Types of Funds
In creating a fund through the Community Foundation, donors choose one or more of four basic types of funds. These “types” determine how charitable grants from income are distributed.
- Donor Advised Fund: This fund is ideal for the donor who wants to participate in grant-making, perhaps involving family members
as well.
- Field of Interest: This fund limits the scope of charitable support to defined areas such as Agriculture, Arts and culture, Community Services, Economic Diversification, Education, Human Services, Technology Access, and Youth.
- Designated Fund: This fund directs that income from a named fund be paid exclusively to an organization or organizations that are designated by the donor. Money from this fund will only be granted within the designated organization and for the purposes specified within the organization.
- Unrestricted Fund: This fund provides the greatest flexibility for the Foundation to meet the changing needs of the community. Donors’ contributions are pooled, with the donors’ names given to recipients of grants made from this fund’s income. Grants may be awarded in one of many charitable fields.
- Flexible Fund: This fund is designated for the donor who wishes to have the option of donating more than the 5% annual distribution that a permanent endowment allows. They can choose to distribute all of the money in a calendar year or choose to not distribute funds that year.
- Scholarship Fund: This fund provides financial support for individuals pursuing post-secondary education. The scholarship is paid directly to the educational institution upon verification of enrollment.
