Why Funds are Established
Once the decision is made to contribute to Wichita Falls Area Community Foundation, donors can create a personal philanthropic fund suited to their specific needs and interests. A fund may bear the name of the donor, the name of a loved one, or any other name the donor chooses.
Anonymity is also an option. Donors can then delineate the specific purposes of their gifts. In keeping with their goals and interests, they may choose an Advised Fund where they make specific suggestions for the distribution of the fund’s income (and principal, if the fund is not permanent).
They may choose a more general Field of Interest Fund, or they may determine that the best use of their gift is in Unrestricted Funds. Several choices are defined briefly under Creating A Fund. Note that in all cases, the donor may specify geographic limitations.
When is the best time to establish a fund?
Gifts can be made to Wichita Falls Area Community Foundation at any time. Often donors choose to establish a fund when they have experienced a particularly successful year and find they are subject to unusually high taxes, or they decide they want to increase their involvement in and contributions to the community. WFACF funds are particularly beneficial because they enable a donor to make a gift for tax purposes in one year and see it distributed over the course of several years.
How can I best convey my charitable wishes?
As a donor, you can be very specific about your charitable wishes. While WFACF Directors, by law, make all final decisions regarding the ultimate distribution of WFACF funds, donor preferences are a matter of record, conscientiously considered throughout distribution deliberations.
Gifts to Wichita Falls Area Community Foundations come from bequests created in donors’ wills. An individual needs simply to state in his or her will to leave funds or a percentage of the estate’s assets – with or without distribution instruction to WFACF.
How do I get started?
Call us at Wichita Falls Area Community Foundation (940-766-0829) for an appointment. We would be honored to discuss with you and with your financial and legal advisors the exceptionally rewarding charitable opportunities available to you and your family – now and in perpetuity – through Wichita Falls Area Community Foundation.
For more information, contact us.