MEMORIAL FUNDOne of the most meaningful ways to honor a departed loved one is to establish a Memorial Fund at the Jewish Communal Fund (JCF) in his or her name. The fund, used to support the charities he or she cared about, gives family and friends an additional way to pay tribute to their loved one’s memory. The mechanics are simple:A relative or friend sets up a donor-advised fund at JCF—a public 501(c)(3) charity—in memory of a loved one. Family and friends send contributions to the fund. Each contribution is eligible for the maximum tax deduction allowed by law. Once the fund balance reaches $5,000, the family may begin recommending grants to the departed relative’s favorite charities. Grants (minimum $100) may be made to any qualified IRS-approved public charity. The Memorial Fund is like a charitable savings account. Over the years, the fund grows in two ways:The money is invested and all the earnings are credited to the fund, which grows tax-free; family and friends can also make tax-deductible contributions to the fund at any time. Thus additional money will be available for charitable giving and perpetuating their loved one’s memory.
When Rabbi Dr. Ephraim R.Wolf passed away in 2004, his son Shimon set up a Memorial Fund at JCF. “So many people wanted to make a contribution in my father’s memory, as a mark of respect. The Jewish Communal Fund tremendously facilitated the wish of all those people. We use the fund to make contributions to charities that were important to my father, in the field of education and to Israel.” Matt Maryles set up a fund in memory of his brother Avi who died at a young age. “I wanted to perpetuate Avi’s memory. The memorial fund at JCF enables me to do that.” The Avi Maryles Children’s Benefit Fund was created in 1999 by family and friends. Each year the family replenishes the fund. “We always intended for this to be an active fund, to keep Avi’s memory alive. Grants are made in his name to charities that focus on children.” Matt chose JCF because he wanted to create a fund with a Jewish charity. “JCF is remarkably efficient, has an attractive fee structure but most importantly is under the auspices of the Jewish community.” The five children of Victorine K.Wimpfheimer decided to establish a fund at JCF in their mother’s memory. “The fund was envisioned as an ongoing living memorial to support projects and organizations that reflected the values our mother believed in,” says daughter Ann. “We chose JCF because of its integrity and credibility in the field of Jewish communal work.” To learn more about setting up a Memorial Fund at JCF, please call 212-580-4JCF or email info@jewishcommunalfund.org.
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