First Point Wealth Management has partnered with the Story County Community Foundation to assist with portfolio management of donor designated and donate advised funds.
What is the Story County Community Foundation?
The Story County Community Foundation (SCCF) is a nonprofit public charity created by generous local citizens. It builds permanent charitable funds called endowments. Each endowment distributes a portion of its earning annually in perpetuity--forever--to support a charitable purpose. Donations may be made to funds which address community needs and reflect a donor's interests and personal philanthropic goals. The SCCF acts as a broad umbrella, sheltering many separate funds.
The Story County Community Foundation has two primary functions:
To receive, manage and distribute funds made available by the Iowa County Endowment Fund legislation for the benefit of Story County communities and organizations.
To provide a means for donors to make gifts that address the challenges and issues confronting Story County communities and organizations now and in the future.
Starting a Fund
As a local community partner with SCCF, First Point Wealth Management works closely with individuals and non-profit organizations to manage the investment portfolio for the various funds. Individuals or non-profits establish a relationship directly with the SCCF to create the donor designated or donor-advised endowment.
Here’s how it work:
- Consider Your Goals - Discuss your philanthropic interests with family members—and the tax advantages with your financial advisers.
- Choose A Gift - Decide what, when and how much is right for you. In most cases, you receive tax benefits the year the gift is made. Endow Iowa tax credits can be used for up to five years.
- Select the Type of Fund - Determine the type of fund that best addresses your needs and interests.
- Name Your Fund - Use your name, a family name, a corporate name or honor someone special by establishing a lasting legacy for them. The fund can also be anonymous.
- Choose First Point Wealth Management to Manage your Fund
- Complete the simple fund agreement with the SCCF team. The agreement will serve as the guideline for grants made from your fund now and forever once the minimum required contribution is received.
- You have the option to choose First Point Wealth Management to manage the funds. The benefit is that you will have a local financial services provider in Story County is that your funds stay local and the team to assist you is here in Ames!
To learn more about establishing a fund, contact the Story County Community Foundation:
Sunni Swarbrick, Executive Director
You can also contact our First Point Wealth Management Team for more information.
Ric Nelson, First Point Wealth Management Senior Investment Advisor