Comparative Table

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HOW EASY IS IT TO SET UP A FUND WITH HIWCF?

Our table below demonstrates the comparison between establishing a Named Fund with HIWCF and setting up an independent Charitable Trust.

  SETTING UP A CHARITABLE TRUST  ESTABLISHING A NAMED FUND THROUGH HIWCF 
SET-UP PROCEDURE      Must register as a charity and apply to the Charity Commission and appoint a Board of Trustees Simple fund agreement
COSTS  Cost likely to be up to £10,000 Up to 5% start-up costs Annual contribution of 1.5% of fund value
TIME FRAME  May take weeks or months. Can be set-up within 24-48 hours.
INVESTMENT, AUDIT ACCOUNTING AND TAX  Tax status covered by registration with the Charity Commission. Must fulfil financial and administrative requirements and may incur professional fee costs HIWCF handle all financial and administrative management, arrange audit and report to the Charity Commission. Tax status is covered under HIWCF’s charity status
REPORTING TO AUTHORITIES  Donor/trustees must maintain all financial records, prepare accounts, and submit to the Charity Commission HIWCF take care of reporting to the Charity Commission, particularly the Annual Report and Accounts
GRANT-MAKING PROCESS, ADMINISTRATION AND FOLLOW UP  Donor responsible for own grant-making process, administration and overseeing. Must research and check activities and status of all recipient organisations; has ultimate say in all grant decisions Professional staff available to help identify and assess grantees, provide input on community needs, and ensure follow up with recipients and reports back to donor. HIWCF verifies activities and status of all potential grantees. Donors can be involved as much or as little as they choose in the grant making process. HIWCF trustees approve all grants
PHILANTHROPY ADVICE  Donor/Trustees responsible for own giving strategy HIWCF provide full charitable giving and grant-making expertise to ensure the donor maximises the impact of their fund
DONOR CONTROL  Donor appoints Board of Trustees to control all aspects of grant-making and investment HIWCF trustees take on legal and fiscal responsibility for the donor’s fund, while the donor chooses grants to organisations vetted by HIWCF
DONATIONS  Often restricted to registered charities To both registered charities and non-registered community groups
PRIVACY  The Charitable Trust must keep public records Donor anonymity can be maintained if required. HIWCF mediate between donor and grant seekers
PROFILE  Responsible for own profile HIWCF can help the donor as much or as little as necessary. We can raise the donor’s profile in the community by making grants in the donor’s name and featuring the donor in publications
GEOGRAPHY  Donor/Trustees determine their geographical reach HIWCF operates across Hampshire & Isle of Wight but partners with other Community Foundations on the delivery of regional and national initiatives which may be of interest to donors
NETWORKING  Must find own network and information sources HIWCF connect donors to a variety of groups and issues in the community and connect like-minded donors through events and initiatives