Types of Funds
1) Donor Advised Funds
This fund type provides maximum convenience and flexibility by enabling donors to make contributions to charitable organizations by suggesting distributions of income and principal to specific charities. It is especially useful for donors who want to take a charitable deduction one year and make distributions over several years.
2) Scholarship Funds
This fund type enables students to pursue academic goals and can be established by companies, organization, families and individuals. Donor may define the scholarship’s advisory committee, guidelines for candidate selection, and award use. Donors often choose this type of fund to memorialize a loved one or to honor a special person.
3) Organization Endowment Funds
This fund type holds assets for a named charitable organization and generally distributes investment income to that organization on a semiannual or annual basis. Principal may be distributed upon a written request from the organization’s board and approval by the Foundation’s Board. With increasing need for the services of nonprofit organizations and fewer sources of support, endowment building becomes critically important for future stability and growth. If the organization should cease to operate, the Foundation will continue the organization’s charitable objective.
4) Field of Interest Funds
This fund type allows clients to support a broad area of concern such as Arts and Humanities, Community Development, Education, Environment, Health and Social Services, or Youth Services. The Foundation then makes grants to the most appropriate programs or organizations within the specified field of interest.
5) Designated Funds
This fund type ensures support will be provided to specific eligible organizations donors may name. They may establish a designated fund to endow the charitable giving that they’ve enjoyed throughout their lifetimes. If any of the named organizations goes out of business or changes the purpose of its activities, the Foundation will ensure that donor’s charitable goals are continued.
6) Unrestricted Funds
This fund type offers the broadest option. It enables to Foundation to respond to the community’s changing needs and emergencies, to support the creation of innovative responses to community problems, and to enhance the quality of community life. These donors create a living legacy that will grow and change as the community does.