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The New York Community Trust includes two organizations:
- The New York Community Trust is an unincorporated association of trusts that was organized in 1924. Each component fund is held in trust with a bank trustee that is a member of our Trustees Committee. Funds established as trusts are invested by institutional trustees selected by the donor from our list of trustees who have adopted the R&D. The trustee has sole investment responsibility. Investment performance is monitored by Trust staff and reviewed by our Investment Committee. Most of our trustee banks require at least $500,000 in order to establish a charitable trust. Many have minimums of $1 million or more. More on establishing a fund through The Trust.
- Community Funds, Inc. was created in 1955 as a nonprofit corporation and serves as the corporate affiliate of The Trust. Component funds are invested by money managers retained by our distinguished Investment Subcommittee. Funds established in Community Funds, Inc. (including the Long Island Community Foundation and the Westchester Community Foundation) are invested in vehicles selected and monitored by the Investment Committee. Our minimum to establish a fund is $5,000, which is also the minimum amount that must be maintained in the fund. There is no maximum. We do not charge a set-up fee. More on establishing a fund through Community Funds.
- These two entities share a board and staff and operate as one organization. They filed a combined Form 990 with the Internal Revenue Service.
- The determining factor in setting up a fund with either organization is the inclination of the donor. The service we provide is the same.
- An advantage of The New York Community Trust is that it is not a private foundation subject to certain requirements, and the separate funds that constitute The New York Community Trust are component funds of a public charity, not private foundations. It is important, therefore, that an instrument designed to create a new component fund in The New York Community Trust adhere strictly to the provisions of the R&D; please call us for a copy.
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