Choosing the Wichita Falls Area Community Foundation as a vehicle for charitable giving offers multiple advantages. As a tax-exempt public charity with unique investment opportunities, we are deeply connected to local needs and can provide guidance tailored to your giving goals.
Donor Advised Fund
Donor Advised Funds offer a simple and effective way to partner with the Community Foundation in meeting community needs through grant-making. We can help you identify causes that reflect your charitable interests while providing you flexibility and immediate tax benefits.
Donor Advised Funds are established by an individual or business to benefit multiple 501c3 nonprofits.
- Balance needed to open: $1,000
- Market value-based administrative fees:
- < $1M —– 1.5%
- Minimum grant award: $100
- Minimum fund balance: $250
Designated Funds
Designated Funds are established to benefit a particular field of interest, geographic area, or a 501c3 nonprofit. Grants from these funds can provide support to the cause(s) you care about for a limited time or in perpetuity.
Designated Funds are established to benefit a particular field of interest, geographic area, or a 501c3 nonprofit.
- Balance needed to open: $1,000
- Market value-based administrative fees:
- < $1M —– 1%
- Anyone can make a contribution to the fund.
Endowment
Endowments are established to offer long-term support of the donor’s charitable interests so that needs can be met now and for years to come.
Endowments are established to offer long-term support of a donor’s philanthropic interests.
- Balance needed to open: $25,000
- Market value-based administrative fees:
- < $1M —– 1.5%
- Endowment spending: 4.5% of the average of 12 rolling quarters
- Minimum fund balance: $25,000
Agency Funds
Agency Funds are established by a 501c3 nonprofit for long-term support, creating sustainability for that organization. Agency Funds function as an Endowment Fund, but only the nonprofit can contribute directly to the fund.
Agency Funds are established by a 501c3 nonprofit for long-term support of that organization’s sole benefit.
- Fund functions as an endowment
- 4.5% spending rate after reaching $25k
- Market value-based administrative fees:
- < $1M —– 1%
- Only the nonprofit can contribute to the fund
Scholarship Funds
Scholarship Funds help local students pursue their dreams through higher education. Donors establish the scholarship criteria and can decide to appoint a review committee or use the WFACF Scholarship Committee to evaluate applications and elect recipients. Scholarship Funds can be endowed.
Scholarships are established to benefit qualifying students through scholarship awards.
- Set up fee: $250
- Balance needed to open & maintain:
- Scholarship: $10,000 + award
- Endowment: $25,000 + award
- Market value-based administrative fees:
- < $1M —– 2%
- Minimum award: $1,000 per recipient
Legacy Funds
Legacy Funds are a thoughtful and intentional way to continue the support of a donor’s philanthropic interests after they have passed. Legacy Funds are created when you assign a charitable gift in your will or by beneficiary designation to support the causes you care about most.
Legacy Funds are established to continue the support of a donor’s philanthropic interests after they have passed.
- Market value-based administrative fees:
- < $1M —– 1.5%
- No fees until there is a balance
Fees are calculated by using the average daily balance during the quarter and charged to the funds on a quarterly basis. The minimum per year is $150 for all fund types. Investment fees are calculated and assessed separately from administrative fees.
Types of Assets
Financial assets that can be accepted as a donation:
Cash
Gifts of cash are the easiest way to give. Gifts of cash are fully deductible up to 50 percent of the donor’s adjusted gross income.
Closely Held Stock*
Non-publicly traded securities may be accepted after consultation with the Investment Committee or Executive Committee of the Foundation, and if needed the Foundation’s legal counsel. Prior to acceptance, the Foundation shall explore methods of liquidation for the securities through redemption or sale. No commitment for repurchase of closely held securities shall be made prior to the completion of the gift of the securities.
Life Insurance*
The Community Foundation will accept life insurance policies as gifts only when the Foundation is named the owner of the policy and the Foundation is the beneficiary in the amount of $5,000 or more. If the insurance policy is not fully paid up, the usefulness of the gift is judged on a case-by-case basis. If the policy is accepted, the Foundation may choose whether to cash it in for the current surrender value, or continue to pay the premium.
Partnership Interest
Limited partnership interests may be accepted after consultation with the Investment Committee or Executive Committee of the Foundation, and if needed, the Foundation’s legal counsel. The Community Foundation does not accept gifts of general partnership interests due to potential unlimited liability.
Publicly Traded Securities
Readily marketable securities, such as those traded on a stock exchange, can be accepted by the Community Foundation.
Real Estate*
Gifts of real estate must be reviewed by the Investment Committee or Executive Committee of the Foundation before acceptance. The donor is responsible for obtaining an appraisal of the property. The cost of the appraisal is usually borne by the donor. Due to the expenses associated with gifts of real estate, only gifts in excess of $50,000 will be accepted.
Royalties and Rights
Royalties and rights to oil & gas, mineral, wind or other interests are accepted by the Community Foundation.
Tangible Personal Property*
Gifts of tangible personal property, such as jewelry, artwork, collections, equipment, and software, will be accepted after approval by the Investment Committee or the Executive Committee of the Foundation. Gifts of tangible personal property must be saleable and the donor must agree that the property can be sold unless the property should have a use related to the Foundation’s tax exempt purpose.
*These gifts will require approval of the Community Foundation’s Executive Committee. The WFACF Gift Acceptance Policy is available upon request. Please contact us by email at wfacf@wfacf.org or by calling 940.766.0829.
