Assets transferred to a Designated Beneficiary Fund are earmarked for support of other charities.

Often, this fund is established as part of a charitable estate plan. Instead of making separate bequest provisions for each charity, the donor makes one provision establishing the fund.

The fund agreement identifies the charitable beneficiaries and percentage of the income distribution each is to receive. If you change your mind, it is easy to amend the fund agreement without revisiting the will.

The Minneapolis Foundation has responsibility for investment and management of the fund.

If one or more of the designated beneficiaries ceases to exist or can no longer fulfill its mission, The Minneapolis Foundation can redirect that portion of the fund's income to a similar organization.

Designated Beneficiary Funds are also used when you want to support one or more nonprofit organization using an illiquid asset - perhaps real estate or closely held stock - and the selected charity is not equipped to dispose of the asset.