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When meeting with the couple, we first needed to understand their reasons for setting up the fund and what they want to achieve with it. Often people are not clear about their aims, and this allows us to use our experience and knowledge of local issues, suggesting areas where their support can be of most benefit. After discussion, the couple decided that they wanted their fund criteria to remain as broad as possible, enabling them to support a wide variety of individuals in their chosen area. They were really interested in helping to improve the general quality of life for families, particularly those in crisis who needed help to enable them to stay together.
At the meeting, the couple decided that they wanted to make a financial commitment of £50,000. After discussion the couple realised the value to them of an endowment fund. We also discussed how they could make their contribution even more cost-effective, how they could receive and benefit from tax-relief, in this case avoiding Inheritance Tax, which increased their donation by 40% instantly.
During the discussion the couple asked if they could name the fund in memory of their parents. They were informed that they had complete control over the fund’s name and could have as much, or as little, involvement in the funds operation as they wished. They could first set the selection criteria and then let County Durham Foundation make the final decision over who to support on their behalf; or be fully involved in making the final choice themselves. We used this opportunity to share our expertise in grant making, fund management and local issues with the couple, as this information might have an impact on how they choose to give their support.
The couple agreed to establish an endowment fund, which they decided to call ‘The Wright Funk Fund’ in memory of both of their mothers. As the couple wished to remain anonymous we promised them (as with every other anonymous donor) that their names and details will never be printed and that their confidentiality was completely safe with us.
The couple would set their fund up with a donation of £50,000 via their solicitor who was dealing with the will after receiving a letter from us to validate their claim for Inheritance Tax relief.
