Types of Funds
Types of Funds
Donor Advised Fund
A donor advised fund allows for ongoing involvement in the use of your gift. You can make recommendations at any time to the nonprofit organizations issues and needs that are supported by grants from your fund. It’s an ideal way to fulfill your immediate charitable interests and broader charitable goals, especially if your interests vary or may change over time.
In establishing a donor advised fund, the donor can name the fund, establish a board purpose for the fund, or designate a specific charitable organization to benefit. The donor may also assign other family members to join the donor in advising the Foundation on how the income from the donor’s fund should be distributed. While the final decision on grant distribution rests with the board of trustees of the Foundation (as a result of IRS regulations), a donor advised fund is not subject to the excise tax and payout requirements of a private foundation.
A donor advised fund can be established quickly and easily. While there is a small annual fee for administering the donor advised fund, this is almost always significantly less expensive than establishing an independent private foundation.
Unrestricted funds target the changing needs of our communities and are ideal for donors who want to build maximum versatility into their charitable giving. The Foundation assumes responsibility for directing grants where they will have the greatest impact.
Field of Interest Fund
Perhaps you know which charitable interest you want to support, but have no specific organization in mind. With a field of interest fund, you choose the focus most important to you: arts and culture, the environment, health and human services, or education. The Foundation oversees your contributions and ensures that grants are made to nonprofit organizations addressing your designated interest.
Direct your gift to a specific nonprofit organization – possibly one for which you volunteered or a school you attended with a designated fund. Grants from your fund provide annual support for the organization(s) that you choose.
When you establish or donate to a scholarship fund, you help students to achieve their academic aspirations. The Foundation currently oversees 25 scholarships – some for students in particular communities or demographics, some for specific learning institutions, as well as for specific college programs.
With an agency fund, you create a lasting source of capital to support your nonprofit organization’s mission now and in the future. The Foundation manages all aspects of the fund including investing the assets in a diversified portfolio and distributing grants to your organization on a regular basis.