Frequently Asked Questions
How are the Funds managed at the High Point Community Foundation?
Currently the majority of Foundation funds are managed by the high net worth division of Wells Fargo Private Bank. While the funds are accounted for individually, they are invested in a pool, thereby assuring a balanced portfolio at a minimum administrative cost. The Foundation's Investment Committee has established an "Investment Policy" that provides guidlelines for asset managment. The Committee meets with Wells Fargo quarterly to review investment performance. The Foundation charges a management fee to all funds and the fee schedule can be also accessed on this site.
When I establish a fund at the Community Foundation, what happens to the appreciation in the account?
The appreciation, less any applicable fees, remains in the account, as an increase in the fund's principal. The High Point Community Foundation is more generous in this regard than many other community foundations.
How do I start a Donor Advised Fund?
The process is very simple and can be done in a matter of hours. It entails drawing up an agreement which the Foundation will provide, and work with you to personalize, and then ask you and your advisors to review the document. Once this is complete and signed the final step is to either write a check or transfer funds into the Foundation account.
Why can't the donor "direct" the use of gifts rather than "advise" on the use of gifts?
The Internal Revenue Service requires that the donor lose control and ownership of a gift before an income tax deduction is permitted. Donors may "direct" the use of the gift as a part of an initial gift agreement. The policies of the High Point Community Foundation permit the donor to receive an immediate income tax deduction, while being involved in the grants from the fund later on. Subsequently, the IRS requires donors to have advisory relationships.
Do you accept real estate gifts?
Yes. The High Point Community Foundation has received several gifts of real estate and can be very helpful to potential Donors in this process.
What is the best way to make a gift that will meet unforeseeable needs in our community?
A contribution to the Unrestricted Fund of the High Point Community Foundation is the best way to make a gift that will address the future needs of the community. A percentage of the income is used annually, based on the Foundation's Spending Policy, to fund the Annual Grants Program which supports nonprofits in the greater High Point area.
Can I pass my Donor Advised Fund on to my children?
Yes, you can pass the Fund on to your children, and specific language regarding successor generations can be included in the fund agreement. Families are encouraged to include their children on their Board of Advisors when they are young so that they can learn first-hand about the philanthropic process.
Obviously you will want to do this at an appropriate age which can be as young as 10 years old. Some families even have their children bring projects that they wish to invest in to their Fund meetings. Later, as the children grow, they will be familiar with the process and committed to serving the community.
When I make an advisement for a gift from my Fund will the recipient know it is coming from me?
Yes, every gift check from the High Point Community Foundation includes the name of the Donor's fund. The check is also accompanied with a cover letter that underscores your family's interest in the project or organization. You are copied on all correspondence. **Donors also have the option of making anonymous gifts if they so choose.
Can I insure that after I am gone that my Donor Advised Fund will continue to support those organizations I have supported in my lifetime?
Yes, as you and your Fund mature you can specify that upon your death you would like the Fund to continue supporting certain causes you choose. You also have the option of making a one-time gift, or you may have the funds revert to Unrestricted Funds which will help the Foundation's Annual Grants Program for years to come.
Can I advise to an organization that is not a 501(C)(3) through my Donor Advised Fund?
No, in order to maintain and preserve the tax deductibility of your contributions and those of other Donors, we can only give to those organizations that the IRS classifies as non-profit.
How do I receive information concerning my Fund?
The Foundation provides quarterly reports to all fund holders, but you may receive an update anytime. If you have a question concerning your Fund feel free to contact the Foundation office at 882-3297.
**We encourage you to send us your questions. Please click here to send an email to the Foundation. You may also call Sherri Scott, Director of Donor Services, at 882-3298.