Below are some of the most commonly asked questions about giving through the Davie Community Foundation:
What is a community foundation?
A community foundation is a nonprofit organization established to meet the current and future needs of a local community. They are a trusted and valuable resource to individuals, families and their professional advisors. The Davie Community Foundation (DCF) was founded in 1988 by local philanthropists who wanted to make a difference in our community for generations to come. The DCF helps people set up charitable endowment funds to make grants and award scholarships with a goal of improving the lives of Davie County residents.
What is an endowment?
Endowments are permanently invested funds. The Foundation Board uses earnings from the endowments to award the grants and scholarships made each year. It is a little bit like “paying it forward” in that Davie people donate money to start endowment funds that help Davie people in the future. Because the endowment funds are named by the people who give the money, they remember families, individuals, companies, and groups as they make grants.
Who is eligible for grants and scholarships from the Davie Community Foundation?
Grants and scholarships are limited to Davie County organizations, students, and teachers. Different funds have different eligibility guidelines.
How do I give to an existing fund at the Davie Community Foundation?
You may make a tax-deductible gift in any amount, at any time, to an existing fund by simply writing a check (payable to the DCF with the fund listed in the memo section); making a credit card donation online (list the fund in the comments section); or contacting President & CEO Jane Simpson about a stock or real estate donation.
How do I create my own endowment fund?
Individuals, families, organizations or businesses may create a named endowment fund with a minimum gift of $5,000. Acorn Funds may be started with $1,000 but must grow to $5,000 before they become a permanent endowment fund. Setting up a fund is simple. It begins with a personal conversation with our President & CEO, Jane Simpson. Please contact Jane for more information about philanthropic opportunities at the DCF. Our office at 107 N. Salisbury Street in downtown Mocksville (beside Junker’s Mill) is open from 9:00 am to 5:00 pm Monday through Thursday, and Fridays by appointment. We may be reached at 336-753-6903 or by email at email@example.com.
What are the advantages of giving to the Davie Community Foundation?
Because DCF is a 501 (c)(3) public charity, contributions are tax deductible, and 100% of every gift goes into the endowment fund it is donated for. Gifts qualify for maximum deductibility for income, gift and estate tax purposes. Gifts to endowments become a permanent investment in Davie County organizations and people, and represent a reliable source for future funding needs for the Davie community.
How are the funds of the DCF managed?
Through the DCF, endowment funds are pooled with others and managed for economies of scale and maximum investment results. The Foundation Investment/Finance Committee, with approval of the Board of Directors, closely monitors the investment decisions and performance of DCF money managers. Donors are kept advised of the status of their gifts and funds by way of reports and/or personal briefings. Currently, funds are managed by Woodard and Company Asset Management Group with varying investment strategies.
Can an endowment fund be created by a gift when I die?
Yes. Some donors may wish to establish a fund through a planned (or deferred) gift that will come to the Foundation in the future. These can be made through your will, or by naming the DCF as a beneficiary of your 401K, IRA or Insurance Policy. If you are planning to make a planned/deferred gift, we invite you to tell us about your plans and become a member of the Legacy Circle. We want to recognize and celebrate your future plans.
What is your Tax ID Number?