Acorn Funds
What is an Acorn Fund?
An Acorn Fund is a great way of giving for those who maybe don’t have a large sum of money to invest upfront. It offers the chance to build up a named fund with us with no minimum donation or timescale for giving.
Why should I set up an Acorn Fund?
Setting up an Acorn Fund is an excellent way of joining with Cumbria Community Foundation to support local communities most in need. We’re experts at making sure your money is used to provide long term, focussed help to those who need it across the county.
Acorn Funds provide a simple, tax efficient way of creating a fund that will continue to award grants for years to come, ensuring that your giving has a real and long-lasting impact. You choose the name of your fund, meaning it can be a way of honouring the memory of a loved one or celebrating your business or interests.
Who can set up an Acorn Fund?
An Acorn Fund can be set up by a business, organisation, family or individual – anyone who wants to make a difference to people in need in Cumbria.
Ben and Joanne Slater, Directors of MissionCX, have strong ties with West Cumbria and were keen to build an ethos of supporting their community within the business. They set up an Acorn Fund and are growing it by donating 1% of annual profits and also vesting non-voting shares in the business to the Community Foundation.
“We are committed to leaving a lasting, positive legacy for our local community, through our 1% pledge initiative, which commits 1% of our profits, equity, time and product to philanthropic endeavours. It is our intent to grow our acorn into an oak tree, maximising our social impact.”
Ben Slater, Managing Director, MissionCX
How do Acorn Funds work?
There is no minimum amount needed to set up an Acorn Fund. You just need to decide what the fund will be called and who will contribute to it – for example, just you, your colleagues, your family. You can build your fund however you choose: through regular donations, such as a monthly direct debit; through fundraising, such as undertaking challenges or holding events; or a combination of ways. The quicker your fund grows, the sooner we can start making grants in your name.
What will the fund be used for?
Once your fund reaches £50,000, we will start making grants in the name of your fund. Until that time, we will pool the investment income from your Acorn Fund into the Cumbria Fund so that your donations can contribute to making a difference straightaway.
The Cumbria Fund provides grants for projects tackling the most serious issues in our county, including poverty, young people at risk, children and families in crisis, mental wellbeing and support for victims of crime.
Once your fund reaches £50,000 you can set the criteria to determine what type of projects your fund will support.
How do I set up an Acorn Fund?
For more information or to set up a fund, please email caroline@cumbriafoundation.org or call 01900 820825.
