You can support the organizations and causes you care most about today and after your lifetime, all while maximizing your financial and tax advantages. We can help you put your passion into action through a Designated Fund at the Foundation.
To learn more about what a designated fund is, read this flyer [PDF].
The Foundation charges an annualized administrative fee for Designated Funds that is currently set at 1.25% of the fund’s total market value; this amount is drawn on a monthly basis. Balances above $5 million are charged a reduced 1% administrative fee. Investment fees are set by our fund managers and are approximately 0.90% of the fund’s market value.
The minimum size for a Named Fund is $10,000. There is no maximum; we have funds that are quite large, more than $15 million.
The agreement you sign when you establish the Fund governs whether invasions of principal are permitted. We allow you to establish either a permanent or an unrestricted fund. We request that a minimum of $10,000 be maintained in the Fund since the Foundation’s mission to build lasting endowments.
We use a total return spending policy and have established a 4.0% payout rate, based on the Fund’s market value averaged over twenty trailing quarters.
Yes. Once a Fund is created, additional gifts of any amount may be contributed to it at any time.
When you open your fund, you will receive access to our on-line donor portal. Through the portal you will be able to view financial information, monthly fund statements and when grants are sent.
Yes; you may award grants to any qualified charitable organization in the United States and beyond.
We are not able to send grant checks to the Donor or any party other than the organization. Checks are mailed directly by the Foundation to the nonprofit.
Yes, we can. Our Program Team will be happy to share their knowledge with you and assist you in any way possible.
Yes; we will accommodate your needs for anonymity in our annual report and in grantee correspondence, as you wish.
We hope that the Fund will continue after your lifetime. The Fund is typically maintained as a permanent endowed in your name. It may continue to support the causes and organizations you cared for during your lifetime.
If these organizations change course or cease to exist, the Foundation shifts your support to high-performance nonprofits providing the same service.
The Mary Oakley Memorial Fund
This designated fund will honor Mary Schwartz Oakley (1932 –2021) in perpetuity by making grants that provide art supplies for children in the Worcester Public Schools.
“This was Mary’s wish for years,” says Joseph C. Oakley, a retired dentist, who met his wife of 64 years at a Halloween party at Mass General, where she was a dietetic intern and he was a Harvard dental student. “Mary felt that many kids lacked the opportunity to develop their artistic interests.”
A registered dietitian in the Worcester Public Schools, Mary later owned and ran a needlework store, sharing with the public her lifelong love of needlepoint, sewing, and quilt making.
“Our three children and I decided that providing supplies to help children develop their artistic interests would be a fine way to honor Mary’s life,” says Joseph. “And by making these grants through the Foundation, we are confident that the money will go to the right place.”
“Our three children and I decided that providing supplies to help children develop their artistic interests would be a fine way to honor Mary’s life. And by making these grants through the Foundation, we are confident that the money will go to the right place.” - Joseph C. Oakley
Contact Kelly Stimson
Vice President for Donor Services & Relations
Contact Jacob Vazquez