Field of Interest FundsScholarships, environmental protection, social services, arts education, youth development—many causes inspire donors to create field of interest funds. A field of interest fund allows donors to direct the income from their fund to an area of need or organization they care about.
Donors receive an income tax deduction for their opening contribution and any subsequent donations. Depending on how they establish the fund, donors may play a role in making grant recommendations. Other people, such as community members, can also make tax deductible contributions to the fund.
Berkshire Taconic oversees the competitive grantmaking process, invests the funds and provides record-keeping services.
Community members may make tax-deductible contributions to an existing field of interest fund that addresses a cause or nonprofit group they wish to support.
Minimum to open a field of interest fund: $25,000 endowed
InvestmentsWhen you open your fund, you may select from one or a combination of our four investment pools.
Our Investment Committee meets four times a year and monitors all investment activity. Our administrative staff, led by Jill Gellert, vice president of finance and administration, provides day-to-day oversight. Any investment growth within the fund provides additional tax-free charitable capital for grants.
FeesEach charitable fund pays an administrative fee, which help supports our wide range of services and community work. Administrative fees are charged quarterly based on the average daily balance of the fund.
The administrative fees for endowed funds are:
1.75% per year on portion $250,000—$1 million
1.0% per year on portion $1 million—$3 million
0.75% per year on portion $3 million and above
(minimum fee is $125 per quarter)
To talk to us about starting a field of interest fund, contact Jennifer Dowley, president, at email@example.com or 413.229.0370.