When a family or individual has an opportunity to set aside, on a tax-favored basis, a portion of their assets for charitable purposes and has identified an issue to support but would like assistance in making grants. When these funds are established under the terms of a will or revocable trust or as the ultimate fund established by a charitable remainder trust or charitable gift annuity, they are called “Legacy Funds.”

 

Sometimes Field of Interest Funds are endowed so that grants can continue to make a difference forever. The flexibility of Field of Interest Funds is well suited to permanent commitments; as the most pressing needs in the field of interest can continue to be met despite changes in society, the economy or specific charities.

A Field of Interest Fund can be created with a tax-deductible contribution of $10,000 or more. Minneapolis Foundation staff will select appropriate charities and make grants from the fund, according to the terms of our agreement. Grants will be made with a cover letter acknowledging the name of your fund.

The Minneapolis Foundation invests the assets of your fund in a diversified portfolio called the Master Fund. The Foundation charges a modest administrative fee, based on the value of your fund. There is no additional cost for setting up the fund or for routine grantmaking from the fund.

You will receive a quarterly statement summarizing the activity in your fund, including additional contributions, grants, fees, and investment gains or losses. At year-end, you will receive a 12-month summary of grants from your fund. The Foundation also provides educational resources for donors; including issue briefings, seminars, a newsletter and individual consultation.