CONTRIBUTE TO AN EXISTING FUND
You can make a contribution of any size to the following: an existing fund or to the GMCT General Unrestricted Fund that is used to respond to a wider variety of community needs. Simply write check to the Greater Morgantown Community Trust. On the memo section, please indicate which fund the contribution is to be used for.
CREATE YOUR OWN FUND
If you wish to establish your own fund to support charitable purposes of your choice, a $10,000 or more contribution is required. Contributions may be made to establish a Fund over a period of time until the $10,000 level is reached. After $10,000 has been reached, disbursements from the fund may be made. You have the right to select: the name of the Fund, the type of property given, and the type of Fund that best meets your purpose of the Fund.
The majority of funds are created as “endowments,” which means that GMCT invests the principal of the fund and only uses a portion of the earnings to support the charitable purpose for which the fund is designated. This ensures that the fund will perpetually support the purpose for which it was intended. Through endowment funds, you can touch the future of endless generations to come.
Several types of funds are offered:
- Unrestricted Funds enable the board to review the community’s needs each year and to make grants from the earnings of the fund in response to current community priorities and opportunities.
- Donor Advised Funds allow you to participate actively in the giving process by recommending charitable organizations to receive grants from the earnings of the fund you create. Your suggestions will be considered by the foundation’s board, which, in accordance with IRS regulations, must retain the ultimate authority for the fund’s distributions.
- Field of Interest Funds let you specify a broad category of interest, such as health, education, or the environment, to be supported through your fund.
- Designated Funds allow you to name one or more specific not-for-profit or religious organizations to receive the annual earnings of your fund. If any of the designated organizations cease to exist, the Trust has the responsibility to ensure that your fund continues to be used for the purposes for which it was originally intended.
- Scholarship Funds provide a permanent source of educational support for students. When you establish a scholarship fund, you may choose the criteria for eligibility and selection. You are assured that the scholarship fund will be administered objectively.
- Agency Endowment Funds hold assets for a charitable organization and distributes investment earnings to the organization on an annual basis. GMCT can promote an agency endowment fund to the public and to the charity’s supporters by giving it more visibility and possibly more credibility, thus encouraging interested donors to add to the endowment.
- Administrative Funds ensure that GMCT is able to continue to fulfill its mission. Such a fund may be designated to support a specific aspect of GMCT’s work such as public relations.
TYPES OF GIFTS ACCEPTED
In addition to considering what type of fund best meets your interests, you have a number of options in terms of what type of gift that you can make.