Frequently Asked Questions
If you are a donor or are thinking about becoming one, we hope you find this information helpful.
If you have other questions or want more information, please contact Ann Merriam Feinberg or call 203-753-1315.
What is a community foundation?
Community foundations are 501(c)(3) nonprofit public charities with the goal of improving the quality of life in their area. Community foundations are governed by a volunteer board of trustees.
Established in 1923, Connecticut Community Foundation was the first community foundation in the state. We administer more than 380 charitable funds on behalf of individuals, families, businesses, and organizations to support the causes that matter to them.
What types of funds do you offer?
Advised, designated, field of interest, scholarship, unrestricted funds, and funds for nonprofits.
Is there a minimum gift to establish a fund?
Generally, a gift of $10,000 is required to establish a fund. There are higher minimums for certain types of funds.
What assets can be contributed to a fund?
Outright gifts of cash, real estate, securities and/or personal property can be donated. You may also make a bequest by will or trust or contribute life insurance or retirement plan assets.
What are the costs involved in establishing a fund?
There is no charge to establish a fund.
The Connecticut Community Foundation files the federal and state tax returns, provides an independent audit, processes distributions, mails or personally presents checks to grantees, administers and invests the assets of the fund, and issues regular financial reports on the status of the fund to the donor.
For these services, we assess a modest annual fee which contributes to our total operating costs, all in support of the community.
How are the funds invested?
The Investment Committee of our board of trustees is responsible for managing and overseeing the funds. The investment strategy is to provide prudent management and invest for total return, providing growth and distributions for grant making.
What is a spending policy?
It is a formula for distributions that is based on a board-determined percentage of the fund’s fair market value over time.
Can other people contribute to the fund I establish?
Yes, anyone can make a gift of any size online, by mail, or with a transfer of securities or other assets.
Can I make a gift even if I don’t want to establish a fund?
Yes, anyone can make a gift of any size online, by mail, or with a transfer of securities to support the Foundation’s leadership efforts or to any existing fund.
Why do donors establish funds at CCF instead of giving directly to their favorite charities?
Some donors want to provide ongoing support to a particular organization in perpetuity. They feel more comfortable making those gifts through the Connecticut Community Foundation because of our permanence, professional investment management, and oversight role in making sure their wishes are met by the recipient organizations.
If I change my mind about a gift, can I get my money back?
No. Gifts to the Connecticut Community Foundation are irrevocable.
We encourage prospective donors to discuss their intentions with their financial or legal professional advisors.
Can I make a gift to CCF through my Will or estate plan?
Yes, we can help you and/or your professional advisors with opportunities and suggested language.
Can I make a gift to CCF and retain income for myself or a family member?
Yes, we offer several opportunities to make life income gifts.
Can my children or other family members get involved?
Yes, if you choose a donor advised fund, you may name co-advisors and successor advisors to continue to guide the fund both while you are involved and far into the future.
What are my rights as a donor to CCF?
CCF endorses the Donor Bill of Rights created by the Association of Fundraising Professionals (AFP), the Association for Healthcare Philanthropy (AHP), the Council for Advancement and Support of Education (CASE), and the Giving Institute.
