TYPES OF FUNDS
We can modify any of the funds listed below to suit you. Modification options include adding conditions to grants, involving other family members in the fund, starting a non-permanent fund now which will become an endowed fund when it receives assets at your death, and changing the fund from an anonymous to a named fund at your death. The possibilities are nearly limitless. We will work with you and your advisors to design a fund around your individual tax situation and charitable goals.
You may make a contribution of any size to any of the existing funds managed by the Community Foundation. With a gift of $5,000 or more, you can create your own permanent endowed fund with its own name and own charitable purposes. You may create a non-permanent fund with a gift of $2,500 or more.
Unrestricted Funds enable the Foundation to give grants for a broad variety of changing community needs, to support the creation of innovative responses to community issues, and to enhance the quality of community life. By placing no restrictions on these funds, the Board of Directors is free to make informed decisions for their use. You may create and name your own unrestricted fund, or you may contribute to the general Unrestricted Fund.
Field of Interest Funds enable the Foundation to award grants to support your areas of interest. You may want your fund to give grants to support a broad interest such as local recreational facilities and activities or a narrow interest such as local classical music performances. Our job is to award grants in support of your interests.
Designated Funds ensure that regular grants will be made to specific eligible organizations named by you. You may name one or several organizations, and a percentage of your fund's value will be distributed to your favorite charities in the name of your fund. If you like, you may specify how the organization should use the grant. For example, you may instruct us to tell the beneficiary organization to use the grant for "educational programs" or "landscape maintenance."
Scholarship Funds enable students to pursue academic goals. You set guidelines for selecting students or leave the selection to the discretion of our Scholarship Committee and Board of Directors. Gifts of any size may be added to the general scholarship fund.
Agency Endowment Funds may be established by individual donors or with agency assets. In addition to providing non-profits with a steady source of annual operating income, the Foundation provides management and gift donation services and hires professional investment managers to manage the funds. When these funds are established, the donor may specify whether they are permanent endowments or flexible funds permitting an invasion of up to 25% of the principal balance in defined circumstances.
Donor Advised Funds provide maximum convenience and flexibility by enabling you to suggest contributions to charitable organizations from your fund. You receive any tax deduction the year you contribute assets, yet you may suggest grants from your fund for years to come.
Special Project Funds are non-endowed funds that are used to accomplish a specific charitable goal such as building a new library. Non-endowed funds are non-permanent funds which spent to accomplish a short-term goal.
Administrative Funds provide support for the ongoing operations of your community foundation. This enables the Community Foundation to charge minimal fees to operate funds and thus encourages local philanthropy.