How to Start a Memorial Foundation

A memorial fund preserves the memory of a loved one.

A memorial foundation will keep the memory of your loved one alive in the community. The foundation can be connected to an existing community foundation, a college or university, hospital or a charitable organization. Teaming up with an organization such as these could save time and energy, because they will help you with the legal setup. They also will give you options about how your funds should be spent. For example, a field of interest fund supports a general cause, such as child welfare, and a designated fund will funnel money directly to a specific charity. You also have the option of creating a donor-advised fund that will allow you choose where you want to money to go each year.

Instructions

1. Contact a local community foundation. An existing foundation can advise you about where funds are needed to help you choose a cause for your foundation. In some cases, an existing charity can assist you in starting your memorial. (See References 2 and 3.)

2. Choose a name for your memorial fund. The foundation can bear the name of your loved one, but this is not a requirement.

3. Choose the cause your foundation will support and the type of fund. Support causes that your loved one felt strongly about to honor his memory, no matter what type of fund you choose.

4. Download a 501 C3 form from the Internal Revenue Service. When the form is filed, your foundation will be able to accept tax-free donations.

5. Ask your financial adviser or accountant to review your completed 501 C3 before submitting it to the IRS. This will ensure that your form is free of mistakes and will have faster a review time. (See Reference 1.)

6. Invest the funds. Invest in an account that collects interest and allows deposits. An Acorn fund, for example, invests the memorial's funds back into the community and allows you to make specific donations after the money reaches a certain amount. (See Reference 3.)

References

• Press of Altantic City; From Grieving to Giving: For Some Families, Starting a Memorial Fund Is a Way to Ease the Pain of Losing a Loved One; Michelle Brunetti Post; October 2010
• Good Steward Foundation; Start a Memorial Foundation
• CarePages; Honor Your Loved One With a Memorial Fund; Linda Foster, MA