Have you heard of the Disability Foundation? This month the Community Corner is dedicated to shining a light on the unique way that the foundation enhances the lives of people with disabilities.
The Disability Foundation, an affiliate of the Dayton Foundation, works to enhance the quality of life of people with disabilities locally and throughout Ohio. One way the foundation accomplishes its mission is by awarding grants to nonprofit organizations that serve those with disabilities. ACIL was fortunate enough to receive a grant from the Disability Foundation in 2023 that allows us to offer our immersive disability awareness training entitled Think This Is Easy? to members of the community at no cost.
“Six staff members from the Dayton Foundation had the opportunity to go through Think This Is Easy and thought it was excellent. We wanted more members of the community to have that opportunity as well,” said Greg Darling, Executive Director of the Disability Foundation.
The Disability Foundation has a yearly grant cycle during which nonprofits serving those with disabilities can apply for as much as $10,000 in assistance.
“The cycle typically starts around January 2nd and ends in mid-February. Awards are typically given in April. We focus on helping organizations that directly serve and help people with disabilities since our mission is about enhancing quality of life for those with disabilities,” Greg said.
In addition to offering grants to organizations that help people with disabilities, the Disability Foundation enhances the quality of life for people with disabilities by offering Pooled Special Needs Trusts.
A typical Special Needs Trust requires a great deal of documentation and $100,000 to $250,000 or more in assets to establish because there is a lot of customization involved. A Pooled Trust, on the hand, does not require a great deal of assets or documentation because people essentially join the existing trust by establishing an account within it rather than creating a custom one. The Disability Foundation can typically allow people to join the Polled Trust owned by the Dayton Foundation in one to two business days.
“Polled Special Needs Trusts allow people with disabilities and their families to put money easily aside without worrying about impacting public benefits like Social Security or Medicaid. The Disability Foundation is unique because we are the only Pooled Trust in the country that is handled by a community foundation,” said Greg.
The Disability Foundation offers three types of Pooled Trusts and can help individuals and families decide which is best for them depending on their circumstances. A first-party Ohio Community Pooled Flexible Spending Trust is a trust that has no annual spending limit. The only limitation placed on spending is the amount in the account. Someone must use their own assets to establish a first-party trust.
A third-party Ohio Community Pooled Flexible Spending Trust also has no annual spending limitations aside from the amount in the account but cannot be established by or contributed to by the beneficiary. This type of trust can be established on an individual’s behalf by a grantor during their lifetime or as part of a last will and testament. Anyone aside from the beneficiary can contribute to a third-party trust.
A first-party Ohio Community Pooled Annuity Trust is a trust from which the Dayton Foundation will provide monthly payments to a beneficiary for a lifetime. When the trust account is set up, an annuity calculation is made to determine the monthly payment amount the beneficiary will receive.
“It seems important to mention that KeyBank is a trustee of all trust accounts held by the Dayton Foundation. KeyBank, as the institution that holds the money, has a fiduciary responsibility to keep detailed records and ensure that the foundation is handling the trust properly which is good. It is one of the many checks and balances that have been put in place to reassure those we serve,” Greg said.
He and his colleagues at the Disability Foundation understand that the thought of establishing a Pooled Special Needs Trust can be overwhelming for some people and lead to many questions.
“We help people every step of the way. We understand that every situation is different. We will talk you through the process and help you decide what pooled trust option is right for you. Also, we have no sense of competition. Even if a Pooled Trust is not right for you, we will refer you to an attorney to discuss other trust options or recommend a STABLE Account which also allows people with disabilities to put money aside without impacting public benefits. Sometimes we recommend having both if possible because the money can be used to pay for different things,” Greg said.
One of the most common concerns people have before establishing a Pooled Special Needs Trust is what would happen to their money if the Disability Foundation were to go out of business.
There is a clause in each trust agreement that says if the Disability Foundation were ever to cease to exist, it is our responsibility to find another entity to administer the trust. However, The Pooled Trust was established in 1998 and the Dayton Foundation was established in 1921. Both organizations have been around for a while and plan to be around for many years to come,” Greg said.
To find out more about the Disability Foundation and/or Special Needs Pooled Trusts, visit disability-foundation.org, call 937-225-9939 or email Greg Darling at [email protected].
