| Question: | May I create a personal $500 endowment account? |
| Answer: | Not really. You may give $500 to an existing broad purpose special account, such as for educational purposes or to a special endowment account already established for a specific organization, such as the Gallatin Community Clinic. |
| Updated: | 03/10/03 |
| Question: | How would I create an endowment named after my family or business or my favorite charity? |
| Answer: | New endowment accounts require a minimum of $25,000 with a few exceptions. The donor would establish guidelines on how to distribute the annual earnings, review a few details and make the gift. As provided by tax law, the Foundation is the owner of the endowment, but is always willing to listen to suggestions by the donor. |
| Updated: | 03/10/03 |
| Question: | Can you handle a Charitable Remainder Trust for me? |
| Answer: | Yes, though the Foundation's Board will review these on a case by case basis before approval. A typical CRT involves creation of a trust document: assets are placed in the trust, which will provide for a lifetime income and leave the remainder to a charity. The Foundation, as a public charity, can simplify the process. You should still seek advice from your own legal or financial advisor and we will be glad to work with them. |
| Updated: | 03/10/03 |
| Question: | I'm a mortal human being. May I create a touch of immortality by continuing my charitable work long after I am gone? |
| Answer: | Yes. You may create the "J. K. Doe Permanent Endowment" or some similarly named endowment. The principal would be permanently retained with annual earnings distributed to charities, subject to Foundation polices and donor advice. You have perhaps heard of the Carnegie Foundation, the John D. Rockefeller Foundation, the Kellogg Foundation, and others. You may not have that much wealth, but your endowment account within this Foundation may provide significant continuing benefit to local charities and non-profit organizations. |
| Updated: | 03/10/03 |
| Question: | Can I make a charitable education gift that will provide a scholarship for my nephew? |
| Answer: | Sorry, but that won't work. Gifts must be for broad public benefit. |
| Updated: | 03/10/03 |
