It looks like a great idea.
Where would the fund be established? "Best Friends" seems to be the ideal place because they rescue all kinds of creatures, not only pets.
When people send donations to Yankee Golden Retriever Rescue, in memory or in honor of a dog or person, we let the family know that a donation has been received and who sent it (never the amount).
I don't know if "Best Friends" has the staff or time to do this on an individual basis but, since I do it for YGRR, I'd be willing to do it for our fund if I get the information.