The Mr. and Mrs. W.J. Crawford Family Fund
The Crawford family chose the most personal style of fund for their contribution to the Foundation for Southeast Texas. The initial fund was established with a donation of stock in late 1997 with an addition in 1998.
For donors with diverse philanthropic interest, the donor advised fund offers significant advantages. The Crawford Family Fund is a fine example of grants given to diverse areas of civic and social concerns. In 1998, gifts were made to the Salvation Army and the St. Stephens Episcopal School. In 1999, a number of very generous gifts were given including gifts to the Jefferson Theater Restoration, Some Other Place, Lamar University for scholarships, to University of the South for chapel restoration and to St. Stephens Episcopal School for a physics lab.
In most cases, the donor makes the suggestions for recipients of the grants and the Board of Directors approves the grants, if the suggestions are charitable organizations meeting Internal Revenue requirements and the Foundation’s areas of concern. However, The Foundation for Southeast Texas can provide a list of charitable organizations and research about organizations for the donor.
There are two styles of donors advised funds. One style is the permanently endowed fund from which only up to five percent may be distributed a year. In the second style, the principal may also be expended. The Crawfords chose the latter of the two styles.
Donor advised fund programs at community foundations are a popular vehicle for philanthropic giving. They offer many advantages of a private foundation, but without the administration costs, excise taxes and other drawbacks of a private foundation. The tax deduction is made at the time the gift is given to the foundation even though the distributions are made in the future.
The Foundation has the responsibility of managing and investing the funds, distributing the funds to the grant recipients and reporting to the donor.
Walter Crawford was pleased with the performance of the Foundation for Southeast Texas as a route for his family’s charitable giving.
At the same time, the Board of Directors of the Foundation for Southeast Texas is equally as pleased that the Crawford family has chosen to give so generously to the community of Southeast Texas through the Foundation for Southeast Texas.