What is a Donor Advised Fund?
The Walker Area Community Foundation welcomes the opportunity to partner with individuals and families who wish to be actively involved in grantmaking. The IRS allows all community foundations to offer donors the option to create a Donor Advised Fund, receive an immediate tax benefit that year and the provide guidance on donations given from the fund to nonprofits for as long as the fund exists. One must keep in mind, however, that once a gift is made the control of the gift is relinquished to the Walker Area Community Foundation Board of Directors. Donor Advised Funds are invited to give advice on nonprofits and amounts to distribute from their funds for the board’s consideration.
Establishing a Fund
There are three steps required to establish an Advised Fund at the Walker Area Community Foundation:
- The Community Foundation’s board or executive committee approves the creation of the fund.
- The donor and the Community Foundation sign an agreement.
- Assets are transferred to the fund.
Funds administered by investment advisors outside of those used by the Walker Area Community Foundation, may remain with the investment advisor only if the gift exceeds $1 million.
The minimum required to establish a Donor Advised Fund is $50,000, which can be made with a gift of cash or stock and given over a three-year period.
Component funds allow families, individuals or organizations to focus on the charitable needs of our community and leave the administrative tasks to the Foundation.
These funds are a permanent source of community capital, which will help the Foundation to continue its work today and far into the future. Behind each fund is an abundance of success stories, so many that we cannot possibly fit them on one page. You can see, however, that there are family funds and organizational funds. Each one holds its own purpose and history but gains strength from being managed together. Donations can be made to any fund at any time.
Anonymous Fund, started by a Walker County family who wishes to remain anonymous, supports general philanthropy.
Bankhead Fund was started by Walter Will Bankhead and has a long history of providing general philanthropic dollars for our nonprofits.
Bankhead House & Heritage Center Fund supports the ongoing operations of the Bankhead House & Heritage Center.
Barbara Drummond Thorne Fund, given by her estate, offers financial aid to the organizations that were closest to her heart.
Crump Family Fund supports the education of children and the efforts of those engaged in emergency response.
Disaster Relief Fund focuses on meeting the emergency unmet needs of Walker County residents who have suffered damage due to natural disasters.
Don Drummond Family Fund seeks to meet the needs of the residents of Walker County, as well as the community as a whole.
Drummond Company, INC. (DCI) Fund provided aid to employees of Drummond Company who suffered damage because of the April 27, 2011, tornados and continues to provide safe shelter for our community during storms.
Drummond Thorne Stukes Fund works to improve quality of life around Alabama while also addressing emerging needs of the City of Cordova.
Engel and Mitnick Family Fund recognizes the importance of the social services being delivered every day to those with mental illness in Walker County and will award grants to support their efforts.
Excellence in Education Fund supports the Jasper City School system and its teachers with expenses not included in the general budget.
Friends of Camp O’Rear Fund supports the physical plant and surrounding environs of Camp O’Rear.
Haleyville Downtown Project Fund funds downtown projects that will add life to the Haleyville community while creating an economic impact.
Health Action Partnership is a working group of Walker County health-related organizations striving to improve the health and lifestyles of our citizens.
Jackson Family Fund was founded with the belief that orphans and foster children should be afforded the privilege of attending programs like Camp McDowell. It also provides educational enrichment experiences for children without parents and supports the ministry of the Episcopal Church for the same.
Jasper Main Street Fund supports the operations of Jasper Main Street and the ongoing revitalization of Jasper’s downtown district.
Jasper Recreational Fund supports the expansion of recreational opportunities and programs, making Jasper’s recreational offerings exceptional for Alabama.
Joe and Annette Kelley Fund, started by their daughters to give back to the community that has taken care of them and in honor of their mom and dad, this fund fosters a spirit of kindness and helpfulness through the nonprofit agencies in our community.
KUB Philanthropic Fund supports the needs of nonprofit organizations in and around Walker County, as well as initiatives that improve the quality of life in our communities.
Larry Drummond Family Fund supports the needs of nonprofit organizations in and around Walker County, as well as supports initiatives that improve the quality of life in our community.
Matthew and Ashley Laird Fund recognizes the important work of nonprofit organizations and supports their operations and programs.
Onward Fund fosters efficient, streamlined service delivery to people in need, moving them forward into financial stability.
Patrick and Debbie Drummond Fund supports the needs of nonprofit organizations in and around Walker County, as well as initiatives that improve the quality of life in our communities.
Phillip Fraley Memorial Fund was created in honor of Phillip Fraley. It focuses on educating youth through trade programs and technology in schools.
Pinnacle Bank Fund supports the general needs of nonprofit organizations serving our area.
Rebekah L. Black Fund assists in addressing issues of obtaining and maintaining sobriety, assistance in transition from rehabilitation back to society, job placement and transportation needs, and hopefully achieve the gift of “one more chance” to become productive members of their community again.
Reed Family Fund supports general philanthropy while keeping in mind the importance of serving the basic needs of Walker County families.
Rotary Club of Jasper Fund is an endowment fund of the Rotary Club of Jasper.
Samuel Lee Smith Advised Fund helps children and youth live their lives to the fullest by making grants to encourage strong health, athletics, scouting, religion and the arts, especially to those who need financial assistance.
Sherer Family Foundation Fund supports the aesthetics of our community and the fine arts of the Walker Area, its facilities, grounds and environs.
Steve Byars Fund is created in the memory of Steve Byars, who saw his role in Jasper as that of a steward and gave selflessly to his community. This fund will continue his legacy and support general philanthropy in Walker County.
Terri Drummond Lyon Fund supports the needs of nonprofit organizations in and around Walker County, as well as initiatives that improve the quality of life in our communities.
Underwood Family Fund continues the family’s tradition of supporting nonprofit organizations in Walker County.
Victims of Violent Crime Fund was organized to create awareness of victims of violent crime in Walker County, Alabama.
Winston County Fund serves as a permanent source of community capital for Winston County by funding nonprofit organizations and community projects.
Wright Family Fund supports the needs of nonprofit organizations in and around Walker County, as well as initiatives that improve the quality of life in our community
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