Legacy Fund FAQs
+ CAN MY DONATIONS TO THE LEGACY FUND BE CONSIDERED ZAKAH?
Since the donations are a loan to the student they cannot be considered zakah.
+ THERE IS A 5% OPERATIONAL FEE. DOES THIS MEAN THE FUND WILL EVENTUALLY DIMINISH TO THE OPERATIONAL COSTS?
The 5% operations cost sharing is billed separately or can be set up as a monthly donation. For example for a $10K legacy fund, a $500 would be billed after the first year separately or the donor can set up a monthly donation of $41.67. The $10K would continue as a perpetual donation, InshaAllah.
After a donor’s passing away, a willing and able family is encouraged to continue the annual or monthly donation. If no one continues, then ACC will take the financial responsibility of continuing the legacy fund in perpetuity to honor our donors Sadaqah jariyah.
Also if at some point the donor becomes financially unable to continue in the 5% operational cost sharing, then ACC will take the financial responsibility of continuing the legacy fund. You or a family member will just have to inform us.
+ HOW CAN MY FAMILY MEMBERS OR FRIENDS CONTRIBUTE TO OUR LEGACY FUND?
Once you have initiated a Legacy Fund, and we have created a unique page for you, you can share that with friends and family as it includes a unique link to donate. We also allow donations via check and bank transfer. For checks we encourage donors to clearly identify the name of the Fund in the memo.
+ IS THERE A MINIMUM AMOUNT THAT I NEED TO CONTRIBUTE?
We encourage a minimum goal amount of $10,000. This can be a yearly goal achieved through ad-hoc or recurring monthly donation to your fund. Please note however, that in order to make the best use of human resources we currently do not provide annual reports to any funds below $10,000.
HOW DO I KNOW THE IMPACT MY LEGACY FUND IS HAVING IN HELPING STUDENTS?
We provide annual or bi-annual reports to all our Legacy Funds over $10,000 depending on the donor’s preference. It outlines the number of students supported, their areas of study, their location and first names. We also include a statistic we call “the ACC Effect” that highlights the total amount that was repaid and reused by another student.
Still have questions?
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