Updated: Jun 1, 2021
The Prosperity Foundation (TPF) was founded on the BOLD idea to create a comprehensive public charity, community foundation that exclusively focused on supporting Black people and communities in Connecticut. As such, we leverage existing philanthropic tools to bring Black people together to address issues that uniquely affect our communities. Check below to see the types of funds TPF can establish and manage on your behalf today.
A donor-advised fund is like a charitable investment account, for the sole purpose of supporting charitable organizations you care about. When you contribute cash, securities or other assets to a donor-advised fund at a public charity, like The Prosperity Foundation, you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth and you can recommend grants to virtually any IRS-qualified public charity.
Establishing a Designated Fund allows you to give back to one or more specific organizations of your choosing. This type of fund not only provides funding but benefits from The Prosperity Foundation’s investment stewardship and the ability to manage endowment funds. Because The Prosperity Foundation handles the details, recipients of the Designated Fund can focus on its mission. The type of gift is up to the donor, as the Prosperity Foundation can facilitate even the most complex forms of giving, such as planned gifts or gifts of appreciated stock or real estate. You can add to the fund at any time. If the organization you select shuts down or changes in mission, if you choose to, the fund can be redirected, so you continue to address your charitable intent.
Organization Funds are for nonprofits that wish to have a portion of their charitable assets managed according to a long-term investment model alongside and established for The Prosperity Foundation own endowment. A charitable organization can participate in this commingled fund by entering into an investment management agreement, which identifies the nonprofit as the owner of the charitable assets. With TPF, nonprofit organizations can be certain that their assets are managed according to the industry standards and best practices. The Prosperity Foundation is regulated by The State of Connecticut’s Department of Banking and adheres to its compliance program.
Permanent Organization Endowment Fund
Permanent organization endowment funds are established from a gift of a donor or donors or by an irrevocable transfer of assets from an organization to establish a permanent component fund of The Prosperity Foundation for the benefit of an organization of the donor's choosing. TPF can facilitate complex forms of giving, such as planned gifts or gifts of appreciated stock or real estate. The donor benefits from TPF's investment stewardship and endowment management experience.
By establishing a Preference Fund, your gift addresses a broad range of local needs - including future needs that often cannot be anticipated at the time your gift is made. While you direct the purpose of a Preference Fund, the maintenance is left up to The Prosperity Foundation. Our professional staff consistently monitors changing community needs, to ensure that grants made in the name of your fund will make the most impact in your preferred area, in turn, creating your personal legacy of giving. You, along with others who share your interests in the community, can add any amount to the Preference Fund you establish at any time. In the long run, your endowed gift will serve as a permanent community funding resource.
By creating a Scholarship Fund, you are investing in your community's future and helping students, from preschool to postgraduate, achieve their lifetime dreams. Scholarship Funds are typically created as a memorial for someone special, in order to exemplify said person's goals and values, or created as a way to express your personal, family, or business’s educational values. Depending on your preferences, the scholarship you establish can support any area of academic need, such as tuition, room and board, and books.
By establishing an Unrestricted Fund, your gift addresses the evolving needs of TPF because there are no restrictions on the use of your gift. The Prosperity Foundation will assess community needs and respond by awarding grants to the nonprofit organizations that expend financial resources to the community’s health, education, and economic development. The flexibility of your unrestricted gift enables TPF to support long-term solutions; respond quickly to emergencies; and meet changing social, cultural, educational, or environmental needs in our local community.