. Determine restrictions that may be placed on the fund’s income.
4. Amarillo Area Foundation will ensure that the benefiting organization is qualified to receive grants according to IRS regulations.
5. Amarillo Area Foundation will draft a fund agreement.
6. Donor(s) of the fund will review the fund agreement outlining the purpose of the fund to assure that charitable desires
are correctly defined.
7. Donor(s) of the fund will sign the fund agreement and make a contribution to establish the fund ($10,000 minimum).
8. The Amarillo Area Foundation Board will review and approve the fund agreement.
9. Fund will be invested with Foundation’s pooled funds, increasing its earning power.
10. A fund statement will be sent on a quarterly basis showing all fund activity for the year.
The Amarillo Area Foundation offers the following services to assist you in growing your fund:
• Marketing materials and fund promotion documents
• Response to inquiries from potential donors
• Meet with major gift prospects
• Manage complicated gifts (real estate, stocks, etc.)
• Acknowledge all gifts to the fund