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Below you'll find answers to the questions most frequently asked by our donors. If you don't see your question below, please call or e-mail us -- we're here to help. Contact Marigrace Deters at (612) 672-3845 or mdeters@mplsfoundation.org. When I make a grant recommendation, are there rules or restrictions I should be aware of? Can I make grant recommendations outside of the metropolitan Twin Cities area? What happens when a nonprofit asks for a multi-year commitment or pledge? When would the Foundation not honor a grant recommendation I make? Can my children or grandchildren recommend grants? How will you keep me informed of the Fund's activity? How do I make an additional contribution to the Fund? When I make a grant recommendation, are there rules or restrictions I should be aware of? The minimum amount for a grant recommendation is $250. You may not use grants from your Fund to fulfill a pre-existing pledge made to a nonprofit organization before establishing a fund at The Minneapolis Foundation. Please call us if you have questions about what would be considered a personal pledge. No goods or services can be provided to you personally in consideration of a grant from your Fund at The Minneapolis Foundation. For example, you may not use a grant from your Fund to pay for a charity dinner or golf tournament. As with any gift to a nonprofit, any goods or service supplied to an individual donor must be quantified as a taxable portion of your gift. If you plan to participate in such an activity or service associated with a grant, we ask that you recommend the tax-deductible portion only, and pay the organization directly for the remainder. Can I make grant recommendations outside of the metropolitan Twin Cities area? Yes. You can recommend grants to any qualified nonprofit in the United States even if it supports international or religious programs. What happens when a nonprofit asks for a multi-year commitment or pledge? Please advise the nonprofit organization that your Donor Advised Fund at The Minneapolis Foundation is the source for the contribution. After you have made a grant recommendation for multi-year support, The Minneapolis Foundation will acknowledge final approval and terms when the first grant is paid. This makes the remainder of the grant a financial obligation of the Donor Advised Fund, not the individual donor. Those funds are set aside to cover the remaining years of the grant; you won't be able to recommend other grants from those funds. When would the Foundation not honor a grant recommendation I make? The vast majority of grant recommendations are approved. Grants must be made to tax-exempt charities or for strictly charitable purposes. When you recommend a grant, we conduct due diligence to ensure the organization is eligible. If an organization does not provide documentation of tax-exempt status or budget information, we will attempt to contact the organization by letter or phone up to three times before we notify you that we were unsuccessful in getting the required information. You may choose to contact the organization to encourage them to respond to the Foundation's request so that we are then able to process a grant. In rare cases, we must notify a Donor that an organization does not meet compliance requirements, or their status is in jeopardy. Should this happen, we will notify you and provide the information in question. You may then choose to withdraw the grant recommendation or request further investigation to determine whether an exception can be approved by the Foundation. Can my children or grandchildren recommend grants? You can recommend grants from your Fund on behalf of your children and grandchildren. However, many donors set up their funds to allow children, family or friends to recommend grants from the Fund directly. Original advisors - those that are named when you set up the fund - may recommend grants from both income and principal. Successor (second generation) advisors may only recommend grants from income. If you are interested in designing a succession plan for your Fund, we can help you evaluate your options. Contact Don Taylor, Vice President, Development and Client Services (612) 672-3820. How will you keep me informed of the Fund's activity? Every quarter, you will receive a statement detailing contributions, grantmaking activity, investment performance, administrative expenses, and fund balance. Foundation staff will process approved grants you recommended and will send you copies of transmittal letters that accompany the grant checks to nonprofit organizations. The transmittal letter requests the organization to send an acknowledgment letter both to the Foundation and to you as the Donor Advisor. If you recommend an on-line grant through Donor Express, an e-mail response will provide confirmation of the recommendation. Check
fund activity at any time through Donor Express. How do I make an additional contribution to the Fund? You may send checks to the Foundation to add to the Fund at anytime. Please make sure you indicate the Fund name when you send in a gift. You can also make gifts of securities, real estate, partnership interests and other assets, subject to the Foundation's approval. To contribute publicly traded securities, please call Steve Hosier, Investment Associate, or (612) 672-3841. If you wish to contribute other illiquid assets, such as real estate, closely held stock, stock options, partnership interests and tangible personal property, please contact Don Taylor, Vice President, Development and Client Services (612) 672-3820. You will receive an acknowledgment letter of your gift(s) that you should retain for your tax records. We also provide a gift substantiation letter after the end of each calendar year. |
