In an ideal world, charities would continue for generations providing vital services and activities to support those most in need and enrich local communities. However, there are occasions where a charity has no choice but to close, a decision which is never taken lightly by its Trustees. In these situations there are often some funds left over which may be able to be distributed to its beneficiaries. If this is not possible an alternative is to pass the funds to the Community Foundation. There are a number of options to consider and the Foundation can advise on the best option with the outgoing trustees to reflect the charity’s legacy:
- Vital community funds tackle the region’s most pressing needs now and in the future. We also have dedicated area funds that support groups in each of Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.
- Other collective giving funds bring together donors with a shared interest who want to pool their donations to make a bigger difference to particular causes or communities. Gifts of any size can be made to Vital or collective funds and more information can be found at http://www.communityfoundation.org.uk/givingandphilanthropy/collective-giving/
- Named ‘field of interest’ funds support a particular place or cause but without the donors being hands on as we select groups that match the donors’ interests. These funds start at £25,000 for endowment or £10,000 for an annual* fund.
- If the outgoing trustees want to nominate fund advisors to recommend grants from shortlists provided by the Foundation, and there is at least £50,000 to give, then a named ‘panel advised’ endowment fund can be set up or £30,000 for an annual* fund.
(*Annual funds are spent out over a year or an agreed period of time)