Steps to Setting up a Fund

An individual, family or company doesn’t choose to become an effective philanthropist(s) overnight. Lots of hard work and careful planning often precedes this choice. Nevertheless, for all the time it takes to make such a decision, Tulsa Community Foundation (TCF) can quickly help turn thought into impactful community support.

By reflecting on and answering the following questions, donors prepare themselves to make their gift to TCF. These questions enable potential donors to solidify their philanthropic goals while ironing out giving logistics. As a potential donor, we invite you to review these questions before you visit with TCF about setting up a fund. Taking time to answer these questions will help you feel secure in your decision, and assist TCF staff in processing your requests quickly and efficiently.

I.       Define your philanthropic goals and financial objectives.
            a.         How will your gift impact the community?
            b.         What degree of administrative support do you require?
            c.         Will you choose public recognition or anonymity?
            d.         Will other family members or employees be involved?
II.      Select the type of fund that matches your goal and objectives.
            a.         Will your fund be endowed, non-endowed, or a combination?
            b.         How involved will you be in recommending which charitable organizations receive grants?
III.     Decide how much to contribute.
            a.         What will your donations be for this year and future years?
            b.         Will you set aside funds in your will or trust as a planned gift?
            c.         Will you invite others to donate to the fund you begin?
IV.     Name your fund.
            a.         Will you name the fund after a specific person, a family name, a cause or something else?
            b.         What issues or causes do you find most compelling or meaningful?
V.      Determine which asset you will use in creating your fund.
            a.         What will you give to TCF to begin the fund?
VI.     Make your gift to Tulsa Community Foundation.

Upon receiving your gift, Tulsa Community Foundation liquidates the assets and uses the proceeds to open a fund. Although the principal is commingled for investment purposes and for economies of scale, income and appreciation are returned to the fund for its charitable use. After investment, TCF will send you a receipt for the donated assets. In addition, TCF offers regular updates on fund activity through Bank of Oklahoma’s Portfolio Online system. The foundation assumes all responsibility for government reporting, grant paperwork, auditing and accounting for the established fund.

To schedule an appointment with a TCF staff member, email or call (918) 494-8823.