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Area Foundation News - Summer, 2003
[Page 2] Amy and Mark McLaughlin Donor Advised Fund is SAAF’s first major gift
“We are indeed thankful for the many blessings that have come our way which make it possible for us to make this gift.” — Mark McLaughlin
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Amy and Mark McLaughlin created the first endowment of the San Angelo Area Foundation: the Amy and John Mark McLaughlin Donor Advised Fund, made possible through their generous gift of corporate stock.
Chairman F.L. “Steve” Stephens announced the first major gift to the foundation.
In creating the endowment, Mark said: “We are indeed thankful for the many blessings that have come our way which make it possible for us to make this gift. We are comforted with the knowledge that this gift will be faithfully administered by the Foundation and that the distributions will be wisely used to make this world a better place for residents for the San Angelo area.”
Donors, like the McLaughlins, can meet their philanthropic goals through the San Angelo Area Foundation. The Foundation will ensure permanence of the gift, while creating growth and income that will in turn be used to support charitable organizations in the San Angelo area.
Types of donations
Any individual may contribute funds to the foundation, and funds may be contributed in a variety of ways to best suit the needs and desires of the individual.
Some of the types of donations include:
Discretionary Funds - Donor authorizes the SAAF board of directors to make distributions from the donor’s gift to any organization that addresses pressing needs in the area communities.
Designated Funds - Donor designates a specific charity, group of charities, or a field of interest to receive funds from their endowment.
Donor Advised Funds - Donor makes recommendations about the distribution of funds. Donors may distribute both earnings and principal, at their discretion.
Agency Funds - Established by a specific non-profit organization with funds benefiting the specific organization. This allows the organization to avoid the expenses and hassles of establishing and managing a stand-alone endowment or foundation.
Scholarship Funds - Distributes scholarships to qualifying individuals. SAAF offers guidance in creating a committee to review applications for scholarship awards, or donor may designate the SAAF to distribute awards via criteria defined by the donor. SAAF manages the investments of the scholarship endowment.
Next: Exploring the magic of Charitable Lead Trusts
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