Frequently Asked Questions
How does giving through Adirondack Foundation work?
You set up a fund at Adirondack Foundation with an irrevocable gift (minimum value of $10,000). You can make your gift now or through your estate plan. Adirondack Foundation invests your gift along with those of other donors, and each year investment returns are added to the principal and a percentage of the fund is available for grants. Many donors establish a fund during their lifetime, and then add to the fund upon their death.
Does Adirondack Foundation charge fees?
A percentage of each fund is taken as a fee to support Adirondack Foundation's mission, allowing us to offer services like grantmaking and gift administration, investment and asset management, and donor education. The fee varies by the by the type and size of the fund. Additionally, invested funds are assessed an investment management fee.
What is Adirondack Foundation's investment policy?
Adirondack Foundation invests its assets for the support of current and future generations. This is accomplished using a diversified asset allocation strategy oriented toward higher return assets, and executed using highly capable investment managers.
Is there a giving option that helps Adirondack Foundation address the Adirondack region's needs as they arise?
Unrestricted Funds leave the annual grantmaking decisions to Adirondack Foundation to respond to pressing community needs. It's a wonderful way to ensure that your gift remains relevant over time.
Can I specify how my gift is to be used?
Yes. An advised fund allows you to review your giving and recommend grants to any IRS qualified charity you wish to help. A designated fund is established to help the organization(s) you specify when you create the fund. Discretionary funds (unrestricted and field of interest) leave the grantmaking decisions to Adirondack Foundation.
Can my children continue to advise the funds?
Yes. An advised fund can help nurture a lasting philanthropic spirit in your family. You may name one generation of successors to advise grants from the fund you establish.
How does Adirondack Foundation differ from commercial charitable gift funds?
Many financial institutions offer charitable gift funds, which are similar in some respects to the funds offered by Adirondack Foundation: you give money, you get a tax advantage, and the institution handles all of the paperwork associated with your fund's transactions. Indeed, if your primary concern is ease in transacting grants, then a charitable gift fund may be right for you.
However, Adirondack Foundation can offer much more. We are a true resource for Adirondack-focused philanthropists. We help you understand the most pressing issues facing the region, and point you to where your grants can make a real difference. We find the organizations that are doing outstanding and innovative work.
How will I know my wishes will be followed?
At the time a fund is established, and throughout the life of the fund, we make sure to understand what your wishes are, and we ensure that your charitable interests are followed. We take stewardship of funds very seriously.
Do I have to give cash?
No. Many donors give appreciated stock or real estate to maximize their tax benefits. You can also earmark IRAs or pensions to Adirondack Foundation, or even purchase life insurance that names Adirondack Foundation as the beneficiary. Almost any asset of appreciable value can be transferred to Adirondack Foundation.
Can I give outside the Adirondack region?
Yes, as long as the recipient is a qualified charity.
I'm interested in establishing a memorial fund. Can I name the fund?
Of course. You choose the name for any fund you establish. Or you can give anonymously, if you prefer.
Where can I find Adirondack Foundation's EIN number?
For a copy of Adirondack Foundation's tax determination letter and EIN number, click here.