It’s graduation season, and that means education may be on your mind! It is definitely on our mind at the Cobb Community Foundation (CCF) office, and you’ll hear all the details in the June newsletter.
CCF can help you make a difference in the lives of young people by funding education. Certainly, establishing a scholarship fund or contributing to an existing fund at CCF is one way to accomplish this goal. But that’s not the only way. Here are three ideas to consider as you explore ways to make an impact through education.
Establish a designated fund for educational institutions.
A designated fund provides support for specific organizations of your choice. So, for example, if you want to ensure that a particular college or university receives funding each year, you can set up a designated fund to accomplish this. For instance, if your family has supported the same local college for generations, you may want that support to continue. At the same time, you want to be sure that your funds are used effectively. This includes protecting your monetary support from the college’s creditors if the college finds itself in financial trouble. A designated fund at the community foundation could be the solution.
Establish a field-of-interest fund to support specific aspects of education.
Through a field-of-interest fund at the community foundation, you can establish parameters for grant making according to your wishes. If education is your priority, perhaps over the years you’ve supported a variety of local organizations that provide students with courses, tutoring, mentorship, and social services, ranging from grassroots charities to well-established trade schools and higher education institutions. Establishing a field-of-interest fund activates the community foundation’s expertise and research by delegating grant making decisions to the community foundation team. You can also leverage your own personal investment by inviting others with aligned interests to contribute to your fund, as well, if you’d like. This helps donors like you ensure that their dollars will have the greatest impact.
Seek the advice of Cobb Community Foundation for your donor-advised fund grant making.
If you have established a donor-advised fund at CCF, you’ve likely used it over the years to support your alma mater and perhaps other educational institutions. The CCF team would welcome the opportunity to help you think broadly about education, beyond simply four-year institutions. Community colleges, trade schools, vocational programs, and out-of-the-box learning experiences may be a better fit for some students. CCF can also help you identify charities that support teachers, classrooms, and school districts, all of which need resources to deliver the best possible education to students.
If you are over 70 ½, with the exception of a donor advised fund, you can use a Qualified Charitable Distribution from your IRA to create or add to any of these types of charitable funds and enjoy even more potential tax savings.
We look forward to helping you support education as a major area of charitable interest! And if there’s a graduation in your family this year, congratulations!
