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|