Below are some of the most frequently asked questions about setting up a fund at Norfolk Community Foundation. For more information about setting up a fund and how the fund would work, please contact Kate Kingdon for more details.

What does it cost to set up a fund at the Community Foundation?
We normally suggest a minimum of £25,000 for an endowment fund which can be paid over a period of years. These donations will usually qualify for tax relief.

How much do you charge? What are the costs?
We try and keep our costs to a minimum. We charge a fee for the administration of your fund which includes all administration, grant assessment and investment management. The annual fee currently stands at 1% of endowment funds and 10% of revenue funds.

Aren't the latest tax concessions on gifts of shares too good to be true? We think so. You can now avoid capital gains tax and claim income tax relief on gifts of shares to charity.

Who can use Gift Aid?
Anyone who has paid enough income tax or capital gains tax in the current financial year to cover the amount reclaimed by us. A donor giving £100 needs to have paid at least £28 income tax or capital gains tax.

Can I decide where the money from my fund goes?
Yes, you can either nominate certain charity or community groups you wish to support every year, or set criteria for your fund such as older people projects, or education projects and we will recommend projects for you to support. You then choose which projects and how much to award them. However, all grants are subject to ratification by the Norfolk Community Foundation Board, to ensure all grants meet with the Community Foundation's charitable objectives.

Can my staff be involved in grant making?
Yes, we welcome staff committees to be involved in the grant making process.

Does my fund need a separate set of trustees?
No, all the grants from funds at Norfolk Community Foundation are ratified by our Board so there is no need for a separate set of trustees.

Can I change the criteria of my fund?
Yes, as long as the projects supported are for charitable purposes the fund criteria can be changed from time to time.

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