The Community Foundation offers several different types of fund options to meet the varying philanthropic and financial goals of your clients. Below are brief explanations of the types of funds we offer.
Community funds are supported through donors’ unrestricted gifts and allow the Community Foundation to respond to the ever-changing needs of the Midlands. Income is distributed after a competitive review process to nonprofits that have innovative programs and initiate effective change and progress within the community.
Field-of-Interest funds support a specific focus area of your client’s choice, such as arts, education, human services, or youth. By identifying and distributing grants concurrent your client’s area of concern, a field of interest fund ensures his or her interests are funded, but does not limit the funding to one particular organization.
Agency endowment funds provide a simple way for a nonprofit organization to establish a permanent endowment, providing a source of lasting support. The organization can choose to receive the income earned annually from the fund or let it go into the principle and continue to grow.
Designated funds allow your client to identify specific nonprofit organizations to receive grants. He or she may choose one or several organizations to support with the fund. Income from the fund is paid to the designated organization(s) to be used to support operations and programs.
Donor-Advised Funds provide both immediate impact and sustainable benefit while giving you the flexibility to give to many varying organizations and programs. At the core is a permanent ‘endowed’ fund which makes a portion available for distribution to charitable causes each year and will grow over time. Alongside the permanent fund can be a nonpermanent ‘escrow’ fund which allows for distribution of the entire balance in amounts as small as $100.
Scholarship funds allow your client to help provide educational opportunities for future community leaders. These funds are typically set up to honor loved ones or someone who has helped your client succeed in life. He or she may designate the criteria for the scholarship and assist in the selection process by serving on the scholarship selection committee if so desired.
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