Are you a person with a disability or do you worry about taking care of a loved one with a disability?
In Ohio, individuals with a disability and those who love them face many challenges when trying to provide for a person’s needs in a way that helps safeguard eligibility for government benefits, such as Medicaid and perhaps Supplemental Security Income (SSI). Community Fund Management Foundation (CFMF) can help.
Community Fund Management Foundation, also known as “CFMF,” is a nonprofit, tax-exempt foundation. It was established in 1993 to administer trusts that enable Ohio residents with a disability to use private funds to enhance their quality of life while attempting to safeguard their eligibility for government benefits. CFMF originated due to a change in Federal law as well as the action of several Ohio County Boards of Developmental Disabilities, parents, attorneys, and special needs advocates. CFMF is the Trust Advisor and Equity Trust Company is the Trustee.
What does CFMF do as the Trust Advisor?
CFMF is responsible for the daily administration. All communication from attorneys, designated advocates, and people interested in setting up a trust should be directed to CFMF. CFMF’s Administrative Office in Northeast Ohio administers the trust accounts, documents deposits to the Trust, and receives requests for distributions from designated advocates. We handle closing the Trust at the Beneficiary’s death and distributing the funds according to the wishes of the person who established the Trust, as identified in the Joinder Agreement. Our Executive Director, Associate Directors in Columbus and Cincinnati, and Trust Development Coordinator are happy to meet with potential and existing trust clients, along with their counsel, to review questions or concerns. We also frequently give presentations on trusts, government benefits, and other issues that individuals with disabilities may face.
What does Equity Trust Company do as the Trustee?
CFMF also has the sole authority to select the Trustee. Equity Trust Company accepted trusteeship on January 1, 2014 and is responsible for investing the assets, processing deposits, preparing trust tax documents, and issuing distribution checks as approved by CFMF.
How long has CFMF been doing this?
CFMF was first incorporated in 1993. CFMF accepted its first trust account in January 1996. Currently, CFMF administers over 2,200 trust accounts for individuals with disabilities throughout Ohio. The combined market value of CFMF trusts is over 80 million dollars.